UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number    File No. 811-09301

TIAA-CREF FUNDS

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

John M. McCann, Esq.

TIAA-CREF Funds

8500 Andrew Carnegie Blvd

Charlotte, North Carolina 28262-8500

(Name and address of agent for service)

Registrant’s telephone number, including area code: 704-595-1000

Date of fiscal year end: March 31

Date of reporting period: March 31, 2020

Item 1. Reports to Stockholders.

TIAA-CREF
Funds March 31,
2020

TIAA-CREF

Real Estate Securities Fund

The annual report contains the audited financial statements.

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

Annual
Report

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

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

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

Contents

Understanding this report	3
Letter to investors	4
Information for investors	6
Important information about expenses	7
About the Fund’s benchmark	8
Fund performance
Real Estate Securities Fund	9
Portfolio of investments	12
Audited financial statements
Statement of assets and liabilities	15
Statement of operations	16
Statements of changes in net assets	17
Financial highlights	20
Notes to financial statements	22
Report of independent registered public accounting firm	30
Important tax information	31
Trustees and officers	32
Approval of investment management agreement	37
Liquidity risk management program	45
How to reach us	Inside back cover

Understanding this report

This annual report contains information about the Real Estate Securities Fund and describes the Fund’s results for the twelve months ended March 31, 2020. The report contains four main sections:

• A letter from Brad Finkle, Chief Operating Officer, Nuveen; President of the TIAA-CREF Funds and TIAA-CREF Life Funds.

• The Fund performance section compares the Fund’s investment returns with those of its benchmark index.

• The portfolio of investments lists the industries and types of securities in which the Fund had investments as of March 31, 2020.

• 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  ■  2020 Annual Report 3

Letter to investors

Real estate investment trusts (REITs) posted negative results for the twelve months ended March 31, 2020, as the impact of the COVID-19 pandemic disrupted financial markets in the United States. Aggressive action to contain the spread of the virus led to widespread closures of non-essential businesses and limited public activities as stay-at-home advisories were implemented. The Federal Reserve took bold steps in response to the crisis and cut the federal funds target rate twice in March to 0.00%–0.25%, while Congress enacted an unprecedented stimulus plan to inject $2.2 trillion into the economy.

• REITs, as measured by the FTSE Nareit All Equity REITs Index, returned –15.9% for the twelve months. Please see page 8 for the benchmark definition.

• Most of the index’s 16 property sectors and subsectors lost ground, with regional malls, lodging/resorts and shopping centers posting the largest losses. Data centers, which produced a strong gain, were the best performers.

• The TIAA-CREF Real Estate Securities Fund (Institutional Class) declined but significantly outperformed its benchmark, mostly due to astute security selection.

REITs underperformed U.S. stocks and bonds

REITs are a unique asset class because they share some of the characteristics of both stocks and bonds. Similar to bonds, REIT prices can be sensitive to interest-rate fluctuations. However, because REITs invest in individual companies, their performance is also tied to the overall health of the U.S. economy.

For the twelve-month period, the FTSE Nareit All Equity REITs Index trailed the 8.9% gain of the broad U.S. investment-grade fixed-rate bond market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index. In general, fixed-income securities were bolstered by an investment surge late in the period in high-quality bonds, such as U.S. Treasuries, amid uncertainty surrounding COVID-19. REITs also did not keep pace with the –9.1% return of the U.S. stock market, as measured by the Russell 3000^® Index.

It is important to view these returns in context. For most of the period, REITs posted positive returns but understandably struggled when the health and economic implications of the virus became clearer in March 2020. The FTSE Nareit All Equity REITs Index fell 23.4% in the final three months of the period, including a decline of 18.7% in the month of March alone.

4 2020 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

The role of REITs in a diversified portfolio REITs have traditionally earned a place in many portfolios because they are required by law to distribute at least 90% of their taxable income to investors in the form of dividends, while also offering the potential for capital appreciation opportunities. As such, we believe a professionally managed mutual fund of REIT securities can play an integral role in helping investors diversify over the long term, particularly when employed as part of a broader portfolio containing stocks, bonds and other investments. Of course, diversification cannot guarantee against market losses. These are challenging times for all investors. But it’s worth noting that, unlike other periods of shock to the financial system—notably the events of September 11th and the 2007–2008 credit crisis—the U.S. economy was strong when the COVID-19 threat emerged. As always, we cannot predict which direction the markets will take next, but we have confidence in our ability to weather this storm. Now, more than ever, it’s important to remember that you are not going through this uncertain time alone. TIAA is here to support you every step of the way. If you have any questions about your investment in the TIAA-CREF Real Estate Securities Fund, we encourage you to contact your financial advisor or call a TIAA financial consultant at 800-842-2252. We stand ready to assist you.   /s/ Brad Finkle  Brad Finkle Chief Operating Officer, Nuveen President of the TIAA-CREF Funds and TIAA-CREF Life Funds

Brad Finkle

TIAA-CREF Real Estate Securities Fund  ■  2020 Annual Report 5

Information for investors

Portfolio holdings

The complete portfolio of investments for the Real Estate Securities Fund begins on page 12 of this report. You can obtain a complete list of the holdings of the Real Estate Securities Fund (Schedule of Investments) as of the most recently completed fiscal quarter in the following ways:

• By visiting our website at TIAA.org; or

• By calling us at 800-842-2252 to request a copy, which will be provided free of charge.

You can also obtain a complete list of the Real Estate Securities Fund’s portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our Securities and Exchange Commission (SEC) Form N-CSR and Form N-PORT filings. Form N-CSR filings are as of March 31 or September 30; Form N-PORT 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 2020 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

Important information about expenses

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

The expense example that appears in this report is intended to help you understand your ongoing costs only (in U.S. dollars) and does not reflect transactional costs. The example is designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (October 1, 2019–March 31, 2020).

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  ■  2020 Annual Report 7

Important information about expenses

Expense example

Six months ended March 31, 2020

	Beginning			Ending			Expenses paid
	account value			account value			during period*
Real Estate Securities Fund	(10/1/19		)	(3/31/20		)	(10/1/19–3/31/20		)
Actual return
Institutional Class	$	1,000.00		$	808.47			$2.26
Advisor Class		1,000.00			808.01			2.80
Premier Class		1,000.00			807.82			2.94
Retirement Class		1,000.00			807.83			3.39
Retail Class		1,000.00			807.14			3.57
5% annual hypothetical return
Institutional Class		1,000.00			1,022.50			2.53
Advisor Class		1,000.00			1,021.90			3.13
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 March 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.50% for the Institutional Class, 0.62% 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.

About the Fund’s benchmark

The FTSE Nareit All Equity REITs Index measures the performance of certain publicly traded real estate investment trusts in the United States that own, manage and lease investment-grade commercial real estate.

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

FTSE International Limited (“FTSE”) © FTSE 2020. 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 2020 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

Real Estate Securities Fund

Performance for the twelve months ended March 31, 2020

The Real Estate Securities Fund returned –10.16% for the Institutional Class, compared with the –15.93% return of its benchmark, the FTSE Nareit All Equity REITs Index. The performance table shows returns for all share classes of the Fund.

Fed took strong action to support economy and financial markets

The U.S. economy expanded at a steady pace for most of the period, but it was rattled by the effects of the COVID-19 pandemic, which hit the United States hard in March 2020. Containment efforts around the world have disrupted business and manufacturing operations, closed restaurants and retail stores, and restricted travel. REITs advanced for most of the period but declined 18.7% in the month of March alone as the global impact of the virus became more apparent.

In March, the Federal Reserve responded to the crisis by taking swift action and substantially lowered the federal funds target rate—a key short-term interest-rate measure—to 0.00%–0.25%. Meanwhile, the federal government enacted a massive stimulus measure to inject $2.2 trillion into the U.S. economy.

For the period, the FTSE Nareit All Equity REITs Index trailed the –9.13% return of the broad U.S. stock market, as measured by the Russell 3000^® Index, and the 8.93% return of the broad U.S. investment-grade fixed-rate bond market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index.

Most sectors posted declines

Among the benchmark’s 16 property sectors and subsectors, most were negative for the period. The largest losses were seen in the regional malls (down 67.6%), lodging/resorts (down 51.3%) and shopping centers (down 46.5%) sectors. The best-performing sector was data centers (up 30.6%).

Fund surpassed its benchmark

For the twelve-month period, the Fund declined but significantly outperformed its benchmark, mostly due to astute security selection. An out-of-benchmark allocation to technology services company GDS Holdings and overweight positions in industrial REIT Rexford Industrial Realty and residential REIT Sun Communities contributed most to the Fund’s relative performance, as all three produced gains.

These positive effects were partly offset by an overweight position in retail REIT SITE Centers, which struggled during the period, followed by underweight positions in office REIT Digital Realty Trust and telecommunication services company Crown Castle International—both of which benefited from strong leasing activity in their respective businesses.

TIAA-CREF Real Estate Securities Fund  ■  2020 Annual Report 9

Real Estate Securities Fund

Performance as of March 31, 2020

Real Estate Securities Fund			Total return				Average annual total return						Annual operating expenses*
	Inception date			1 year			5 years			10 years			gross			net
Institutional Class		10/1/02			–10.16	%		3.35	%		9.32	%		0.51	%		0.51	%
Advisor Class		12/4/15			–10.27			3.26	†		9.27	†		0.64			0.64
Premier Class		9/30/09			–10.31			3.19			9.15			0.66			0.66
Retirement Class		10/1/02			–10.39			3.09			9.04			0.76			0.76
Retail Class		10/1/02			–10.41			3.03			8.98			0.81			0.81
FTSE Nareit All Equity REITs Index		—			–15.93			1.99			8.58			—			—

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance 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 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 2020 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

Real Estate Securities Fund

$10,000 over 10 years

Institutional Class

Ending amounts are as of March 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Portfolio composition

Sector	% of net assets as of 3/31/2020
Specialized REITs	36.0
Residential REITs	21.1
Industrial REITs	16.5
Office REITs	7.7
Retail REITs	5.3
Health care REITs	5.3
Internet services & infrastructure	2.9
Diversified REITs	1.3
Hotel & resort REITs	0.5
Mortgage REITs	0.3
Short-term investments, other assets & liabilities, net	3.1
Total	100.0

Fund profile

	as of 3/31/2020
Net assets	$2.16 billion
Portfolio turnover rate	39%
Number of holdings	58
Weighted median market capitalization	$16.56 billion
Price/earnings ratio (weighted 12-month trailing average)†	42.2

^† 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 3/31/2020
More than $50 billion	29.8
More than $15 billion–$50 billion	21.4
More than $2 billion–$15 billion	46.6
$2 billion or less	2.2
Total	100.0

TIAA-CREF Real Estate Securities Fund  ■  2020 Annual Report 11

Portfolio of investments

Real Estate Securities Fund  ■  March 31, 2020

Shares			Company	Value
COMMON STOCKS—96.9%
DIVERSIFIED REITS—1.3%
	650,000		Colony Capital, Inc	$	1,137,500
	1,150,000		Essential Properties Realty Trust, Inc		15,019,000
	650,000		STORE Capital Corp		11,778,000
			TOTAL DIVERSIFIED REITS		27,934,500
HEALTH CARE REITS—5.3%
	1,775,000		Healthpeak Properties Inc		42,333,750
	650,000		Sabra Healthcare REIT, Inc		7,098,000
	562,500		Ventas, Inc		15,075,000
	1,075,000		Welltower, Inc		49,213,500
			TOTAL HEALTH CARE REITS		113,720,250
HOTEL & RESORT REITS—0.5%
	500,000		MGM Growth Properties LLC		11,835,000
			TOTAL HOTEL & RESORT REITS		11,835,000
INDUSTRIAL REITS—16.5%
	1,150,000		Americold Realty Trust		39,146,000
	800,000		Duke Realty Corp		25,904,000
	175,000		EastGroup Properties, Inc		18,284,000
	1,950,000		Prologis, Inc		156,721,500
	1,950,000		Rexford Industrial Realty, Inc		79,969,500
	700,000		Terreno Realty Corp		36,225,000
			TOTAL INDUSTRIAL REITS		356,250,000
INTERNET SERVICES & INFRASTRUCTURE—2.9%
	880,000	*	GDS Holdings Ltd (ADR)		51,013,600
	1,800,000	*	Megaport Ltd		10,916,461
			TOTAL INTERNET SERVICES & INFRASTRUCTURE		61,930,061
MORTGAGE REITS—0.3%
	650,000		Starwood Property Trust, Inc		6,662,500
			TOTAL MORTGAGE REITS		6,662,500
OFFICE REITS—7.7%
	500,000		Alexandria Real Estate Equities, Inc		68,530,000
	355,000		Boston Properties, Inc		32,741,650
	1,125,000		Hudson Pacific Properties		28,530,000
	400,000		Kilroy Realty Corp		25,480,000
	260,989		SL Green Realty Corp		11,248,626
			TOTAL OFFICE REITS		166,530,276

12 2020 Annual Report  ■  TIAA-CREF Real Estate Securities Fund See notes to financial statements

Portfolio of investments continued

Real Estate Securities Fund  ■  March 31, 2020

Shares		Company	Value
RESIDENTIAL REITS—21.1%
	975,000	American Homes 4 Rent	$	22,620,000
	390,000	AvalonBay Communities, Inc		57,396,300
	1,450,000	Equity Lifestyle Properties, Inc		83,346,000
	1,075,000	Equity Residential		66,338,250
	160,000	Essex Property Trust, Inc		35,238,400
	2,600,000	Invitation Homes, Inc		55,562,000
	450,000	Mid-America Apartment Communities, Inc		46,363,500
	715,000	Sun Communities, Inc		89,267,750
		TOTAL RESIDENTIAL REITS		456,132,200
RETAIL REITS—5.3%
	425,000	Agree Realty Corp		26,307,500
	675,000	Realty Income Corp		33,655,500
	650,000	Regency Centers Corp		24,979,500
	290,000	Simon Property Group, Inc		15,909,400
	2,674,453	SITE Centers Corp		13,933,900
		TOTAL RETAIL REITS		114,785,800
SPECIALIZED REITS—36.0%
	1,000,000	American Tower Corp		217,750,000
	730,000	Crown Castle International Corp		105,412,000
	250,000	CyrusOne, Inc		15,437,500
	260,000	Digital Realty Trust, Inc		36,116,600
	228,000	Equinix, Inc		142,401,960
	375,000	Extra Space Storage, Inc		35,910,000
	810,000	Gaming and Leisure Properties, Inc		22,445,100
	230,000	Public Storage, Inc		45,680,300
	525,000	QTS Realty Trust, Inc		30,455,250
	275,000	SBA Communications Corp		74,241,750
	900,000	Uniti Group, Inc		5,427,000
	1,625,000	VICI Properties, Inc		27,040,000
	1,000,000	Weyerhaeuser Co		16,950,000
		TOTAL SPECIALIZED REITS		775,267,460
		TOTAL COMMON STOCKS (Cost $1,744,713,611)		2,091,048,047

See notes to financial statements TIAA-CREF Real Estate Securities Fund  ■  2020 Annual Report 13

Portfolio of investments concluded

Real Estate Securities Fund  ■  March 31, 2020

Principal		Issuer	Rate			Maturity date	Value
SHORT-TERM INVESTMENTS—3.0%
GOVERNMENT AGENCY DEBT—2.3%
$	4,020,000	Federal Home Loan Bank (FHLB)		0.030–0.050	%	04/08/20	$	4,019,945
	1,282,000	FHLB		0.030–0.700		04/13/20		1,281,970
	8,470,000	FHLB		0.001–0.040		05/26/20		8,469,094
	8,500,000	FHLB		0.030–0.070		06/15/20		8,498,761
	5,000,000	FHLB		0.070		06/24/20		4,999,184
	7,972,000	FHLB		0.090		06/29/20		7,970,620
	1,575,000	FHLB		0.080		07/27/20		1,574,539
	12,200,000	FHLB		0.070		10/13/20		12,190,748
		TOTAL GOVERNMENT AGENCY DEBT						49,004,861
GOVERNMENT AGENCY DEBT—0.7%
	13,921,000	Federal Farm Credit Bank (FFCB)		0.500		04/02/20		13,920,973
	1,000,000	FFCB		0.010		04/30/20		999,944
		TOTAL GOVERNMENT AGENCY DEBT						14,920,917
		TOTAL SHORT-TERM INVESTMENTS (Cost $63,930,770)						63,925,778
		TOTAL INVESTMENTS—99.9% (Cost $1,808,644,381)						2,154,973,825
		OTHER ASSETS & LIABILITIES, NET—0.1%						3,517,316
		NET ASSETS—100.0%					$	2,158,491,141

Abbreviation(s):

ADR	American Repository Receipts
REIT	Real Estate Investment Trust

* Non-income producing

14 2020 Annual Report  ■  TIAA-CREF Real Estate Securities Fund See notes to financial statements

Statement of assets and liabilities

Real Estate Securities Fund  ■  March 31, 2020

ASSETS
Portfolio investments, at value†	$	2,154,973,825
Cash		789,662
Receivable from securities transactions		2,954,555
Receivable from Fund shares sold		1,594,556
Dividends and interest receivable		8,563,377
Other		272,797
Total assets		2,169,148,772
LIABILITIES
Management fees payable		934,091
Service agreement fee payable		98,410
Distribution fee payable		66,518
Due to affiliates		34,447
Payable for securities transactions		8,170,164
Payable for Fund shares redeemed		1,015,664
Payable for trustee compensation		158,773
Accrued expenses and other payables		179,564
Total liabilities		10,657,631
NET ASSETS	$	2,158,491,141
NET ASSETS CONSIST OF:
Paid-in-capital	$	1,891,852,309
Total distributable earnings (loss)		266,638,832
Net Assets	$	2,158,491,141
INSTITUTIONAL CLASS:
Net assets	$	1,430,142,617
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		100,660,608
Net asset value per share	$	14.21
ADVISOR CLASS:
Net assets	$	21,688,795
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,525,607
Net asset value per share	$	14.22
PREMIER CLASS:
Net assets	$	44,026,124
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		3,095,840
Net asset value per share	$	14.22
RETIREMENT CLASS:
Net assets	$	398,673,779
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		26,834,187
Net asset value per share	$	14.86
RETAIL CLASS:
Net assets	$	263,959,826
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		18,732,236
Net asset value per share	$	14.09
†   Portfolio investments, cost	$	1,808,644,381

See notes to financial statements TIAA-CREF Real Estate Securities Fund  ■  2020 Annual Report 15

Statement of operations

Real Estate Securities Fund  ■  For the year ended March 31, 2020

INVESTMENT INCOME
Dividends	$	62,627,806
Interest		1,331,898
Payment from affiliate		302,581
Total income		64,262,285
EXPENSES
Management fees		12,411,067
Shareholder servicing — Institutional Class		7,469
Shareholder servicing — Advisor Class		23,137
Shareholder servicing — Premier Class		140
Shareholder servicing — Retirement Class		1,198,828
Shareholder servicing — Retail Class		122,711
Distribution fees — Premier Class		99,319
Distribution fees — Retail Class		742,633
Administrative service fees		116,475
Trustee fees and expenses		31,438
Other expenses		445,962
Total expenses		15,199,179
Net investment income (loss)		49,063,106
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		17,090,863
Foreign currency transactions		(14,550	)
Net realized gain (loss) on total investments		17,076,313
Net change in unrealized appreciation (depreciation) on total investments		(317,323,031	)
Net realized and unrealized gain (loss) on total investments		(300,246,718	)
Net increase (decrease) in net assets from operations	$	(251,183,612	)

16 2020 Annual Report  ■  TIAA-CREF Real Estate Securities Fund See notes to financial statements

Statements of changes in net assets

Real Estate Securities Fund  ■  For the year ended

		March 31, 2020				March 31, 2019
OPERATIONS
Net investment income (loss)			$	49,063,106			$	42,793,454
Net realized gain (loss) on total investments				17,076,313				37,194,530
Net change in unrealized appreciation (depreciation) on total investments				(317,323,031	)			288,809,624
Net increase (decrease) in net assets from operations				(251,183,612	)			368,797,608
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class			(112,689,391	)			(45,428,164	)
	Advisor Class			(1,424,454	)			(71,605	)
	Premier Class			(3,714,969	)			(2,130,333	)
	Retirement Class			(28,450,093	)			(10,747,325	)
	Retail Class			(19,101,670	)			(6,888,099	)
Total distributions				(165,380,577	)			(65,265,526	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class			463,216,863				235,149,394
	Advisor Class			40,647,619				4,227,302
	Premier Class			11,494,447				11,003,016
	Retirement Class			77,265,402				38,730,225
	Retail Class			111,171,217				24,347,837
Reinvestments of distributions:	Institutional Class			106,877,507				45,352,947
	Advisor Class			1,409,599				68,234
	Premier Class			3,714,317				2,130,079
	Retirement Class			28,449,867				10,746,952
	Retail Class			18,220,255				6,510,153
Redemptions:	Institutional Class			(450,403,787	)			(202,117,221	)
	Advisor Class			(20,909,263	)			(591,761	)
	Premier Class			(42,211,656	)			(24,608,485	)
	Retirement Class			(54,545,829	)			(29,768,910	)
	Retail Class			(62,838,783	)			(33,963,216	)
Net increase (decrease) from shareholder transactions				231,557,775				87,216,546
Net increase (decrease) in net assets				(185,006,414	)			390,748,628
NET ASSETS
Beginning of period				2,343,497,555				1,952,748,927
End of period			$	2,158,491,141			$	2,343,497,555

See notes to financial statements TIAA-CREF Real Estate Securities Fund  ■  2020 Annual Report 17

Statements of changes in net assets concluded

Real Estate Securities Fund  ■  For the year ended

		March 31, 2020			March 31, 2019
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		25,925,346			15,301,662
	Advisor Class		2,330,756			267,847
	Premier Class		653,541			706,565
	Retirement Class		4,153,421			2,389,925
	Retail Class		6,284,808			1,593,547
Shares reinvested:	Institutional Class		6,245,330			2,872,596
	Advisor Class		82,676			4,286
	Premier Class		215,881			134,882
	Retirement Class		1,588,105			653,490
	Retail Class		1,073,178			415,946
Shares redeemed:	Institutional Class		(25,249,177	)		(13,120,071	)
	Advisor Class		(1,205,588	)		(38,661	)
	Premier Class		(2,366,418	)		(1,657,992	)
	Retirement Class		(3,058,627	)		(1,860,513	)
	Retail Class		(3,767,729	)		(2,217,333	)
Net increase (decrease) from shareholder transactions			12,905,503			5,446,176

18 2020 Annual Report  ■  TIAA-CREF Real Estate Securities Fund See notes to financial statements

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TIAA-CREF Real Estate Securities Fund  ■  2019 Annual Report 19

Financial highlights

Real Estate Securities Fund

		Selected per share data																												Ratios and supplemental data
				Gain (loss) from investment operations
							Net realized																										Ratios to average net assets
For the		Net asset			Net		& unrealized			Total gain			Less distributions from						Total			Net asset					Total return			Net assets										Net			Net investment
period		value,			investment		gain (loss		)	(loss) from			Net			Net			dividends			value,					excluding			at end of										investment			income (loss		)	Portfolio
or year ended		beginning of period			income (loss	)a	on total investments			investment operations			investment income			realized gains			and distributions			end of period		Total return			payment from affiliates		u	period (in thousands		)		Gross expense			Net expense			income (loss		)	excluding payments from affiliates		u	turnover rate
Institutional Class
3/31/20			$16.88		$0.35			$(1.89	)		$(1.54	)		$(0.33	)		$(0.80	)		$(1.13	)		$14.21		(10.16	)%		(10.17	)%		$1,430,143				0.50	%		0.50	%		1.95	%		1.94	%		39	%
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
Advisor Class
3/31/20			16.89		0.32			(1.88	)		(1.56	)		(0.31	)		(0.80	)		(1.11	)		14.22		(10.27	)		(10.28	)		21,689				0.62			0.62			1.79			1.78			39
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
3/31/20			16.89		0.32			(1.88	)		(1.56	)		(0.31	)		(0.80	)		(1.11	)		14.22		(10.31	)		(10.32	)		44,026				0.65			0.65			1.80			1.79			39
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
Retirement Class
3/31/20			17.60		0.32			(1.97	)		(1.65	)		(0.29	)		(0.80	)		(1.09	)		14.86		(10.39	)		(10.40	)		398,674				0.75			0.75			1.70			1.69			39
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
Retail Class
3/31/20			16.74		0.29			(1.86	)		(1.57	)		(0.28	)		(0.80	)		(1.08	)		14.09		(10.41	)		(10.42	)		263,960				0.79			0.79			1.66			1.65			39
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

‡	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 2020 Annual Report  ■  TIAA-CREF Real Estate Securities Fund See notes to financial statements See notes to financial statements TIAA-CREF Real Estate Securities Fund  ■  2020 Annual Report 21

Notes to financial statements

Real Estate Securities Fund

Note 1—organization and significant accounting policies

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

The Fund offers its shares, without a sales load, through its principal underwriter, 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 Investor Services (“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.

Other matters: The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long-term cannot be reasonably estimated at this time. There have been no comparable recent events that provide guidance as to the effect the spread of COVID-19 as a global pandemic may have on the Fund’s financial performance. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Fund’s normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.

22 2020 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

Security valuation: The Fund’s investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the financial statements.

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. 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.

TIAA-CREF Real Estate Securities Fund  ■  2020 Annual Report 23

Notes to financial statements

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

For the year ended March 31, 2020, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, distribution reallocations, and the utilization of tax equalization credits were identified and reclassified among the components of the Fund’s net assets. Net investment income and net realized gains (losses), as disclosed on the Statement of operations, and net assets were not affected by these reclassifications.

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

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

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 were implemented on June 1, 2019 and did not have a material impact on the Fund’s financial statements and various filings.

24 2020 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

continued

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:

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 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

TIAA-CREF Real Estate Securities Fund  ■  2020 Annual Report 25

Notes to financial statements

procedures adopted by the Board. Foreign securities 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.

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 March 31, 2020, based on the inputs used to value them:

	Level 1		Level 2		Level 3		Total
Equity investments:
Internet services & infrastructure	$	51,013,600	$	10,916,461	$	—	$	61,930,061
All other equity investments*		2,029,117,986		—		—		2,029,117,986
Short-term investments		—		63,925,778		—		63,925,778
Total	$	2,080,131,586	$	74,842,239	$	—	$	2,154,973,825

* 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 0.47% as of March 31, 2020. The fee range represents a breakpoint schedule that reduces investment management fees as the Fund’s net assets increase. The Fund has also entered into an Administrative Service Agreement with Advisors under which the Fund pays Advisors for its costs in providing certain administrative and compliance services to the Fund.

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

26 2020 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

continued

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 year ended March 31, 2020, these transactions did not materially impact the Fund.

At March 31, 2020, 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 March 31, 2020, one 529 Plan owned 10% of the Real Estate Securities Fund.

Companies in which the Fund holds 5% or more of the outstanding voting shares are considered “affiliated companies” of the Fund, pursuant to the 1940 Act. As of March 31, 2020, there were no affiliated investments.

Note 4—investments

Net unrealized appreciation (depreciation): At March 31, 2020, 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		)
$	1,854,434,097	$	538,084,772	$	(237,545,044	)	$	300,539,728

TIAA-CREF Real Estate Securities Fund  ■  2020 Annual Report 27

Notes to financial statements

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

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for the Fund for the year ended March 31, 2020 were as follows:

Non-U.S. government purchases		Non-U.S. government sales
	$1,137,249,108		$977,167,437

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended March 31, 2020 and the year ended March 31, 2019 was as follows:

	Ordinary income	Long-term capital gains	Total
3/31/2020	$65,151,969	$100,228,608	$165,380,577
3/31/2019	47,026,913	18,238,613	65,265,526

As of March 31, 2020, the components of accumulated earnings on a tax basis consisted of $4,543,512 of undistributed ordinary income, ($38,302,463) of late-year loss deferrals and $300,539,728 of unrealized appreciation.

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

Note 6—inter-fund lending program

Pursuant to an exemptive order issued by the Commission, the Fund may participate in an inter-fund lending program. This program allows the Fund to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that the Fund may not borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, the Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the year ended March 31, 2020, there were no inter-fund borrowing or lending transactions.

28 2020 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

concluded

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 year ended March 31, 2020, there were no borrowings under this credit facility by the Fund.

Note 8—subsequent events

Advisors has agreed to implement a voluntary waiver reducing the management fee breakpoint schedule for the Real Estate Securities Fund for one year effective May 1, 2020. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. During this one-year period the range paid to Advisors is as follows:

Fund	Waiver	Investment management fee range
Real Estate Securities	0.025%	0.325%–0.475%

TIAA-CREF Real Estate Securities Fund  ■  2020 Annual Report 29

Report of independent registered public accounting firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of TIAA-CREF Real Estate Securities Fund (one of the funds constituting TIAA-CREF Funds, hereafter referred to as the “Fund”) as of March 31, 2020, the related statement of operations for the year ended March 31, 2020, the statement of changes in net assets for each of the two years in the period ended March 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2020 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

May 22, 2020

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

30 2020 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

Important tax information (unaudited)

For the year ended March 31, 2020, the Fund designates distributions of $0 and $102,228,608 (or the maximum amount allowable), as being from Section 1250 gains and net long-term capital gains, respectively.

For the year ended March 31, 2020, the Fund designates 2.7% (or the maximum amount allowable) of ordinary income dividends paid as qualified dividend income.

For the year ended March 31, 2020, the Fund designates 2.7% (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2020, which will be reported in conjunction with your 2020 Form 1099-DIV.

By early 2021, shareholders should receive their Form 1099-DIV and a tax information letter from the Fund. For your specific situation, we recommend that you consult a professional tax adviser.

TIAA-CREF Real Estate Securities Fund  ■  2020 Annual Report 31

Trustees and officers (unaudited)

TIAA-CREF Funds  ■  April 24, 2020

Trustees

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	89	Director, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation.
Joseph A. Boateng c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Trustee	Indefinite term. Trustee since 2019.	Chief Investment Officer, Casey Family Programs (since 2007). Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). Manager, Financial Services Consultant, KPMG Consulting (2000–2002).	89	Board member, Year Up Puget Sound and Waterside School; Investment Advisory Committee Chair, Seattle City Employees’ Retirement System; Investment Committee member, The Seattle Foundation.
Janice C. Eberly c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2018.	James R. and Helen D. Russell Professor of Finance at the Kellogg School of Management at Northwestern University (2002–2011 and since 2013), and Chair of the Finance Department (2005–2007). Vice President, American Economic Association (since 2020). Assistant Secretary for Economic Policy at the United States Department of the Treasury (2011–2013).	89	Member of the Board of the Office of Finance, Federal Home Loan Banks; Director, Avant, LLC; Member of the Executive Board, American Economic Association

32 2020 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and certain funds advised by American Beacon Advisors, Inc.	89	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., and Lazard Global Total Return and Income Fund, Inc.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC. Chief Operating Officer, DDJ Capital Management (2003–2006).	89	Director, Copper Rock Capital Partners, LLC (investment adviser); Trustee, Dexter Southfield School.
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	89	Director, Commonwealth (non-profit organization).
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Chairman of the Board and Trustee	Indefinite term. Chairman for term ending July 1, 2021. Trustee since 2011; Chairman since September 13, 2017.	Advisory Director (2010–2011), Partner (2004–2010), Managing Director (1999–2004) and Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management.	89	Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Chair of the Finance Committee, Sansum Clinic; Director, ParentSquare; Investment Committee Member, Cottage Health System; Member, University of California at Santa Barbara Arts and Lectures Advisory Council.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer (since 2008) and Program Director (1990–2008), National Bureau of Economic Research. Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT.	89	Director, National Bureau of Economic Research and the Alfred P. Sloan Foundation; Member, Congressional Budget Office Panel of Economic Advisers.

TIAA-CREF Real Estate Securities Fund  ■  2020 Annual Report 33

Trustees and officers (unaudited) continued

TIAA-CREF Funds  ■  April 24, 2020

Trustees — concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Indefinite term. Trustee since 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016), Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers, Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	89	N/A
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950	Trustee	Indefinite term. Trustee since 2006.	Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002), Co-Executive Director, Social Innovation Initiative (since 2015), Director, AIM Investment Center (2000–2016), Associate Dean for Research (2011–2016), Chairman, Department of Finance (2002–2011) and Professor (since 1987), McCombs School of Business, University of Texas at Austin. President, Society of Financial Studies (since 2017). Vice President, American Finance Association (since 2020).	89	Texa$aver Product Committee Member, Employees Retirement System of Texas.

34 2020 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

Officers

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Vijay Advani TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1960	Executive Vice President	One-year term. Executive Vice President since 2018.	Executive Chairman, Nuveen. Executive Vice President of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”). Formerly, Chief Executive Officer, Nuveen. Prior to joining Nuveen, Mr. Advani served as Co-President of Franklin Resources, Inc. (Franklin Templeton Investments).
Richard S. Biegen TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Chief Compliance Officer since 2008.	Senior Managing Director, TIAA. Chief Compliance Officer of the TIAA-CREF Fund Complex.
Derek B. Dorn TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1976	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director and Corporate Secretary since 2020.	Senior Managing Director, Corporate Secretary of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex. Formerly, Managing Director, Special Assistant to the CEO, and Head of Regulatory Engagement & Public Policy, TIAA. Prior to joining TIAA, Mr. Dorn was a partner at Davis & Harman LLP.
Bradley Finkle TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Executive Officer and President	One-year term. Principal Executive Officer and President since 2017.	Chief Operating Officer, Nuveen. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Senior Managing Director, Co-Head Nuveen Equities & Fixed Income and President of TIAA Investments.
Jose Minaya TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1971	Executive Vice President	One-year term. Executive Vice President since 2018.	Chief Executive Officer, Nuveen. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, Chief Investment Officer and President, Nuveen, Executive Vice President, Chief Investment Officer and President, Nuveen Global Investments and Senior Managing Director, President, Global Investments, TIAA.

TIAA-CREF Real Estate Securities Fund  ■  2020 Annual Report 35

Trustees and officers (unaudited) concluded

TIAA-CREF Funds  ■  April 24, 2020

Officers — concluded

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

Please note that the Funds’ Statement of Additional Information (SAI) includes additional information about the Funds’ trustees and is available, without charge, through our website, tiaa.org, or by calling 800 223-1200.

36 2020 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

Approval of investment management agreement (unaudited)

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

The Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) determines whether to initially approve and periodically renew the investment management agreement (the “Agreement”) between Teachers Advisors, LLC (“Advisors”) and the Trust on behalf of each series of the Trust. Under the Agreement, Advisors is responsible for providing investment advisory services to each series of the Trust and overseeing the everyday operations and other service providers of the Trust. Below is a summary of the process the Board undertook related to its most recent renewal of the Agreement with respect to the TIAA-CREF Real Estate Securities Fund (the “Fund”).

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

Under normal circumstances, Section 15(c) requires this annual renewal to be made at an in-person meeting of the Board. However, due to the COVID-19 pandemic, the Securities and Exchange Commission (“SEC”) issued a temporary, conditional exemptive order on March 13, 2020, as extended on March 25, 2020 (the “SEC Order”), permitting mutual fund boards to vote to approve matters subject to the Section 15(c) in-person approval requirement at a meeting that is not held in person if the board determines that reliance on the SEC Order is necessary or appropriate due to prevailing circumstances related to the current or potential effects of COVID-19 and the board ratifies any action taken pursuant to the SEC Order at its next in-person meeting.

Overview of the renewal process

The Board held a telephonic meeting on March 26, 2020, in order to consider the annual renewal of the Agreement with respect to the Fund using the process established by the Board described further below. At the outset of the meeting, the Board considered reliance upon the SEC Order and determined that such reliance was necessary due to, among other considerations, COVID-19 pandemic related social distancing requirements, travel restrictions and other governmental mandates imposed for health and safety reasons. The Board noted that it would ratify actions taken at this meeting pursuant to the SEC Order at its next in-person meeting.

As part of the Board’s established process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee or certain of its designated members worked with Advisors, other Board members and legal

TIAA-CREF Real Estate Securities Fund  ■  2020 Annual Report 37

Approval of investment management agreement(unaudited)

counsel to the Trustees to develop guidance and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewal.

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

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

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

In advance of the Board meeting held on March 26, 2020, legal counsel for the Trustees requested on behalf of the Board, and Advisors provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for the Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to the Fund’s investment performance, together with an

38 2020 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

continued

explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of the Fund’s management fee rate and performance to any other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Fund in addition to the Fund’s direct fee payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Fund at current and foreseeable asset levels, insurance coverage, portfolio trading, soft dollar usage and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Fund; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Fund and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the SEC (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service.

On March 12, 2020, the Board met informally to discuss Advisors’ materials, which led to the Trustees providing additional questions to, and requesting additional information, from Advisors. Subsequently, at the March 26, 2020 meeting, the Trustees were given the opportunity to, and did, ask additional questions and they reviewed responses from Advisors to the Board’s follow-up questions and requests presented by the Board after its initial review of the information described above.

In considering whether to renew the Agreement with respect to the Fund, the Board reviewed various factors, including: (1) the nature, extent and quality of services provided or to be provided by Advisors to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized (if any) by Advisors and its affiliates from their relationship with the Fund; (4) fees charged to comparable mutual funds by other advisers; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (6) how such economies of scale are shared with the Fund for the benefit of its investors, such as through management fee breakpoints; (7) comparisons of the services provided by Advisors to, and the fee rates and performance of, the Fund to other clients to whom Advisors provides comparable services; and (8) any other benefits derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Fund. As part of the Board’s review of these factors, the Board received information from management on the impact of the COVID-19 pandemic on the Teachers Insurance and Annuity Association of America (“TIAA”) enterprise generally and the Fund in particular

TIAA-CREF Real Estate Securities Fund  ■  2020 Annual Report 39

Approval of investment management agreement(unaudited)

including, among other information, the current and expected impact on the Fund’s performance and operations. As a general matter, the Board considered these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as being the determining factor in deciding whether to renew the Agreement.

In addition to the March 26, 2020 meeting that included Advisors’ personnel, the Trustees met in private sessions, at which no Advisors representatives were present, to discuss the proposed renewal of the Agreement for the Fund. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the contract renewal process included a series of discussions and meetings leading up to the March 26, 2020 meeting, the oversight and evaluation of Advisors’ services to the Fund by the Board and its Committees is an ongoing process. The Board, as well as its Committees, reviewed reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at regularly scheduled meetings of the Board, the Board and the Investment Committee receive and review, among other matters, information regarding the performance of the Fund. Thus, in reaching its decisions regarding the renewal of the Agreement for the Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.

The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-level basis. In deciding whether to renew the Agreement for the Fund, each Trustee may have accorded different weight to different factors and, thus, may have had a different basis for his or her ultimate decision to vote to renew the Agreement for the Fund. At its meeting on March 26, 2020, all Board members voted unanimously to renew the Agreement for the Fund. Set forth below is a summary of the primary factors the Board considered with respect to the Fund.

The nature, extent and quality of services

The Board considered the level and depth of knowledge of Advisors, including the professional experience and qualifications of its personnel. The Board also considered that Advisors is an experienced investment adviser that has managed the Fund since its operations commenced. Investment professionals at Advisors also manage various funds and accounts of the College Retirement Equities Fund, the TIAA-CREF Life Funds and TIAA Separate Account VA-1, as well as advise and sub-advise other investment companies and vehicles. Under the Agreement, Advisors is responsible for, among other duties: managing the assets of the Fund, including conducting research, identifying investments and placing orders to buy and sell securities for the Fund’s investment portfolio; active daily monitoring of the Fund’s

40 2020 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

continued

investment portfolio; reporting on the investment performance and other metrics of the Fund to the Board on a regular basis; responding to Fund flows; compliance monitoring; coordinating the activities of the Fund’s service providers; and overseeing the provision of various administrative services to the Fund. The Board considered that Advisors has carried out these responsibilities in a competent and professional manner. The Board also considered that Advisors has committed significant resources to supporting the series of the Trust, including the Fund. It also considered Advisors’ compliance program and resources and its compliance record with respect to the Fund.

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

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

Investment performance

The Board considered the investment performance of the Fund over the one-, three-, five- and ten-year periods. The Board considered the Fund’s performance as compared to its peer group and peer universe and its benchmark index. For details regarding the Fund’s performance, see the synopsis below. The Board concluded that, under the totality of circumstances considered, the investment performance of the Fund was reasonable.

Cost and profitability

The Board considered financial and profitability data relating to Advisors’ services to the Funds for the calendar year 2019. The Board considered Advisors’ profit calculations with respect to its services to the Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having a management fee rate that permits Advisors to maintain and improve the quality of services provided to the Fund and recognized the entrepreneurial and other risks assumed by Advisors in managing the Fund. The Board considered that Advisors calculated that it had earned profits with respect to the Fund under the Agreement for the one-year period ended December 31, 2019. The Board also considered Advisors’ voluntary effort to reduce the Fund’s management fee rate by

TIAA-CREF Real Estate Securities Fund  ■  2020 Annual Report 41

Approval of investment management agreement(unaudited)

0.025% from May 1, 2020 through April 30, 2021. The Board also acknowledged Advisors’ commitment to reimburse Fund expenses to the extent that total annual operating expenses exceeded a specified amount. The Board concluded that the profits earned by Advisors in 2019 from its services to the Fund were reasonable in light of various relevant factors.

Fees charged by other advisers

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

Economies of scale

The Board considered whether Advisors has experienced or is anticipated to experience economies of scale in connection with the operation of the Fund, and whether any such economies are shared with the Fund. The Board also considered the extent to which the current fee rate schedule breakpoints of the Fund affected Advisors’ fees. The Board considered, in connection with the supporting Broadridge reports, Advisors’ position that the maximum fee rate that could be charged to the Fund based on its level of assets under the Agreement is comparatively low in relation to peer groups of mutual funds. The Board also considered Advisors’ compensation of the Fund for some of the soft dollar amounts the Fund spent on research during the year, as well as Advisors’ commitment to compensate the Fund for a certain percentage of the Fund’s soft dollar expense in 2020. Based on all factors considered, the Board concluded that the Fund’s management fee rate schedule was reasonable in light of current economies of scale considerations and the Fund’s current asset level.

42 2020 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

continued

Fee and performance comparisons with other Advisors’ clients

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

Other benefits

The Board also considered additional “fall-out benefits” to Advisors and its affiliates arising from the Agreement. Such benefits include, among others, other fees paid by the Fund to Advisors or its affiliates for other services, such as distribution and administration. Another group of benefits are investment-related, such as economies of scale to the extent the Fund shares investment resources and/or personnel with other clients of Advisors and the use of research obtained through the payment of soft dollars by the Fund by other clients of Advisors. Advisors and its affiliates may also benefit from the level of business and relationships the Funds have with certain service providers. Additionally, the Fund may be utilized as investment options for other products and businesses of Advisors and its affiliates, such as variable products, fund of funds and 529 education savings plans. Also, Advisors and its affiliates may benefit from their relationship with the Fund to the extent that this relationship results in potential investors viewing TIAA, of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and non-profit markets and as a single source for all their financial service needs.

Synopsis of factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to the Fund. If the Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of the Fund. Because the Institutional Class generally has lower non-

TIAA-CREF Real Estate Securities Fund  ■  2020 Annual Report 43

Approval of investment management agreement(unaudited) concluded

management expenses than the other classes of the Fund, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class. All time periods referenced below are ended December 31, 2019. Under the Morningstar rating system, an Overall Morningstar Rating of 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2019. Statements below regarding the Fund’s “effective management fee rate” refer to the overall effective blended fee rate that applied to the Fund after taking into account any breakpoints in the management fee rate schedule for the Fund and any applicable fee waivers and/or expense reimbursements.

• The Fund’s annual contractual management fee rate starts at 0.50% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2019 asset level was 0.483% of average daily net assets. Effective May 1, 2020, Advisors has voluntarily agreed to continue to reduce its management fee rate by 0.025% through April 30, 2021.

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

• The Fund was in the 2nd, 1st, 1st and 1st quintiles of the group of comparable funds selected by Broadridge for performance comparison purposes, for the one-, three-, five- and ten-year periods, respectively, and in the 1st quintile of the universe of comparable funds selected by Broadridge for performance comparison purposes for each of the one-, three-, five- and ten-year periods.

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

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

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

44 2020 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

Liquidity risk management program

Discussion of the operation and effectiveness of the Fund’s liquidity risk management program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the series of the Trust covered by this Report (the “Fund”) has adopted and implemented a liquidity risk management program (the “Program”), which is reasonably designed to assess and manage the Fund’s liquidity risk. The Program consists of various provisions relating to assessing and managing Fund liquidity risk, as discussed further below. The Fund’s Board of Trustees (the “Board”) previously approved the designation of Advisors (the “Administrator”) as Program administrator. The Liquidity Monitoring and Analysis Team (the “LMAT”) carries out day-to-day Program management with oversight by the Liquidity Oversight Committee (the “LOSC”). Personnel from the Administrator and Nuveen Fund Advisors, LLC, an affiliate of the Administrator, comprise the LMAT and LOSC.

At a February 11, 2020 Board meeting, the Administrator provided the Board with a written report addressing the Program’s operation, adequacy, and effectiveness of implementation for the period from December 1, 2018 through November 30, 2019 (the “Review Period”), as required under the Liquidity Rule. The report noted that the Program has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to the Fund’s liquidity developments.

In accordance with the Program, the LMAT assesses the Fund’s liquidity risk no less frequently than annually based on various factors, such as (i) the Fund’s investment strategy and the liquidity of portfolio investments, (ii) cash flow projections, and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Fund portfolio investments are classified into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below). The classification is based on a determination of how long it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading, and investment-specific considerations, as well as market depth, and utilize third-party vendor data.

A Fund that does not primarily hold highly liquid investments must, among other things, determine a minimum percentage of Fund net assets that must be invested in highly liquid investments (a “Highly Liquid Investment Minimum”). During the Review Period, the Fund primarily held highly liquid investments and therefore was exempt from the requirement to adopt a Highly Liquid Investment Minimum and to comply with the related requirements under the Liquidity Rule.

TIAA-CREF Real Estate Securities Fund  ■  2020 Annual Report 45

Liquidity risk management program concluded

The Liquidity Rule also limits the Fund’s investments in illiquid investments. Specifically, the Liquidity Rule prohibits acquisition of illiquid investments if doing so would result in the Fund holding more than 15% of its net assets in illiquid investments and requires certain reporting anytime a Fund’s holdings of illiquid investments exceed 15% of net assets. During the Review Period, the Fund did not exceed the 15% limit on illiquid investments.

46 2020 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

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How to reach us

Websites

TIAA.org

nuveen.com

Automated telephone service

800-842-2252

24 hours a day, 7 days a week

For the hearing- or speech-impaired

800-842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday

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

You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other information, please visit TIAA.org, or call 800-842-2252 for the Institutional, Advisor, Premier and Retirement classes or 800-223-1200 for the Retail Class. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not Federal Deposit Insurance Corporation (FDIC) insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. Nuveen, a subsidiary of TIAA, provides investment advice and portfolio management services through a dozen affiliated registered investment advisers. Nuveen Securities, LLC and TIAA-CREF Individual & Institutional Services, LLC, members FINRA, 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.

©2020 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206

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TIAA-CREF
Funds March 31,
2020

TIAA-CREF
Fixed-Income Funds

The annual report contains the audited financial statements.

	Institutional	Advisor	Premier	Retirement	Retail	Class
Fund name	Class	Class	Class	Class	Class	W
Bond Index Fund	TBIIX	TBIAX	TBIPX	TBIRX	TBILX	TBIWX
Core Bond Fund (formerly Bond Fund)	TIBDX	TIBHX	TIDPX	TIDRX	TIORX	TBBWX
Core Impact Bond
(formerly Social Choice Bond Fund)	TSBIX	TSBHX	TSBPX	TSBBX	TSBRX	—
Core Plus Bond Fund (formerly 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
Money Market Fund	TCIXX	TMHXX	TPPXX	TIEXX	TIRXX	—

Annual
Report

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

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

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

Contents

Understanding this report	3
Letter to investors	4
Market monitor	6
Information for investors	7
About the funds’ benchmarks	8
Important information about expenses	9
Fund performance
Bond Index Fund	10
Core Bond Fund	12
Core Impact Bond Fund	14
Core Plus Bond Fund	16
5–15 Year Laddered Tax-Exempt Bond Fund	18
Green Bond Fund	20
High-Yield Fund	22
Inflation-Linked Bond Fund	24
Short Duration Impact Bond Fund	26
Short-Term Bond Fund	28
Short-Term Bond Index Fund	30
Money Market Fund	32
Summary portfolios of investments	34
Audited financial statements
Statements of assets and liabilities	64
Statements of operations	68
Statements of changes in net assets	70
Financial highlights	78
Notes to financial statements	90
Report of independent registered public accounting firm	101
Important tax information	102
Trustees and officers	103
Approval of investment management agreement	106
Liquidity risk management program	112
How to reach us	Inside back cover

Understanding this report

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

This annual report contains information about certain TIAA-CREF Funds and describes their results for the twelve months ended March 31, 2020. The report contains four main sections:

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

• The fund performance section compares each fund’s investment returns with those of its benchmark index.

• The summary portfolios of investments list the issuers, industries and types of securities in which each fund had investments as of March 31, 2020.

• 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  ■  2020 Annual Report 3

Brad Finkle

Letter to investors

The U.S. bond market produced broad gains for the twelve months ended March 31, 2020, but it struggled through a turbulent final month as the United States experienced the effects of the COVID-19 pandemic. For the period, all but one market sector delivered positive results as bond yields declined sharply (bond yields move in the opposite direction of prices). Ten of the eleven TIAA-CREF Fixed-Income Funds, as well as the Money Market Fund, posted positive returns.

• The broad U.S. bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 8.9% for the period. This gain exceeded the average annual performance of the index over the past three-, five- and ten-year periods.

• Institutional Class returns for all eleven fixed-income funds trailed the performances of their respective benchmarks, except for the Money Market Fund, which outperformed the iMoneyNet Money Fund Averages™—All Government. Please see page 8 for benchmark definitions.

Bond markets advanced as yields declined

Fixed-income securities in nearly all sectors posted positive results over the twelve months. The performance of the Bloomberg Barclays U.S. Aggregate Bond Index reflected strong gains among higher-rated securities. Short-term bonds also produced solid returns, followed by advances in Treasury inflation-protected securities and municipal bonds. High-yield bonds declined.

For most of the period, the U.S. economy grew at a steady pace while the unemployment rate reached historically low levels. But aggressive action to contain the spread of the virus late in the period led to widespread closures of non-essential businesses, and certain state governments limited public activities and implemented stay-at-home advisories. To bolster the economy, the Federal Reserve cut the federal funds target rate to 0.00%–0.25% in March 2020, and Congress enacted an unprecedented $2.2 trillion stimulus plan.

Ten TIAA-CREF Funds produced gains

Ten of the eleven TIAA-CREF Fixed-Income Funds generated positive returns for the twelve-month period. Fund performance for Institutional Class shares ranged from a return of –8.0% for the High-Yield Fund to a gain of 8.8% for the Bond Index Fund. The Bond Index Fund’s return was driven primarily by strong gains from U.S. Treasury bonds and mortgage-backed securities.

The Core Bond Fund (formerly the Bond Fund) gained 4.8%, trailing the same benchmark due in large part to unfavorable yield curve positioning—how the Fund was invested across different maturities—among its U.S. Treasury holdings, as well as an underweight position in mortgage-backed securities.

The Core Impact Bond Fund (formerly the Social Choice Bond Fund) returned 4.7% but underperformed its benchmark for the same reasons. The Core Plus Bond Fund (formerly the Bond Plus Fund) advanced 3.3% but also lagged its benchmark.

4 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

The Inflation-Linked Bond Fund gained 4.4%, falling just short of its benchmark due to the impact of expenses.

The Short-Term Bond Index Fund also returned 4.4% and modestly underperformed its benchmark, the Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index. Solid gains by short-term U.S. Treasuries, which account for nearly two-thirds of the Fund’s assets, drove performance.

The Short-Term Bond Fund advanced 2.0% and the Short Duration Impact Bond Fund gained 1.1%, but both lagged their shared benchmark. The relative performance of each fund was hampered by unfavorable yield curve positioning.

The 5–15 Year Laddered Tax-Exempt Bond Fund gained 2.2% but lagged the performance of its benchmark, the Bloomberg Barclays 10-Year Municipal Bond Index. The Green Bond Fund’s 2.9% return fell short of its benchmark’s performance as well.

The High-Yield Fund underperformed its benchmark, which posted a smaller loss. The Money Market Fund gained 1.9% for the period, outpacing 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.

Keeping long-term goals in view

It is contrary to human nature to sit still in times of heightened market volatility. But for investors with a diversified financial plan, tailored to their goals and time horizons, we recommend staying the course. Attempting to react to daily market moves—perhaps letting emotions drive investment decisions—often creates additional risk. Moreover, the recent market volatility serves to exemplify the benefits of diversifying your investments across a range of different asset classes, including fixed-income securities.

These are challenging times for all investors. But it’s worth noting that, unlike other periods of shock to the financial system—notably the events of September 11th and the 2007–2008 credit crisis—the U.S. economy was strong when the COVID-19 threat emerged. As always, we cannot predict which direction the markets will take next, but we have confidence in our ability to weather this storm. Now, more than ever, it’s important to remember that you are not going through this uncertain time alone. TIAA is here to support you every step of the way.

For additional assistance, or if you have any questions about your TIAA-CREF fixed-income portfolio, we encourage you to reach out to your financial advisor or call a TIAA financial consultant at 800-842-2252.

/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  ■  2020 Annual Report 5

Market monitor

Bond markets generally gained amid COVID-19 pandemic

Most U.S. fixed-income markets generated positive returns for the twelve-month period, despite a difficult final month during which the COVID-19 outbreak shook the economy. Moderate economic growth and historically strong labor markets dominated for most of the period, but in the final month of March, emergency efforts to contain the virus led to widespread business closings and the suspension of most economic activity. The Federal Reserve responded by making two deep cuts in short-term interest rates, purchasing bonds and moving aggressively to support credit markets. As a result, yields on U.S. Treasury securities of all maturities declined sharply over the twelve months. Investment-grade fixed-rate bonds, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, advanced 8.9% for the period (bond yields move in the opposite direction of prices).

Among fixed-income sectors, the U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index returned 4.5%. Short-term bonds, as represented by the Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index, also gained 4.5%. Municipal bonds, as measured by the Bloomberg Barclays 10-Year Municipal Bond Index, advanced 4.0%. U.S. high-yield securities, as measured by the ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index, returned –5.5%. With the exception of short-term bonds, all fixed-income sectors experienced declines in the last month of the period.

Bond yields fall as investors seek lower risk

U.S. Treasury yields: March 31, 2019 vs. March 31, 2020

Source: U.S. Department of the Treasury

Economy grew before virus struck

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% during the second quarter and 2.1% for the third and fourth quarters of 2019. The pandemic had a severe impact on the economy in March 2020. Manufacturing and retail businesses closed temporarily, travel was restricted and most states advised residents to stay at home to contain the virus.

The U.S. unemployment rate, which achieved 50-year lows during the period, rose from 3.6% in April 2019 to 4.4% in March 2020. In the final two weeks of the period, an unprecedented total of 9.9 million people filed for unemployment benefits.

Core inflation, which includes all items except food and energy, rose 2.1% over the twelve months ended March 2020. Oil prices fell sharply during the period, primarily due to shrinking demand amid the global health emergency. The price of West Texas Intermediate crude declined from nearly $62 to $21 per barrel during the period. A dispute between Saudi Arabia and Russia over oil prices and production also exerted a negative influence.

The broad U.S. stock market, as measured by the Russell 3000^® Index, fell 9.1% for the twelve months, with all of its decline occurring in the final three months of the period.

Fed cut rates aggressively, Congress enacted stimulus

The Fed lowered the federal funds target rate three times in 2019, reducing the key short-term interest-rate measure to 1.50%–1.75%. Policymakers took more aggressive action in March 2020 in response to the virus emergency. In two steps, the Fed reduced the federal funds rate to 0.00%–0.25%. The Fed then launched an unlimited program to inject money into the financial markets by purchasing U.S. Treasury bonds and mortgage-backed securities, while also offering to buy high-quality corporate debt. In addition, the Fed offered loans to money market mutual funds to assure liquidity and extended credit to primary dealers, which are key players in the debt markets.

The federal government enacted a $2.2 trillion U.S. economic stimulus plan in March 2020. The unprecedented act, which was well received by investors, included direct cash payments to individuals, money for unemployment insurance, loans to large companies, small business relief and assistance to state and local governments.

6 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Information for investors

Portfolio holdings

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

You can obtain a complete list of the TIAA-CREF Funds’ holdings (Schedules of Investments) as of the most recently completed fiscal quarter in the following ways:

• By visiting our website at TIAA.org; or

• By calling us at 800-842-2252 to request a copy, which will be provided free of charge.

You can also obtain a complete list of the TIAA-CREF Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-PORT or Form N-MFP (for money market products only) filings. Form N-CSR filings are as of March 31 or September 30; Form N-PORT or Form N-MFP 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  ■  2020 Annual Report 7

About the funds’ benchmarks

The Bloomberg Barclays U.S. Aggregate Bond Index measures the performance of the domestic investment-grade fixed-rate bond market, including government and corporate securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities.

The Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index measures the performance of U.S. Treasury and agency securities and corporate bonds with 1- to 3-year maturities.

The ICE BofA 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. ICE BofA 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 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Important information about expenses

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

The expense examples that appear in this report are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (October 1, 2019–March 31, 2020).

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  ■  2020 Annual Report 9

Bond Index Fund

Expense example

Six months ended March 31, 2020

Bond Index Fund	Beginning account value (10/1/19)		Ending account value (3/31/20)		Expenses paid during period* (10/1/19– 3/31/20)
Actual return
Institutional Class	$	1,000.00	$	1,033.46		$0.56
Advisor Class		1,000.00		1,032.95		1.12
Premier Class		1,000.00		1,031.79		1.32
Retirement Class		1,000.00		1,031.27		1.83
Retail Class		1,000.00		1,030.89		2.23
Class W		1,000.00		1,034.04		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.45		0.56
Advisor Class		1,000.00		1,023.90		1.11
Premier Class		1,000.00		1,023.70		1.32
Retirement Class		1,000.00		1,023.20		1.82
Retail Class		1,000.00		1,022.80		2.23
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 March 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.11% for the Institutional Class, 0.22% for the Advisor Class, 0.26% for the Premier Class, 0.36% for the Retirement Class, 0.44% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 3/31/2020
U.S. Treasury securities		38.9
Mortgage-backed securities		26.7
Corporate bonds		20.2
Foreign government & corporate bonds denominated in U.S. dollars		8.3
Commercial mortgage-backed securities		1.9
U.S. agency securities		1.1
Asset-backed securities		0.8
Municipal bonds		0.8
Short-term investments, other assets & liabilities, net		1.3
Total		100.0

Performance for the twelve months ended March 31, 2020

The Bond Index Fund returned 8.83% for the Institutional Class, compared with the 8.93% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. The performance table shows returns for all share classes of the Fund.

Fed took strong action to support economy and financial markets

The U.S. economy expanded at a steady pace for most of the period, but it was rattled by the effects of the COVID-19 pandemic, which hit the United States hard in March 2020. Containment efforts around the world have disrupted business and manufacturing operations, closed restaurants and retail stores and restricted travel. The unemployment rate, which had remained at historically low levels for much of the period, increased from 3.6% in April 2019 to 4.4% in March 2020. Core inflation, which measures all items except food and energy, rose 2.1% over the twelve months ended March 2020. Crude oil prices declined sharply from nearly $62 to $21 per barrel.

In March, the Federal Reserve responded to the crisis by taking swift action and substantially lowered the federal funds target rate—a key short-term interest-rate measure—to 0.00%–0.25%. Meanwhile, the federal government enacted a massive stimulus measure to inject $2.2 trillion into the U.S. economy.

Fixed-income markets generated positive returns for the period in all major categories other than high-yield bonds. Strong gains over the first eleven months were tempered by weaker results in March 2020. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. investment-grade fixed-rate bond market, performed best, followed by shorter-term bonds, U.S. Treasury inflation-protected securities (TIPS) and municipal bonds.

U.S. Treasuries and MBS drove the benchmark’s performance

All of the sectors within the Bloomberg Barclays U.S. Aggregate Bond Index posted positive returns for the twelve months. Treasury bonds, which made up 39.7% of the index at period-end, returned a robust 13.2%. U.S. Treasuries rallied sharply amid falling interest rates and a flight to safety during the latter weeks of the period. Mortgage-backed securities (MBS), the second-largest sector in the index with a weighting of 26.5%, gained 7.2%. Corporate bonds, which represented 24.9% of the benchmark at period-end, gained 5.0%. Smaller sectors, including government credit securities, government agency securities and commercial mortgage-backed securities, also delivered solid gains, returning 7.3%, 4.7% and 6.1%, respectively.

Fund trailed its benchmark

The Fund underperformed its benchmark for the twelve-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.

10 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Performance as of March 31, 2020

Bond Index Fund						Average annual						Annual operating
			Total return			total return						expenses*
	Inception
	date		1 year			5 years			10 years			gross			net
Institutional Class		9/14/09		8.83	%		3.24	%		3.75	%		0.11	%		0.11	%
Advisor Class		12/4/15		8.73			3.15	†		3.71	†		0.22			0.22
Premier Class		9/30/09		8.58			3.06			3.59			0.26			0.26
Retirement Class		9/14/09		8.46			2.96			3.49			0.36			0.36
Retail Class		9/14/09		8.39			2.88			3.40			0.44			0.44
Class W		9/28/18		8.96			3.27	†		3.77	†		0.11			0.00
Bloomberg Barclays U.S. Aggregate Bond Index		—		8.93			3.36			3.88			—			—

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.

$10,000 over 10 years

Institutional Class

Ending amounts are as of March 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by maturity

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2020
Less than 1 year	1.1
1–3 years	28.6
3–5 years	33.8
5–10 years	17.5
Over 10 years	19.0
Total	100.0

Holdings by credit quality

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2020
U.S. Treasury & U.S. agency securities*	67.2
Aaa/AAA	5.0
Aa/AA	3.5
A/A	11.4
Baa/BBB	12.8
Ba/BB	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 3/31/2020
Net assets	$16.56 billion
Portfolio turnover rate	32%
Number of issues	7,250
Option-adjusted duration‡	5.80 years
Average maturity§	8.17 years

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 11

Core Bond Fund

Expense example

Six months ended March 31, 2020

Core Bond Fund	Beginning account value (10/1/19)		Ending account value (3/31/20)		Expenses paid during period* (10/1/19– 3/31/20)
Actual return
Institutional Class	$	1,000.00	$	993.19		$1.49
Advisor Class		1,000.00		993.47		2.14
Premier Class		1,000.00		993.39		2.24
Retirement Class		1,000.00		993.24		2.74
Retail Class		1,000.00		993.02		2.94
Class W		1,000.00		994.64		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,023.50		1.52
Advisor Class		1,000.00		1,022.85		2.17
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 March 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.30% for the Institutional Class, 0.43% 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 3/31/2020
Corporate bonds		31.1
Mortgage-backed securities		14.9
Foreign government & corporate bonds denominated in U.S. dollars		10.6
Asset-backed securities		10.1
U.S. Treasury securities		8.8
Commercial mortgage-backed securities		8.2
Municipal bonds		4.9
Bank loan obligations		1.7
U.S. agency securities		0.5
Short-term investments, other assets & liabilities, net		9.2
Total		100.0

Performance for the twelve months ended March 31, 2020

The Core Bond Fund (formerly the Bond Fund) returned 4.75% for the Institutional Class, compared with the 8.93% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. The performance table shows returns for all share classes of the Fund.

Fed took strong action to support economy and financial markets

The U.S. economy expanded at a steady pace for most of the period, but it was rattled by the effects of the COVID-19 pandemic, which hit the United States hard in March 2020. Containment efforts around the world have disrupted business and manufacturing operations, closed restaurants and retail stores and restricted travel. The unemployment rate, which had remained at historically low levels for much of the period, increased from 3.6% in April 2019 to 4.4% in March 2020. Core inflation, which measures all items except food and energy, rose 2.1% over the twelve months ended March 2020. Crude oil prices declined sharply from nearly $62 to $21 per barrel.

In March, the Federal Reserve responded to the crisis by taking swift action and substantially lowered the federal funds target rate—a key short-term interest-rate measure—to 0.00%–0.25%. Meanwhile, the federal government enacted a massive stimulus measure to inject $2.2 trillion into the U.S. economy.

Fixed-income markets generated positive returns for the period in all major categories other than high-yield bonds. Strong gains over the first eleven months were tempered by weaker results in March 2020. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. investment-grade fixed-rate bond market, performed best, followed by shorter-term bonds, U.S. Treasury inflation-protected securities (TIPS) and municipal bonds.

U.S. Treasuries and MBS drove the benchmark’s performance

All of the sectors within the Bloomberg Barclays U.S. Aggregate Bond Index posted positive returns for the twelve months. Treasury bonds, which made up 39.7% of the index at period-end, returned a robust 13.2%. U.S. Treasuries rallied sharply amid falling interest rates and a flight to safety during the latter weeks of the period. Mortgage-backed securities (MBS), the second-largest sector in the index with a weighting of 26.5%, gained 7.2%. Corporate bonds, which represented 24.9% of the benchmark at period-end, gained 5.0%. Smaller sectors, including government credit securities, government agency securities and commercial mortgage-backed securities, also delivered solid gains, returning 7.3%, 4.7% and 6.1%, respectively.

Fund trailed its benchmark

The Fund’s return trailed that of its benchmark for the twelve-month period. Yield curve positioning within U.S. Treasuries—how the Fund was invested across different maturities—detracted most from relative performance. An underweight position in MBS was the second-largest detractor, followed by an overweight in corporate bonds, which declined sharply during the final weeks of the period. An overweight allocation to asset-backed securities also limited the Fund’s performance.

On the positive side, the Fund’s position in the municipal bond sector bolstered its return for the period.

12 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Performance as of March 31, 2020

Core Bond Fund						Average annual						Annual operating
			Total return			total return						expenses*
	Inception
	date		1 year			5 years			10 years			gross			net
Institutional Class		7/1/99		4.75	%		3.05	%		4.08	%		0.30	%		0.30	%
Advisor Class		12/4/15		4.61			2.99	†		4.05	†		0.44			0.44
Premier Class		9/30/09		4.60			2.90			3.93			0.45			0.45
Retirement Class		3/31/06		4.56			2.81			3.82			0.55			0.55
Retail Class		3/31/06		4.52			2.76			3.78			0.60			0.60
Class W		9/28/18		5.06			3.14	†		4.12	†		0.30			0.00
Bloomberg Barclays U.S.Aggregate Bond Index		—		8.93			3.36			3.88			—			—

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.

$10,000 over 10 years

Institutional Class

Ending amounts are as of March 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by maturity

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2020
Less than 1 year	4.4
1–3 years	18.8
3–5 years	25.2
5–10 years	33.0
Over 10 years	18.6
Total	100.0

Holdings by credit quality

% of fixed-income investments (excluding short-term investments) as of 3/31/2020
U.S. Treasury & U.S. agency securities*	24.7
Aaa/AAA	13.8
Aa/AA	9.2
A/A	18.3
Baa/BBB	27.2
Ba/BB	2.7
B/B	2.0
Below B/B	0.4
Non-rated	1.7
Total	100.0

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

Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

Fund profile

	as of 3/31/2020
Net assets	$6.60 billion
Portfolio turnover rate	133%
Portfolio turnover rate, excluding mortgage dollar-roll transactions	125%
Number of issues	1,770
Option-adjusted duration‡	5.57 years
Average maturity§	7.66 years

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 13

Core Impact Bond Fund

Expense example

Six months ended March 31, 2020

Core Impact Bond Fund	Beginning account value (10/1/19)		Ending account value (3/31/20)		Expenses paid during period* (10/1/19– 3/31/20)
Actual return
Institutional Class	$	1,000.00	$	992.77		$1.79
Advisor Class		1,000.00		992.31		2.29
Premier Class		1,000.00		991.91		2.69
Retirement Class		1,000.00		990.61		3.04
Retail Class		1,000.00		990.47		3.18
5% annual hypothetical return
Institutional Class		1,000.00		1,023.20		1.82
Advisor Class		1,000.00		1,022.70		2.33
Premier Class		1,000.00		1,022.30		2.73
Retirement Class		1,000.00		1,021.95		3.08
Retail Class		1,000.00		1,021.80		3.23

* “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 March 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.36% for the Institutional Class, 0.46% for the Advisor Class, 0.54% for the Premier Class, 0.61% for the Retirement Class and 0.64% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 3/31/2020
Corporate bonds		33.0
Foreign government & corporate bonds denominated in U.S. dollars		22.1
Municipal bonds		10.0
Mortgage-backed securities		9.3
U.S. agency securities		8.5
Commercial mortgage-backed securities		6.0
U.S. Treasury securities		5.9
Asset-backed securities		3.0
Bank loan obligations		0.2
Preferred stock		0.5
Short-term investments, other assets & liabilities, net		1.5
Total		100.0

Performance for the twelve months ended March 31, 2020

The Core Impact Bond Fund (formerly Social Choice Bond Fund) returned 4.74% for the Institutional Class, compared with the 8.93% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. The Fund utilizes certain environmental, social and governance criteria, while the benchmark does not. The performance table shows returns for all share classes of the Fund.

Fed took strong action to support economy and financial markets

The U.S. economy expanded at a steady pace for most of the period, but it was rattled by the effects of the COVID-19 pandemic, which hit the United States hard in March 2020. Containment efforts around the world have disrupted business and manufacturing operations, closed restaurants and retail stores and restricted travel. The unemployment rate, which had remained at historically low levels for much of the period, increased from 3.6% in April 2019 to 4.4% in March 2020. Core inflation, which measures all items except food and energy, rose 2.1% over the twelve months ended March 2020. Crude oil prices declined sharply from nearly $62 to $21 per barrel.

In March, the Federal Reserve responded to the crisis by taking swift action and substantially lowered the federal funds target rate—a key short-term interest-rate measure—to 0.00%–0.25%. Meanwhile, the federal government enacted a massive stimulus measure to inject $2.2 trillion into the U.S. economy.

Fixed-income markets generated positive returns for the period in all major categories other than high-yield bonds. Strong gains over the first eleven months were tempered by weaker results in March 2020. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. investment-grade fixed-rate bond market, performed best, followed by shorter-term bonds, U.S. Treasury inflation-protected securities (TIPS) and municipal bonds.

U.S. Treasuries and MBS drove the benchmark’s performance

All of the sectors within the Bloomberg Barclays U.S. Aggregate Bond Index posted positive returns for the twelve months. Treasury bonds, which made up 39.7% of the index at period-end, returned a robust 13.2%. U.S. Treasuries rallied sharply amid falling interest rates and a flight to safety during the latter weeks of the period. Mortgage-backed securities (MBS), the second-largest sector in the index with a weighting of 26.5%, gained 7.2%. Corporate bonds, which represented 24.9% of the benchmark at period-end, gained 5.0%. Smaller sectors, including government credit securities, government agency securities and commercial mortgage-backed securities, also delivered solid gains, returning 7.3%, 4.7% and 6.1%, respectively.

Fund advanced but lagged its benchmark

The Fund underperformed its benchmark over the twelve-month period. Unfavorable yield curve positioning among U.S. Treasury holdings—how the Fund was invested across different bond maturities—was the largest detractor from relative results. The Fund’s holdings in the MBS sector also detracted, as did overweight positions in the commercial mortgage-backed securities and asset-backed securities sectors.

By contrast, the Fund’s holdings of government agency securities and municipal bonds bolstered its relative performance. Fund positions in the corporate bond sector—its largest weighting—were also beneficial.

14 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Performance as of March 31, 2020

Core Impact Bond Fund			Total return			Average annual total return						Annual operating expenses*
	Inception date		1 year			5 years			since inception			gross			net
Institutional Class		9/21/12		4.74	%		2.94	%		3.39	%		0.37	%		0.37	%
Advisor Class		12/4/15		4.64			2.87	†		3.34	†		0.44			0.44
Premier Class		9/21/12		4.57			2.79			3.24			0.55			0.55
Retirement Class		9/21/12		4.38			2.68			3.13			0.62			0.62
Retail Class		9/21/12		4.35			2.64			3.08			0.65			0.65
Bloomberg Barclays U.S. Aggregate Bond Index		—		8.93			3.36			3.03	‡		—			—

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 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.

$10,000 invested at Fund’s inception

Institutional Class (inception September 21, 2012)

Ending amounts are as of March 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by maturity

	% of fixed-income investments  (excluding short-term investments)  as of 3/31/2020
Less than 1 year		4.9
1–3 years		18.5
3–5 years		22.6
5–10 years		29.0
Over 10 years		25.0
Total		100.0

Holdings by credit quality

% of fixed-income investments  (excluding short-term investments)  as of 3/31/2020
U.S. Treasury & U.S. agency securities*	23.2
Aaa/AAA	11.0
Aa/AA	14.6
A/A	23.1
Baa/BBB	20.5
Ba/BB	2.9
B/B	0.3
Below B/B	0.2
Non-rated	4.2
Total	100.0

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

Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

Fund profile

	as of 3/31/2020
Net assets	$4.94 billion
Portfolio turnover rate	115%
Portfolio turnover rate, excluding mortgage dollar-roll transactions	110%
Number of issues	1,088
Option-adjusted duration‡	5.93 years
Average maturity§	9.02 years

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 15

Core Plus Bond Fund

Expense example

Six months ended March 31, 2020

			Expenses
			paid
	Beginning	Ending	during
	account	account	period*
Core Plus	value	value	(10/1/19–
Bond Fund	(10/1/19)	(3/31/20)	3/31/20)
Actual return
Institutional Class	$1,000.00	$ 981.10	$1.49
Advisor Class	1,000.00	981.69	1.83
Premier Class	1,000.00	981.29	2.23
Retirement Class	1,000.00	980.86	2.72
Retail Class	1,000.00	979.66	3.02
Class W	1,000.00	982.56	0.00
5% annual hypothetical return
Institutional Class	1,000.00	1,023.50	1.52
Advisor Class	1,000.00	1,023.15	1.87
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 March 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.30% for the Institutional Class, 0.37% 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

	% of net assets
Sector	as of 3/31/2020
Corporate bonds	28.9
Mortgage-backed securities	21.3
Foreign government & corporate bonds denominated in U.S. dollars	12.5
U.S. Treasury securities	9.4
Commercial mortgage-backed securities	8.9
Asset-backed securities	7.0
Municipal bonds	4.9
Bank loan obligations	2.4
Short-term investments,
other assets & liabilities, net	4.7
Total	100.0

Performance for the twelve months ended March 31, 2020

The Core Plus Bond Fund (formerly the Bond Plus Fund) returned 3.31% for the Institutional Class, compared with the 8.93% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. The performance table shows returns for all share classes of the Fund.

Fed took strong action to support economy and financial markets

The U.S. economy expanded at a steady pace for most of the period, but it was rattled by the effects of the COVID-19 pandemic, which hit the United States hard in March 2020. Containment efforts around the world have disrupted business and manufacturing operations, closed restaurants and retail stores and restricted travel. The unemployment rate, which had remained at historically low levels for much of the period, increased from 3.6% in April 2019 to 4.4% in March 2020. Core inflation, which measures all items except food and energy, rose 2.1% over the twelve months ended March 2020. Crude oil prices declined sharply from nearly $62 to $21 per barrel.

In March, the Federal Reserve responded to the crisis by taking swift action and substantially lowered the federal funds target rate—a key short-term interest-rate measure—to 0.00%–0.25%. Meanwhile, the federal government enacted a massive stimulus measure to inject $2.2 trillion into the U.S. economy.

Fixed-income markets generated positive returns for the period in all major categories other than high-yield bonds. Strong gains over the first eleven months were tempered by weaker results in March 2020. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. investment-grade fixed-rate bond market, performed best, followed by shorter-term bonds, U.S. Treasury inflation-protected securities (TIPS) and municipal bonds.

U.S. Treasuries and MBS drove the benchmark’s performance

All of the sectors within the Bloomberg Barclays U.S. Aggregate Bond Index posted positive returns for the twelve months. Treasury bonds, which made up 39.7% of the index at period-end, returned a robust 13.2%. U.S. Treasuries rallied sharply amid falling interest rates and a flight to safety during the latter weeks of the period. Mortgage-backed securities (MBS), the second-largest sector in the index with a weighting of 26.5%, gained 7.2%. Corporate bonds, which represented 24.9% of the benchmark at period-end, gained 5.0%. Smaller sectors, including government credit securities, government agency securities, and commercial mortgage-backed securities, also delivered solid gains, returning 7.3%, 4.7% and 6.1%, respectively.

Fund trailed its benchmark

The Fund’s return trailed that of its benchmark for the twelve-month period. Yield curve positioning within U.S. Treasuries—how the Fund was invested across different bond maturities—detracted most from relative performance. An overweight position in the corporate bond sector, which declined sharply in the final weeks of the period, was the second-largest detractor, followed by an overweight in asset-backed securities. Fund holdings in the MBS sector also limited its performance versus the benchmark.

On the positive side, the Fund’s position in the municipal bond sector bolstered its relative performance for the period.

16 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Performance as of March 31, 2020

Core Plus Bond Fund		Total return			Average annual total return					Annual operating expenses*
	Inception date		1 year			5 years		10 years			gross		net
Institutional Class	3/31/06		3.31	%		2.90	%	4.24	%		0.30	%	0.30	%
Advisor Class	12/4/15		3.24			2.86	†	4.22	†		0.35		0.35
Premier Class	9/30/09		3.16			2.75		4.09			0.45		0.45
Retirement Class	3/31/06		3.06			2.66		3.99			0.55		0.55
Retail Class	3/31/06		2.90			2.58		3.92			0.62		0.62
Class W	9/28/18		3.52			2.99	†	4.29	†		0.31		0.00
Bloomberg Barclays U.S. Aggregate Bond Index	—		8.93			3.36		3.88			—		—

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.

$10,000 over 10 years

Institutional Class

Ending amounts are as of March 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by maturity

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2020
Less than 1 year	5.4
1–3 years	16.0
3–5 years	30.9
5–10 years	29.7
Over 10 years	18.0
Total	100.0

Holdings by credit quality

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2020
U.S. Treasury & U.S. agency securities*	30.3
Aaa/AAA	7.7
Aa/AA	6.9
A/A	17.5
Baa/BBB	24.2
Ba/BB	5.8
B/B	3.6
Below B/B	0.9
Non-rated	3.1
Total	100.0

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

Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

Fund profile

as of 3/31/2020
Net assets	$4.57 billion
Portfolio turnover rate	94%
Portfolio turnover rate, excluding mortgage dollar-roll transactions	85%
Number of issues	1,692
Option-adjusted duration‡	5.32 years
Average maturity§	7.91 years

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 17

5–15 Year Laddered Tax-Exempt Bond Fund

Expense example

Six months ended March 31, 2020

			Expenses
			paid
5–15 Year	Beginning	Ending	during
Laddered	account	account	period*
Tax-Exempt	value	value	(10/1/19–
Bond Fund	(10/1/19)	(3/31/20)	3/31/20)
Actual return
Institutional Class	$1,000.00	$ 983.25	$1.49
Advisor Class	1,000.00	982.85	1.88
Retail Class	1,000.00	981.93	2.87
5% annual hypothetical return
Institutional Class	1,000.00	1,023.50	1.52
Advisor Class	1,000.00	1,023.10	1.92
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 March 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.30% for the Institutional Class, 0.38% for the Advisor Class and 0.58% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

	% of net assets
Sector	as of 3/31/2020
Municipal bonds	96.3
Short-term investments, other assets & liabilities, net	3.7
Total	100.0

Performance for the twelve months ended March 31, 2020

The 5–15 Year Laddered Tax-Exempt Bond Fund returned 2.21% for the Institutional Class, compared with the 4.00% return of its benchmark, the Bloomberg Barclays 10-Year Municipal Bond Index. The performance table shows returns for all the share classes of the Fund.

Fed took strong action to support economy and financial markets

The U.S. economy expanded at a steady pace for most of the period, but it was rattled by the effects of the COVID-19 pandemic, which hit the United States hard in March 2020. Containment efforts around the world have disrupted business and manufacturing operations, closed restaurants and retail stores and restricted travel. The unemployment rate, which had remained at historically low levels for much of the period, increased from 3.6% in April 2019 to 4.4% in March 2020. Core inflation, which measures all items except food and energy, rose 2.1% over the twelve months ended March 2020. Crude oil prices declined sharply from nearly $62 to $21 per barrel.

In March, the Federal Reserve responded to the crisis by taking swift action and substantially lowered the federal funds target rate—a key short-term interest-rate measure—to 0.00%–0.25%. Meanwhile, the federal government enacted a massive stimulus measure to inject $2.2 trillion into the U.S. economy.

Fixed-income markets generated positive returns for the period in all major categories other than high-yield bonds. Strong gains over the first eleven months were tempered by weaker results in March 2020. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. investment-grade fixed-rate bond market, performed best, followed by shorter-term bonds, U.S. Treasury inflation-protected securities (TIPS) and municipal bonds.

Every benchmark sector gained ground

All of the sectors in the Bloomberg Barclays 10-Year Municipal Bond Index produced positive results for the twelve-month period. The housing sector generated the strongest gain with a return of 2.8%. The local general obligations (GO) and industrial development sectors were the next-best performers, with gains of 2.7% and 2.3%, respectively. State GO, the index’s largest sector by market capitalization at period-end, gained 2.2%. Transportation, the second-largest sector, returned 0.9%. The lease-backed sector posted the benchmark’s smallest advance with a gain of 0.5%.

On March 31, 2020, higher-rated 10-year AAA municipal bonds yielded 1.44%, compared with a 0.70% yield on the 10-year U.S. Treasury bond. New municipal issuance during the twelve-month period was $379 billion, up from $346 billion for the prior period, from April 1, 2018, through March 31, 2019.

Fund’s gains fell short of benchmark results

For the twelve-month period, the Fund underperformed its benchmark, primarily due to its positions in the state GO, industrial development and local GO sectors. However, the Fund’s relative performance benefited from its holdings in the health care, transportation and housing sectors.

18 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Performance as of March 31, 2020

5–15 Year Laddered Tax-Exempt Bond Fund		Total return			Average annual total return					Annual operating expenses*
	Inception date		1 year			5 years		10 years			gross		net
Institutional Class	3/31/06		2.21	%		2.44	%	3.48	%		0.33	%	0.30	%
Advisor Class	12/4/15		2.14			2.41	†	3.46	†		0.43		0.41
Retail Class	3/31/06		1.93			2.14		3.21			0.61		0.59
Bloomberg Barclays 10-Year Municipal Bond Index	—		4.00			3.34		4.45			—		—

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 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.

$10,000 over 10 years

Institutional Class

Ending amounts are as of March 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by maturity

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2020
Less than 1 year	1.7
1–3 years	3.3
3–5 years	4.5
5–10 years	46.8
Over 10 years	43.7
Total	100.0

Holdings by credit quality

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2020
Aaa/AAA	0.2
Aa/AA	16.3
A/A	48.2
Baa/BBB	20.4
Ba/BB	2.3
B/B	1.5
Non-rated	11.1
Total	100.0

Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

Fund profile

as of 3/31/2020
Net assets	$270.39 million
Portfolio turnover rate	21%
Number of issues	229
Option-adjusted duration‡	5.40 years
Average maturity§	9.75 years

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 19

Green Bond Fund

Expense example

Six months ended March 31, 2020

			Expenses
			paid
	Beginning	Ending	during
	account	account	period*
	value	value	(10/1/19–
Green Bond Fund	(10/1/19)	(3/31/20)	3/31/20)
Actual return
Institutional Class	$1,000.00	$ 976.77	$2.22
Advisor Class	1,000.00	976.73	2.27
Premier Class	1,000.00	976.04	2.96
Retirement Class	1,000.00	975.95	3.06
Retail Class	1,000.00	975.45	3.56
5% annual hypothetical return
Institutional Class	1,000.00	1,022.75	2.28
Advisor Class	1,000.00	1,022.70	2.33
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	1,021.40	3.64

* “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 March 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.45% for the Institutional Class, 0.46% for the Advisor Class, 0.60% for the Premier Class, 0.62% for the Retirement Class and 0.72% 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

	% of net assets
Sector	as of 3/31/2020
Foreign government & corporate bonds denominated in U.S. dollars	29.4
Corporate bonds	29.1
Municipal bonds	13.4
Asset-backed securities	9.2
Commercial mortgage-backed securities	8.3
U.S. agency securities	4.1
Bank loan obligations	1.3
Preferred stock	1.9
Short-term investments, other assets & liabilities, net	3.3
Total	100.0

Performance for the twelve months ended March 31, 2020

The Green Bond Fund returned 2.94% for the Institutional Class, compared with the 6.72% return of its benchmark, the Bloomberg Barclays MSCI U.S. Green Bond Index. The performance table shows returns for all share classes of the Fund.

Fed took strong action to support economy and financial markets

The U.S. economy expanded at a steady pace for most of the period, but it was rattled by the effects of the COVID-19 pandemic, which hit the United States hard in March 2020. Containment efforts around the world have disrupted business and manufacturing operations, closed restaurants and retail stores and restricted travel. The unemployment rate, which had remained at historically low levels for much of the period, increased from 3.6% in April 2019 to 4.4% in March 2020. Core inflation, which measures all items except food and energy, rose 2.1% over the twelve months ended March 2020. Crude oil prices declined sharply from nearly $62 to $21 per barrel.

In March, the Federal Reserve responded to the crisis by taking swift action and substantially lowered the federal funds target rate—a key short-term interest-rate measure—to 0.00%–0.25%. Meanwhile, the federal government enacted a massive stimulus measure to inject $2.2 trillion into the U.S. economy.

Fixed-income markets generated positive returns for the period in all major categories other than high-yield bonds. Strong gains over the first eleven months were tempered by weaker results in March 2020. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. investment-grade fixed-rate bond market, performed best, followed by shorter-term bonds, U.S. Treasury inflation-protected securities (TIPS) and municipal bonds.

Corporate and government credit sectors drove benchmark’s performance

All of the sectors within the Bloomberg Barclays MSCI U.S. Green Bond Index posted positive returns for the twelve months. Corporate bonds, the largest sector in the index with a weighting of 48.8% at period-end, returned 5.9%. Corporate bonds benefited from strong economic growth for most of the period, but they declined sharply in the latter weeks in the wake of the COVID-19 coronavirus pandemic. Government credit securities, the index’s second-largest sector with a weighting of 31.6%, gained 8.3%. Government agency bonds, the benchmark’s third-largest sector at 17.8%, advanced 6.6%. Commercial mortgage-backed securities, which represent just 0.6% of the index, had the highest return, gaining 12.2%.

Fund trailed its benchmark

The Fund trailed its benchmark for the twelve-month period. The Fund’s holdings of government credit securities detracted most from its relative performance versus the index, and this was primarily due to yield curve positioning—how the fund was invested across different bond maturities in this sector. The Fund’s position in the corporate bond sector was the next-largest detractor, followed by its overweight position in asset-backed securities.

On the positive side, the Fund’s holdings of municipal bonds, which are not in the benchmark, bolstered its relative performance for the period.

20 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Performance as of March 31, 2020

Green Bond Fund		Total return			Average annual total return			Annual operating expenses*
	Inception date	1 year			since inception			gross			net
Institutional Class	11/16/18		2.94	%		5.63	%		1.05	%		0.45	%
Advisor Class	11/16/18		2.93			5.58			1.15			0.53
Premier Class	11/16/18		2.79			5.47			1.19			0.60
Retirement Class	11/16/18		2.77			5.46			1.30			0.70
Retail Class	11/16/18		2.69			5.37			1.53			0.80
Bloomberg Barclays MSCI U.S.Green Bond Index	—		6.72			9.11	‡		—			—

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.

$10,000 invested at Fund’s inception

Institutional Class (inception November 16, 2018)

Ending amounts are as of March 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by maturity

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2020
Less than 1 year	2.0
1–3 years	18.2
3–5 years	20.7
5–10 years	36.2
Over 10 years	22.9
Total	100.0

Holdings by credit quality

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2020
U.S. Treasury & U.S. agency securities*	4.2
Aaa/AAA	20.4
Aa/AA	14.9
A/A	26.0
Baa/BBB	14.9
Ba/BB	5.1
B/B	1.3
Below B/B	1.2
Non-rated	12.0
Total	100.0

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

Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

Fund profile

as of 3/31/2020
Net assets	$33.22 million
Portfolio turnover rate	37%
Number of issues	94
Option-adjusted duration‡	6.48 years
Average maturity§	9.36 years

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 21

High-Yield Fund

Expense example

Six months ended March 31, 2020

High-Yield Fund	Beginning account value (10/1/19)	Ending account value (3/31/20)	Expenses paid during period* (10/1/19– 3/31/20)
Actual return
Institutional Class	$1,000.00	$ 885.25	$1.65
Advisor Class	1,000.00	883.71	2.17
Premier Class	1,000.00	883.83	2.35
Retirement Class	1,000.00	883.24	2.82
Retail Class	1,000.00	882.64	2.97
Class W	1,000.00	886.80	0.00
5% annual hypothetical return
Institutional Class	1,000.00	1,023.25	1.77
Advisor Class	1,000.00	1,022.70	2.33
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 March 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.35% for the Institutional Class, 0.46% 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 3/31/2020
Corporate bonds	69.2
Foreign government & corporate bonds denominated in U.S. dollars	9.9
Bank loan obligations	7.1
Common stocks & rights	1.4
Short-term investments, other assets & liabilities, net	12.4
Total	100.0

Performance for the twelve months ended March 31, 2020

The High-Yield Fund returned –7.96% for the Institutional Class, compared with the –5.51% return of its benchmark, the ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index. The performance table shows returns for all share classes of the Fund.

Fed took strong action to support economy and financial markets

The U.S. economy expanded at a steady pace for most of the period, but it was rattled by the effects of the COVID-19 pandemic, which hit the United States hard in March 2020. Containment efforts around the world have disrupted business and manufacturing operations, closed restaurants and retail stores and restricted travel. Core inflation, which measures all items except food and energy, rose 2.1% over the twelve months ended March 2020. Crude oil prices declined sharply from nearly $62 to $21 per barrel. The movement of oil prices can be influential due to the large representation of energy companies in the high-yield sector.

In March, the Federal Reserve responded to the crisis by taking swift action and substantially lowered the federal funds target rate—a key short-term interest-rate measure—to 0.00%–0.25%. Meanwhile, the federal government enacted a massive stimulus measure to inject $2.2 trillion into the U.S. economy.

For the twelve-month period, high-yield bonds trailed the 8.93% 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 posted declines

For the twelve months, most high-yield bond sectors posted negative returns. Department stores, one of the benchmark’s smallest sectors on March 31, 2020, was the worst performer, returning –50.5%. The best performer was wireless telecommunications, advancing 10.1%.

High-yield bonds posted negative results across all credit quality tiers for the twelve months as investors favored higher-rated bonds, such as U.S. Treasuries, amid the uncertainty surrounding COVID-19 at period-end. Bonds rated “BB” and “B” returned –3.5% and –9.2%, respectively. Lower-quality bonds (those rated “CCC” and below) suffered a loss at –20.9%. New high-yield debt issuance totaled more than $275 billion for the twelve months, up substantially from the $160 billion for the same period in 2019, as volumes were particularly sizable in November and January. The U.S. issuer-weighted speculative grade default rate rose to 4.7% on March 31, 2020, from 2.7% (revised from 2.4%) a year earlier, according to Moody’s Investors Service.

Fund trailed its benchmark

For the twelve-month period, the Fund declined and 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 and gas producers struggled amid substantial declines in oil prices. An out-of-benchmark holding in energy company California Resources and overweight positions in Denbury Resources, EP Energy and SM Energy were the largest detractors from 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. Not owning gas distributor DCP Midstream and Callon Petroleum was also beneficial, as was an overweight position in technology hardware and equipment company CommScope.

22 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Performance as of March 31, 2020

High-Yield Fund		Total return			Average annual total return					Annual operating expenses*
	Inception date		1 year			5 years		10 years			gross		net
Institutional Class	3/31/06		–7.96	%		2.23	%	5.27	%		0.36	%	0.36	%
Advisor Class	12/4/15		–8.08			2.12	†	5.21	†		0.47		0.47
Premier Class	9/30/09		–8.09			2.10		5.13			0.51		0.51
Retirement Class	3/31/06		–8.19			1.98		5.01			0.61		0.61
Retail Class	3/31/06		–8.27			1.95		4.99			0.63		0.63
Class W	9/28/18		–7.64			2.33	†	5.32	†		0.36		0.00
ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index	—		–5.51			2.92		5.61			—		—

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.

$10,000 over 10 years

Institutional Class

Ending amounts are as of March 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by maturity

% of fixed-income investments (excluding short-term investments) as of 3/31/2020
Less than 1 year	1.6
1–3 years	6.9
3–5 years	25.3
5–10 years	63.9
Over 10 years	2.3
Total	100.0

Holdings by credit quality

% of fixed-income investments (excluding short-term investments) as of 3/31/2020
Baa/BBB	0.1
Ba/BB	44.0
B/B	48.5
Below B/B	5.1
Non-rated	2.3
Total	100.0

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

Fund profile

as of 3/31/2020
Net assets	$3.25 billion
Portfolio turnover rate	42%
Number of issues	416
Option-adjusted duration‡	3.50 years
Average maturity§	5.48 years

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 23

Inflation-Linked Bond Fund

Expense example

Six months ended March 31, 2020

Inflation-Linked Bond Fund	Beginning account value (10/1/19)	Ending account value (3/31/20)	Expenses paid during period* (10/1/19– 3/31/20)
Actual return
Institutional Class	$1,000.00	$1,012.95	$1.16
Advisor Class	1,000.00	1,013.37	1.61
Premier Class	1,000.00	1,012.18	1.91
Retirement Class	1,000.00	1,012.42	2.41
Retail Class	1,000.00	1,011.68	2.77
Class W	1,000.00	1,014.14	0.00
5% annual hypothetical return
Institutional Class	1,000.00	1,023.85	1.16
Advisor Class	1,000.00	1,023.40	1.62
Premier Class	1,000.00	1,023.10	1.92
Retirement Class	1,000.00	1,022.60	2.43
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 March 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.23% for the Institutional Class, 0.32% for the Advisor Class, 0.38% for the Premier Class, 0.48% 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 3/31/2020
U.S. Treasury securities	95.6
U.S. agency securities	1.6
Mortgage-backed securities	1.2
Short-term investments, other assets & liabilities, net	1.6
Total	100.0

Performance for the twelve months ended March 31, 2020

The Inflation-Linked Bond Fund returned 4.36% for the Institutional Class, compared with the 4.50% return of its benchmark, the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index. The performance table shows returns for all share classes of the Fund.

Fed took strong action to support economy and financial markets

The U.S. economy expanded at a steady pace for most of the period, but it was rattled by the effects of the COVID-19 pandemic, which hit the United States hard in March 2020. Containment efforts around the world have disrupted business and manufacturing operations, closed restaurants and retail stores and restricted travel. The unemployment rate, which had remained at historically low levels for much of the period, increased from 3.6% in April 2019 to 4.4% in March 2020. Core inflation, which measures all items except food and energy, rose 2.1% over the twelve months ended March 2020. Crude oil prices declined sharply from nearly $62 to $21 per barrel.

In March, the Federal Reserve responded to the crisis by taking swift action and substantially lowered the federal funds target rate—a key short-term interest-rate measure—to 0.00%–0.25%. Meanwhile, the federal government enacted a massive stimulus measure to inject $2.2 trillion into the U.S. economy.

Fixed-income markets generated positive returns for the period in all major categories other than high-yield bonds. Strong gains over the first eleven months were tempered by weaker results in March 2020. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. investment-grade fixed-rate bond market, performed best, followed by shorter-term bonds, U.S. Treasury inflation-protected securities and municipal bonds.

Inflation-protected bonds, as measured by the TIPS 1–10 Year index, advanced for the period but trailed the gains of the Bloomberg Barclays U.S. Aggregate Bond Index.

Fund trailed its benchmark

While the Fund posted gains for the twelve-month period, its return trailed that of its benchmark, primarily due to the effect of expenses. Within the Fund’s TIPS holdings, yield curve positioning—which measures how the Fund was invested across different bond maturities—detracted from 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 benchmark.

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.

24 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Performance as of March 31, 2020

Inflation-Linked Bond Fund		Total return			Average annual total return					Annual operating expenses*
	Inception
	date		1 year			5 years		10 years			gross		net
Institutional Class	10/1/02		4.36	%		1.75	%	2.90	%		0.26	%	0.26	%
Advisor Class	12/4/15		4.38			1.69	†	2.87	†		0.36		0.36
Premier Class	9/30/09		4.26			1.60		2.75			0.41		0.41
Retirement Class	3/31/06		4.18			1.49		2.64			0.51		0.51
Retail Class	10/1/02		4.07			1.44		2.60			0.58		0.58
Class W	9/28/18		4.67			1.82	†	2.94	†		0.26		0.00
Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index	—		4.50			2.18		2.52			—		—

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance 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.

$10,000 over 10 years

Institutional Class

Ending amounts are as of March 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by maturity

% of fixed-income investments (excluding short-term investments) as of 3/31/2020
Less than 1 year	0.1
1–3 years	21.3
3–5 years	30.7
5–10 years	45.9
Over 10 years	2.0
Total	100.0

Holdings by credit quality

% of fixed-income investments (excluding short-term investments) as of 3/31/2020
U.S. Treasury & U.S. agency securities*	99.7
Non-rated	0.3
Total	100.0

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

Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

Fund profile

as of 3/31/2020
Net assets	$3.43 billion
Portfolio turnover rate	26%
Number of issues	49
Option-adjusted duration‡	4.96 years
Average maturity§	5.29 years

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 25

Short Duration Impact Bond Fund

Expense example

Six months ended March 31, 2020

Short Duration Impact Bond Fund	Beginning account value (10/1/19)	Ending account value (3/31/20)	Expenses paid during period* (10/1/19– 3/31/20)
Actual return
Institutional Class	$1,000.00	$   983.38	$1.74
Advisor Class	1,000.00	983.36	1.74
Premier Class	1,000.00	982.64	2.48
Retirement Class	1,000.00	982.16	2.97
Retail Class	1,000.00	981.03	4.06
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	1,020.90	4.14

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/366. There were 183 days in the six months ended March 31, 2020. 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 0.82% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 3/31/2020
Corporate bonds	31.8
Foreign government & corporate bonds denominated in U.S. dollars	25.7
U.S. Treasury securities	10.3
Municipal bonds	8.0
Asset-backed securities	7.0
U.S. agency securities	6.3
Commercial mortgage-backed securities	4.9
Bank loan obligations	1.5
Mortgage-backed securities	1.0
Short-term investments, other assets & liabilities, net	3.5
Total	100.0

Performance for the twelve months ended March 31, 2020

The Short Duration Impact Bond Fund returned 1.08% for the Institutional Class, compared with the 4.53% return of its benchmark, the Bloomberg Barclays U.S. 1–3 Year Government/Credit Index. The performance table shows returns for all share classes of the Fund.

Fed took strong action to support economy and financial markets

The U.S. economy expanded at a steady pace for most of the period, but it was rattled by the effects of the COVID-19 pandemic, which hit the United States hard in March 2020. Containment efforts around the world have disrupted business and manufacturing operations, closed restaurants and retail stores and restricted travel. The unemployment rate, which had remained at historically low levels for much of the period, increased from 3.6% in April 2019 to 4.4% in March 2020. Core inflation, which measures all items except food and energy, rose 2.1% over the twelve months ended March 2020. Crude oil prices declined sharply from nearly $62 to $21 per barrel.

In March, the Federal Reserve responded to the crisis by taking swift action and substantially lowered the federal funds target rate—a key short-term interest-rate measure—to 0.00%–0.25%. Meanwhile, the federal government enacted a massive stimulus measure to inject $2.2 trillion into the U.S. economy.

Fixed-income markets generated positive returns for the period in all major categories other than high-yield bonds. Strong gains over the first eleven months were tempered by weaker results in March 2020. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. investment-grade fixed-rate bond market, performed best, followed by shorter-term bonds, U.S. Treasury inflation-protected securities (TIPS) and municipal bonds.

Short-term Treasuries drove the benchmark’s performance

All of the sectors in the benchmark posted positive returns for the twelve-month period. Short-term Treasuries—by far the largest sector in the benchmark with a weighting of 66.3%—was the index’s best-performing component with a return of 5.4%. Government credit securities and government agency securities both slightly outpaced the benchmark’s return with gains of 4.9% and 4.7%, respectively. The short-term corporate bond sector made up almost one-quarter of the index on March 31, 2020, and it trailed the benchmark’s return with a gain of 1.8%.

Fund advanced but lagged its benchmark

The Fund underperformed its benchmark for the period, primarily due to unfavorable yield curve positioning—how it was invested across different bond maturities—in the U.S. Treasuries sector. An out-of-benchmark allocation to asset-backed securities and an overweight position in corporate bonds also detracted.

26 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Performance as of March 31, 2020

Short Duration Impact Bond Fund		Total return			Average annual total return			Annual operating expenses*
	Inception date	1 year			since inception			gross			net
Institutional Class	11/16/18		1.08	%		2.25	%		0.87	%		0.35	%
Advisor Class	11/16/18		1.07			2.20			0.97			0.43
Premier Class	11/16/18		0.93			2.09			1.02			0.50
Retirement Class	11/16/18		0.83			1.99			1.12			0.60
Retail Class	11/16/18		0.74			1.91			1.33			0.70
Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index	—		4.53			4.85	‡		—			—

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance 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.

$10,000 invested at Fund’s inception

Institutional Class (inception November 16, 2018)

Ending amounts are as of March 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by maturity

% of fixed-income investments (excluding short-term investments) as of 3/31/2020
Less than 1 year	10.1
1–3 years	41.2
3–5 years	42.8
5–10 years	5.5
Over 10 years	0.4
Total	100.0

Holdings by credit quality

% of fixed-income investments (excluding short-term investments) as of 3/31/2020
U.S. Treasury & U.S. agency securities*	17.6
Aaa/AAA	13.6
Aa/AA	14.9
A/A	19.2
Baa/BBB	23.2
Ba/BB	1.6
B/B	1.6
Non-rated	8.3
Total	100.0

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

Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

Fund profile

as of 3/31/2020
Net assets	$28.58 million
Portfolio turnover rate	103%
Number of issues	89
Option-adjusted duration‡	2.41 years
Average maturity§	3.19 years

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 27

Short-Term Bond Fund

Expense example

Six months ended March 31, 2020

Short-Term Bond Fund	Beginning account value (10/1/19)		Ending account value (3/31/20)		Expenses paid during period* (10/1/19– 3/31/20)
Actual return
Institutional Class	$	1,000.00	$	996.92		$1.35
Advisor Class		1,000.00		995.59		1.70
Premier Class		1,000.00		996.20		2.05
Retirement Class		1,000.00		995.69		2.59
Retail Class		1,000.00		995.46		2.79
Class W		1,000.00		998.24		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,023.65		1.37
Advisor Class		1,000.00		1,023.30		1.72
Premier Class		1,000.00		1,022.95		2.07
Retirement Class		1,000.00		1,022.40		2.63
Retail Class		1,000.00		1,022.20		2.83
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 March 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.27% for the Institutional Class, 0.34% for the Advisor Class, 0.41% for the Premier Class, 0.52% for the Retirement Class, 0.56% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 3/31/2020
Foreign government & corporate bonds denominated in U.S. dollars		23.3
Corporate bonds		20.5
U.S. Treasury securities		19.6
Mortgage-backed securities		10.6
Commercial mortgage-backed securities		9.3
Asset-backed securities		8.1
U.S. agency securities		4.4
Municipal bonds		2.3
Bank loan obligations		1.2
Short-term investments, other assets & liabilities, net		0.7
Total		100.0

Performance for the twelve months ended March 31, 2020

The Short-Term Bond Fund returned 1.95% for the Institutional Class, compared with the 4.53% return of its benchmark, the Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index. The performance table shows returns for all share classes of the Fund.

Fed took strong action to support economy and financial markets

The U.S. economy expanded at a steady pace for most of the period, but it was rattled by the effects of the COVID-19 pandemic, which hit the United States hard in March 2020. Containment efforts around the world have disrupted business and manufacturing operations, closed restaurants and retail stores and restricted travel. The unemployment rate, which had remained at historically low levels for much of the period, increased from 3.6% in April 2019 to 4.4% in March 2020. Core inflation, which measures all items except food and energy, rose 2.1% over the twelve months ended March 2020. Crude oil prices declined sharply from nearly $62 to $21 per barrel.

In March, the Federal Reserve responded to the crisis by taking swift action and substantially lowered the federal funds target rate—a key short-term interest-rate measure—to 0.00%–0.25%. Meanwhile, the federal government enacted a massive stimulus measure to inject $2.2 trillion into the U.S. economy.

Fixed-income markets generated positive returns for the period in all major categories other than high-yield bonds. Strong gains over the first eleven months were tempered by weaker results in March 2020. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. investment-grade fixed-rate bond market, performed best, followed by shorter-term bonds, U.S. Treasury inflation-protected securities (TIPS) and municipal bonds.

Short-term Treasuries drove the benchmark’s performance

All of the sectors in the benchmark posted positive returns for the twelve-month period. Short-term Treasuries—by far the largest sector with a weighting of 66.3%—was the index’s best-performing component with a return of 5.4%. Government credit securities and government agency securities both slightly outpaced the benchmark’s return with gains of 4.9% and 4.7%, respectively. The short-term corporate bond sector made up almost one-quarter of the index on March 31, 2020, and it trailed the benchmark’s return with a gain of 1.8%.

Fund advanced but lagged its benchmark

The Fund underperformed its benchmark for the period, primarily due to unfavorable yield curve positioning—how it was invested across different bond maturities—in the U.S. Treasuries sector. Out-of-benchmark allocations to asset-backed securities and commercial mortgage-backed securities, as well as an underweight position in the government credit sector, also detracted.

On the positive side, the Fund’s holdings of government agency securities contributed most to its relative performance. Out-of-benchmark positions in mortgage-backed securities and municipals also proved constructive.

28 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Performance as of March 31, 2020

Short-Term Bond Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	3/31/06		1.95	%		1.82	%		2.09	%		0.27	%		0.27	%
Advisor Class	12/4/15		1.76			1.75	†		2.05	†		0.40			0.40
Premier Class	9/30/09		1.80			1.67			1.93			0.42			0.42
Retirement Class	3/31/06		1.70			1.57			1.83			0.52			0.52
Retail Class	3/31/06		1.65			1.51			1.79			0.58			0.58
Class W	9/28/18		2.22			1.90	†		2.13	†		0.27			0.00
Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index	—		4.53			1.90			1.62			—			—

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.

$10,000 over 10 years

Institutional Class

Ending amounts are as of March 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by maturity

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2020
Less than 1 year	18.0
1–3 years	55.6
3–5 years	16.7
5–10 years	8.4
Over 10 years	1.3
Total	100.0

Holdings by credit quality

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2020
U.S. Treasury & U.S. agency securities*	29.6
Aaa/AAA	13.6
Aa/AA	14.7
A/A	16.2
Baa/BBB	17.8
Ba/BB	3.0
B/B	0.7
Below B/B	0.9
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 3/31/2020
Net assets	$1.81 billion
Portfolio turnover rate	139%
Number of issues	453
Option-adjusted duration‡	2.05 years
Average maturity§	2.64 years

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 29

Short-Term Bond Index Fund

Expense example

Six months ended March 31, 2020

Short-Term Bond Index Fund	Beginning account value (10/1/19)		Ending account value (3/31/20)		Expenses paid during period* (10/1/19– 3/31/20)
Actual return
Institutional Class	$	1,000.00	$	1,022.63		$0.61
Advisor Class		1,000.00		1,021.85		1.36
Premier Class		1,000.00		1,021.89		1.36
Retirement Class		1,000.00		1,021.37		1.87
Retail Class		1,000.00		1,020.57		2.68
Class W		1,000.00		1,023.24		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.40		0.61
Advisor Class		1,000.00		1,023.65		1.37
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		1,022.35		2.68
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 March 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.12% for the Institutional Class, 0.27% for the Advisor Class, 0.27% for the Premier Class, 0.37% for the Retirement Class, 0.53% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 3/31/2020
U.S. Treasury securities		67.5
Corporate bonds		17.7
Foreign government & corporate bonds denominated in U.S. dollars		12.2
U.S. agency securities		2.0
Short-term investments,other assets & liabilities, net		0.6
Total		100.0

Performance for the twelve months ended March 31, 2020

The Short-Term Bond Index Fund returned 4.41% for the Institutional Class, compared with the 4.53% return of its benchmark, the Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index. The performance table shows returns for all share classes of the Fund.

Fed took strong action to support economy and financial markets

The U.S. economy expanded at a steady pace for most of the period, but it was rattled by the effects of the COVID-19 pandemic, which hit the United States hard in March 2020. Containment efforts around the world have disrupted business and manufacturing operations, closed restaurants and retail stores and restricted travel. The unemployment rate, which had remained at historically low levels for much of the period, increased from 3.6% in April 2019 to 4.4% in March 2020. Core inflation, which measures all items except food and energy, rose 2.1% over the twelve months ended March 2020. Crude oil prices declined sharply from nearly $62 to $21 per barrel.

In March, the Federal Reserve responded to the crisis by taking swift action and substantially lowered the federal funds target rate—a key short-term interest-rate measure—to 0.00%–0.25%. Meanwhile, the federal government enacted a massive stimulus measure to inject $2.2 trillion into the U.S. economy.

Fixed-income markets generated positive returns for the period in all major categories other than high-yield bonds. Strong gains over the first eleven months were tempered by weaker results in March 2020. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. investment-grade fixed-rate bond market, performed best, followed by shorter-term bonds, U.S. Treasury inflation-protected securities (TIPS) and municipal bonds.

Short-term Treasuries drove the benchmark’s performance

All of the sectors in the benchmark posted positive returns for the twelve-month period. Short-term Treasuries—by far the largest sector with a weighting of 66.3%—was the index’s best-performing component with a return of 5.4%. Government credit securities and government agency securities both slightly outpaced the benchmark’s return with gains of 4.9% and 4.7%, respectively. The short-term corporate bond sector made up almost one-quarter of the index on March 31, 2020, and it trailed the benchmark’s return with a gain of 1.8%.

Fund advanced but lagged its benchmark

For the twelve 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.

30 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Performance as of March 31, 2020

Short-Term Bond Index Fund		Total return			Average annual total return			Annual operating expenses*
	Inception				since
	date	1 year			inception			gross			net
Institutional Class	8/7/15		4.41	%		1.86	%		0.15	%		0.12	%
Advisor Class	12/4/15		4.25			1.76	†		0.29			0.26
Premier Class	8/7/15		4.25			1.69			0.31			0.27
Retirement Class	8/7/15		4.15			1.61			0.40			0.37
Retail Class	8/7/15		4.05			1.52			0.58			0.44
Class W	9/28/18		4.53			1.90	†		0.14			0.00
Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index	—		4.53			2.02	‡		—			—

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.

$10,000 invested at Fund’s inception

Institutional Class (inception August 7, 2015)

Ending amounts are as of March 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by maturity

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2020
Less than 1 year	4.1
1–3 years	95.1
3–5 years	0.8
Total	100.0

Holdings by credit quality

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2020
U.S. Treasury & U.S. agency securities*	68.7
Aaa/AAA	5.2
Aa/AA	5.2
A/A	11.7
Baa/BBB	9.2
Total	100.0

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

Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

Fund profile

	as of 3/31/2020
Net assets	$674.68 million
Portfolio turnover rate	66%
Number of issues	676
Option-adjusted duration‡	1.83 years
Average maturity§	1.92 years

‡	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in 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  ■  2020 Annual Report 31

Money Market Fund

Expense example

Six months ended March 31, 2020

Money Market Fund	Beginning account value (10/1/19)		Ending account value (3/31/20)		Expenses paid during period* (10/1/19– 3/31/20)
Actual return
Institutional Class	$	1,000.00	$	1,007.58		$0.65
Advisor Class		1,000.00		1,008.07		0.55
Premier Class		1,000.00		1,006.85		1.40
Retirement Class		1,000.00		1,006.85		1.40
Retail Class		1,000.00		1,005.94		2.31
5% annual hypothetical return
Institutional Class		1,000.00		1,024.35		0.66
Advisor Class		1,000.00		1,024.45		0.56
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 March 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.13% for the Institutional Class, 0.11% 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 3/31/2020
U.S. government agency securities*	66.3
Floating-rate securities, government*	22.5
U.S. Treasury securities*	11.7
Other assets & liabilities, net	–0.5
Total	100.0

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

Performance for the twelve months ended March 31, 2020

The Money Market Fund returned 1.87% for the Institutional Class, compared with the 1.55% return of the iMoneyNet Money Fund Averages™—All Government, a simple average of over 500 money market funds that invest in short-term U.S. government securities. The iMoneyNet average is not an index, and its return reflects the deduction of expenses charged by the funds included in the average. The performance table shows returns for all share classes of the Fund.

Fed takes strong action to support economy and financial markets

The U.S. economy expanded at a steady pace for most of the period, but it was rattled by the effects of the COVID-19 pandemic, which hit the United States hard in March 2020. Containment efforts around the world have disrupted business and manufacturing operations, closed restaurants and retail stores and restricted travel.

In March, the Federal Reserve responded to the crisis by taking swift action and substantially lowered the federal funds target rate—a key short-term interest-rate measure—to 0.00%–0.25%. Meanwhile, the federal government enacted a massive stimulus measure to inject $2.2 trillion into the U.S. economy.

The Fed’s actions pushed yields on the short-term government securities in which the Fund invests sharply lower. The “secured overnight financing rate” (SOFR), which represents dealer transactions in Treasury collateralized overnight repurchase agreements, has become widely accepted by government agencies as a key indicator of short-term government money market rates. Over the twelve-month period, SOFR declined from 2.46% on April 1, 2019, to 0.01% on March 31, 2020.

Money market funds saw a surge in new investments

Due to extreme equity and bond market volatility at the end of the period, government-only money market funds attracted significant assets in the final three months as investors sought the quality and relative safety of these investments. Assets in the Money Market Fund increased to $2.2 billion. However, this large influx of money into the Fund was subsequently invested in the current low-rate environment, resulting in a decline in the portfolio yield, which is likely to persist for the foreseeable future.

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 beneficial for the majority of the period. As of March 31, 2020, the Fund’s weighted average maturity was 49 days, versus 37 days for the iMoneyNet government fund average. This positioning also helped the Fund’s performance for most of the period.

32 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Performance as of March 31, 2020

Money Market Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	7/1/99		1.87	%		1.04	%		0.54	%		0.14	%		0.14	%
Advisor Class	12/4/15		1.86			1.03	†		0.53	†		0.24			0.24
Premier Class	9/30/09		1.73			0.91			0.45			0.29			0.29
Retirement Class	3/31/06		1.72			0.87			0.43			0.39			0.39
Retail Class	3/31/06		1.54			0.77			0.38			0.48			0.48
iMoneyNet Money Fund Averages™—All Government§	—		1.55			0.80			0.41			—			—

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 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 March 31, 2020)^‡

	Current			Effective
	yield			yield
Money Market Fund
Institutional Class		0.77	%		0.77	%
Advisor Class		0.75			0.75
Premier Class		0.61			0.61
Retirement Class		0.61			0.61
Retail Class		0.43			0.43
iMoneyNet Money Fund Averages™—All Government§		0.22			0.22

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

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

Fund profile

	as of 3/31/2020
Net assets	$2.20 billion
Number of issues	128

TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 33

Summary portfolio of investments

Bond Index Fund  ■  March 31, 2020

Principal			Issuer	Value		% of net assets
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS				$	17,531,688		0.1	%
BANKS					675,523,819		4.1
CAPITAL GOODS					181,182,709		1.1
COMMERCIAL & PROFESSIONAL SERVICES					48,424,671		0.3
CONSUMER DURABLES & APPAREL					12,568,562		0.1
CONSUMER SERVICES					76,344,736		0.5
DIVERSIFIED FINANCIALS					477,523,945		2.9
ENERGY					336,306,901		2.0
FOOD & STAPLES RETAILING					93,871,256		0.6
FOOD, BEVERAGE & TOBACCO					167,641,395		1.0
HEALTH CARE EQUIPMENT & SERVICES					157,065,574		0.9
HOUSEHOLD & PERSONAL PRODUCTS					23,470,141		0.1
INSURANCE					127,855,689		0.8
MATERIALS					124,289,368		0.7
MEDIA & ENTERTAINMENT					149,332,561		0.9
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					246,012,975		1.5
REAL ESTATE					135,665,594		0.8
RETAILING					93,086,833		0.6
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					45,915,330		0.3
SOFTWARE & SERVICES					160,812,427		0.9
TECHNOLOGY HARDWARE & EQUIPMENT					132,117,111		0.8
TELECOMMUNICATION SERVICES					174,675,143		1.1
TRANSPORTATION					103,261,377		0.6
UTILITIES					335,493,309		2.0
		TOTAL CORPORATE BONDS (Cost $4,013,953,621)			4,095,973,114		24.7
GOVERNMENT BONDS
AGENCY SECURITIES					183,347,041		1.1
FOREIGN GOVERNMENT BONDS					638,168,090		3.8
MORTGAGE BACKED
			Federal Home Loan Mortgage Corp Gold (FGLMC)
$	60,300,431		2.500%, 07/01/33		62,644,214		0.4
	1,032,159,221		2.500%–8.000%, 05/01/20–05/01/49		1,098,043,191		6.5
			Federal National Mortgage Association (FNMA)
	71,652,306		3.000%, 01/01/47		75,516,522		0.5
	56,541,807		3.000%, 09/01/49		59,255,979		0.4
	1,798,157,306		2.000%–8.000%, 04/01/20–07/01/55		1,911,563,315		11.5

Principal			Issuer	Value		% of net assets
MORTGAGE BACKED—continued
			Government National Mortgage Association (GNMA)
$	61,592,015		4.500%, 04/20/49	$	65,390,530		0.4	%
	1,022,177,776		2.500%–8.500%, 01/20/24–11/20/49		1,092,804,634		6.6
			Other		52,465,785		0.4
					4,417,684,170		26.7
MUNICIPAL BONDS					125,823,208		0.8
U.S. TREASURY SECURITIES
			United States Treasury Bond
	214,483,000		3.500%, 02/15/39		305,345,036		1.8
	44,850,000		4.375%, 11/15/39		70,962,861		0.4
	104,300,000		3.125%, 11/15/41		142,430,614		0.9
	45,000,000		2.750%, 11/15/47		59,563,476		0.4
	38,500,000		3.000%, 02/15/48		53,293,926		0.3
	48,500,000		3.125%, 05/15/48		68,767,695		0.4
	132,500,000		3.000%, 02/15/49		184,770,215		1.1
	46,000,000		2.375%, 11/15/49		57,413,750		0.3
	422,370,000		2.250%–5.000%, 02/15/36–08/15/49		594,335,137		3.7
			United States Treasury Note
	90,025,000		1.375%, 05/31/21		91,340,209		0.5
	78,000,000		1.625%, 06/30/21		79,438,125		0.5
	60,000,000		1.875%, 02/28/22		61,889,063		0.4
	100,000,000		0.375%, 03/31/22		100,265,625		0.6
	92,000,000		1.875%, 04/30/22		95,122,969		0.6
	63,000,000		1.875%, 07/31/22		65,345,273		0.4
	55,000,000		1.625%, 08/31/22		56,806,836		0.3
	65,000,000		2.000%, 10/31/22		67,904,688		0.4
	108,000,000		2.000%, 11/30/22		112,935,937		0.7
	60,000,000		2.625%, 02/28/23		64,082,813		0.4
	80,000,000		2.500%, 03/31/23		85,287,500		0.5
	80,000,000		2.750%, 05/31/23		86,193,750		0.5
	91,500,000		2.625%, 06/30/23		98,380,371		0.6
	80,000,000		2.750%, 07/31/23		86,493,750		0.5
	116,000,000		2.750%, 08/31/23		125,588,125		0.8
	65,000,000		2.875%, 11/30/23		71,075,976		0.4
	55,000,000		2.625%, 12/31/23		59,739,453		0.4
	129,300,000		2.500%, 01/31/24		140,002,606		0.8
	70,000,000		2.375%, 02/29/24		75,624,609		0.5
	325,000,000		2.125%, 03/31/24		348,080,077		2.1
	174,000,000		2.250%, 04/30/24		187,457,813		1.1
	111,500,000		2.000%, 05/31/24		119,130,781		0.7
	152,000,000		1.750%, 06/30/24		160,977,500		1.0
	212,000,000		1.750%, 07/31/24		224,662,031		1.4
	81,000,000		1.500%, 09/30/24		85,119,610		0.5
	90,500,000		1.500%, 10/31/24		95,184,082		0.6
	61,900,000		1.500%, 11/30/24		65,190,855		0.4
	75,000,000		1.750%, 12/31/24		79,866,211		0.5
	75,000,000		0.500%, 03/31/25		75,474,609		0.5
	50,000,000		2.250%, 03/31/26		55,191,406		0.3
	71,000,000		1.625%, 09/30/26		75,997,734		0.5
	89,500,000		1.750%, 12/31/26		96,687,969		0.6
	47,000,000		2.750%, 02/15/28		54,815,586		0.3
	66,000,000		2.875%, 05/15/28		77,849,063		0.5
	85,000,000		3.125%, 11/15/28		102,650,781		0.6
	50,000,000		2.625%, 02/15/29		58,464,844		0.3
	92,000,000		2.375%, 05/15/29		105,871,875		0.6
	103,000,000		1.500%, 02/15/30		111,038,829		0.7
	1,038,494,100		1.125%–8.000%, 04/15/21–02/15/50		1,096,954,547		6.6
					6,437,066,591		38.9
		TOTAL GOVERNMENT BONDS (Cost $10,910,178,977)			11,802,089,100		71.3

34 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments concluded

Bond Index Fund  ■  March 31, 2020

Principal		Issuer	Value		% of net assets
STRUCTURED ASSETS
ASSET BACKED			$	129,066,316		0.8	%
OTHER MORTGAGE BACKED				323,421,826		1.9
	TOTAL STRUCTURED ASSETS (Cost $448,540,211)			452,488,142		2.7
	TOTAL BONDS (Cost $15,372,672,809)			16,350,550,356		98.7
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				33,761,510		0.2
	TOTAL SHORT-TERM INVESTMENTS (Cost $33,765,642)			33,761,510		0.2
	TOTAL PORTFOLIO (Cost $15,406,438,451)			16,384,311,866		98.9
	OTHER ASSETS & LIABILITIES, NET			175,649,315		1.1
	NET ASSETS		$	16,559,961,181		100.0	%

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

At 3/31/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $121,345,562 or 0.7% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

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

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 35

Summary portfolio of investments

Core Bond Fund  ■  March 31, 2020

Principal			Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS
AUTOMOBILES & COMPONENTS				$	1,765,321		0.0	%
BANKS					755,049		0.0
CAPITAL GOODS					4,034,124		0.1
COMMERCIAL & PROFESSIONAL SERVICES					15,629,337		0.2
CONSUMER DURABLES & APPAREL					1,151,535		0.0
CONSUMER SERVICES					7,884,886		0.1
DIVERSIFIED FINANCIALS					554,445		0.0
ENERGY					2,989,363		0.1
FOOD, BEVERAGE & TOBACCO					1,064,807		0.0
HEALTH CARE EQUIPMENT & SERVICES					16,705,568		0.3
INSURANCE					7,994,956		0.1
MATERIALS					12,966,199		0.2
MEDIA & ENTERTAINMENT					4,790,859		0.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					6,651,547		0.1
REAL ESTATE					1,502,906		0.0
RETAILING					1,054,535		0.0
SOFTWARE & SERVICES					2,441,220		0.0
TECHNOLOGY HARDWARE & EQUIPMENT					6,223,540		0.1
TELECOMMUNICATION SERVICES					3,879,443		0.1
TRANSPORTATION					3,701,482		0.1
UTILITIES					6,128,637		0.1
		TOTAL BANK LOAN OBLIGATIONS (Cost $124,339,777)			109,869,759		1.7
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					19,161,460		0.3
BANKS
			Bank of America Corp
$	20,300,000		2.456%, 10/22/25		20,471,751		0.3
	26,650,000		2.496%, 02/13/31		25,568,518		0.4
	78,885,000		2.884%–6.100%, 03/05/24–09/17/68		82,940,433		1.3
			Citigroup, Inc
	32,075,000		2.666%, 01/29/31		31,122,217		0.5
			JPMorgan Chase & Co
	19,405,000		3.702%, 05/06/30		20,841,532		0.3
	18,950,000		2.739%, 10/15/30		19,029,398		0.3
			JPMorgan Chase Bank NA
	26,075,000		3.086%, 04/26/21		26,064,130		0.4
			Other		338,541,765		5.1
					564,579,744		8.6
CAPITAL GOODS					75,177,806		1.1
COMMERCIAL & PROFESSIONAL SERVICES					39,010,542		0.5
CONSUMER DURABLES & APPAREL					2,122,183		0.0

Principal			Issuer	Value		% of net assets
CONSUMER SERVICES				$	25,856,436		0.4	%
DIVERSIFIED FINANCIALS					256,377,117		3.9
ENERGY					181,966,615		2.8
FOOD & STAPLES RETAILING					114,034,228		1.7
FOOD, BEVERAGE & TOBACCO					70,209,133		1.0
HEALTH CARE EQUIPMENT & SERVICES					48,989,302		0.8
HOUSEHOLD & PERSONAL PRODUCTS					597,676		0.0
INSURANCE					78,270,295		1.2
MATERIALS					62,909,992		1.0
MEDIA & ENTERTAINMENT
			Comcast Corp
$	53,500,000		2.350%–4.700%, 04/15/24–02/01/50		59,482,500		1.0
			Other		63,444,873		0.9
					122,927,373		1.9
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
			Bristol-Myers Squibb Co
	18,950,000	g	3.400%, 07/26/29		20,824,196		0.3
			Other		76,316,856		1.1
					97,141,052		1.4
REAL ESTATE					134,208,372		2.0
RETAILING					27,000,791		0.4
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					20,679,241		0.3
SOFTWARE & SERVICES
			Microsoft Corp
	19,000,000		2.400%, 08/08/26		20,093,426		0.3
			Other		80,144,986		1.2
					100,238,412		1.5
TECHNOLOGY HARDWARE & EQUIPMENT
			Apple, Inc
	19,975,000		2.050%, 09/11/26		20,604,477		0.3
			Other		53,712,046		0.8
					74,316,523		1.1
TELECOMMUNICATION SERVICES
			AT&T, Inc
	73,386,000		2.950%–4.900%, 03/15/22–03/09/49		78,157,290		1.3
			Verizon Communications, Inc
	22,336,000		4.329%, 09/21/28		25,739,994		0.4
			Other		62,695,264		0.9
					166,592,548		2.6
TRANSPORTATION					72,946,361		1.1
UTILITIES					183,357,567		2.8
		TOTAL CORPORATE BONDS (Cost $2,560,733,621)			2,538,670,769		38.4

36 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments  continued

Core Bond Fund  ■  March 31, 2020

Principal			Issuer	Value		% of net assets
GOVERNMENT BONDS
AGENCY SECURITIES				$	30,390,952		0.5	%
FOREIGN GOVERNMENT BONDS					191,681,711		2.9
MORTGAGE BACKED
			Federal Home Loan Mortgage Corp Gold (FGLMC)
$	22,180,826		3.500%, 08/01/45		23,881,949		0.4
	27,043,993		3.500%, 10/01/45		29,017,130		0.4
	31,576,806		3.500%, 08/01/46		33,881,005		0.5
	28,098,056		3.000%, 02/01/47		29,636,928		0.5
	22,125,127		3.500%, 03/01/48		23,735,890		0.4
	19,504,830		4.000%, 03/01/48		21,226,106		0.3
	23,699,078		4.500%, 08/01/48		25,961,933		0.4
			Federal National Mortgage Association (FNMA)
	18,514,102		3.500%, 07/01/46		19,874,196		0.3
	19,703,195		3.000%, 11/01/46		20,787,436		0.3
	27,477,276		4.000%, 12/01/47		29,905,375		0.5
	26,786,932		3.000%, 02/25/48		28,341,466		0.4
	54,000,000	h	3.000%, 04/25/49		56,626,172		0.9
	291,361,567	h	2.500%–8.000%, 07/25/20–04/01/50		300,105,110		4.6
			Other		120,767,121		1.7
					763,747,817		11.6
MUNICIPAL BONDS
			Florida Hurricane Catastrophe Fund Finance Corp
	22,175,000		2.995%, 07/01/20		22,154,377		0.3
			State of Illinois
	21,060,000		5.100%, 06/01/33		20,904,788		0.3
			Other		278,343,883		4.3
					321,403,048		4.9
U.S. TREASURY SECURITIES
			United States Treasury Bond
	60,875,000		3.500%, 02/15/39		86,663,647		1.3
	16,015,000		3.875%, 08/15/40		24,030,007		0.4
	51,285,000		2.750%, 11/15/47		67,882,509		1.0
	68,790,000		3.000%, 02/15/48		95,223,095		1.4
	19,070,000		3.000%, 08/15/48		26,514,749		0.4
	64,641,000		3.375%, 11/15/48		95,971,685		1.5
	61,806,000		2.375%–4.750%, 02/15/36–11/15/49		84,434,691		1.3
			United States Treasury Inflation Indexed Bonds
	18,818,048	k	0.500%, 04/15/24		19,093,343		0.3
			United States Treasury Note
	25,930,000		0.500%, 03/15/23		26,092,062		0.4
			Other		53,556,173		0.8
					579,461,961		8.8
		TOTAL GOVERNMENT BONDS (Cost $1,728,615,751)			1,886,685,489		28.7
STRUCTURED ASSETS
ASSET BACKED
			American Express Credit Account Master Trust
			Series - 2019 2 (Class A)
	26,900,000		2.670%, 11/15/24		27,644,735		0.4
			Chase Issuance Trust
			Series - 2020 A1 (Class A1)
	30,105,000		1.530%, 01/15/25		30,303,675		0.5

Principal			Issuer	Value		% of net assets
ASSET BACKED—continued
			Taco Bell Funding LLC
			Series - 2018 1A (Class A2I)
$	19,009,375	g	4.318%, 11/25/48	$	18,534,331		0.3	%
			Verizon Owner Trust
			Series - 2020 A (Class A1A)
	28,300,000		1.850%, 07/22/24		27,606,973		0.4
			Other		592,228,118		8.9
					696,317,832		10.5
OTHER MORTGAGE BACKED
			COMM Mortgage Trust
	99,859,601	g,i	2.853%–5.288%, 10/10/29–08/15/57		96,364,186		1.5
			Other		665,785,362		10.0
					762,149,548		11.5
		TOTAL STRUCTURED ASSETS (Cost $1,524,851,267)			1,458,467,380		22.0
		TOTAL BONDS (Cost $5,814,200,639)			5,883,823,638		89.1
Shares			Company
COMMON STOCKS
ENERGY					28,118		0.0
		TOTAL COMMON STOCKS (Cost $133,601)			28,118		0.0
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Agricultural Mortgage Corp (FAMC)
	25,000,000		0.610%, 04/30/20		24,998,590		0.4
			Federal Farm Credit Bank (FFCB)
	20,000,000		0.500%, 04/13/20		19,999,533		0.3
	50,000,000		0.480%, 05/14/20		49,995,820		0.8
			Federal Home Loan Bank (FHLB)
	56,080,000		0.700%, 04/13/20		56,078,692		0.8
	30,433,000		0.200%, 07/20/20		30,424,631		0.4
	25,000,000		0.130%, 07/24/20		24,992,875		0.4
	25,000,000		0.150%, 07/31/20		24,992,438		0.4
	20,000,000		0.270%, 09/15/20		19,987,939		0.3
	20,000,000		0.060%, 10/01/20		19,985,767		0.3
	20,000,000		0.170%, 03/08/21		19,967,794		0.3
			Federal Home Loan Mortgage Corp (FHLMC)
	20,000,000		0.100%, 08/19/20		19,991,444		0.3
			Federal National Mortgage Association (FNMA)
	20,000,000		0.200%, 10/16/20		19,984,600		0.3
	25,000,000		0.120%, 12/15/20		24,973,125		0.4
			Other		105,863,100		1.6
					462,236,348		7.0

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 37

Summary portfolio of investments continued

Core Bond Fund  ■  March 31, 2020

Principal			Issuer	Value		% of net assets
TREASURY DEBT
			United States Treasury Bill
$	25,000,000		0.510%, 04/09/20	$	24,999,708		0.4	%
			Other		10,245,641		0.1
					35,245,349		0.5
		TOTAL SHORT-TERM INVESTMENTS (Cost $497,227,520)			497,481,697		7.5
		TOTAL PORTFOLIO (Cost $6,435,901,537)			6,491,203,212		98.3
		OTHER ASSETS & LIABILITIES, NET			112,845,582		1.7
		NET ASSETS		$	6,604,048,794		100.0	%

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/20, the aggregate value of these securities, including those in “Other,” is $1,234,853,473 or 18.7% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

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

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

Futures contracts outstanding as of March 31, 2020 were as follows:

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation		)
US 10 Year Note (CBT)		7	06/19/20		$955,299		$970,813	$	15,514

Forward foreign currency contracts outstanding as of March 31, 2020 were as follows:

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date	Unrealized appreciation (depreciation		)
$	4,268	EUR	3,825	Citibank, N.A.	04/27/20	$	44
$	3,672,060	EUR	3,370,469	Citibank, N.A.	05/18/20		(52,319	)
Total						$	(52,275	)
$	3,849,123	EUR	3,471,175	Toronto Dominion Bank	04/27/20	$	16,563
Total						$	(35,712	)

Abbreviation(s):

EUR Euro

38 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments concluded

Core Bond Fund  ■  March 31, 2020

Centrally cleared credit default swap contracts outstanding as of March 31, 2020 were as follows:

PURCHASED

Unrealized

Reference

Terms of payments

Terms of payments

Maturity

Notional

Variation

appreciation

entity

to be paid

to be received

Counterparty

date

amount

(1)

margin

(depreciation

)

CDX-NAHYS33V3-5Y

5.000%

Credit event as specified in contract

Citigroup Global Markets, Inc

12/20/24

$

14,210,000

$

223,150

$444,624

CDX-NAHYS34V1-5Y

5.000

Credit event as specified in contract

Citigroup Global Markets, Inc

06/20/25

14,500,000

224,292

291,129

Total

$

447,442

$735,753

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

SOLD

Unrealized

Reference

Terms of payments

Terms of payments

Maturity

Notional

Variation

appreciation

entity

to be paid

to be received

Counterparty

date

amount

(1)

margin

(depreciation

)

CDX-NAHYS33V3-5Y

Credit event as specified in contract

5.000%

Citigroup Global Markets, Inc

12/20/24

$

14,210,000

$

(223,235

)

$(298,389

)

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

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 39

Summary portfolio of investments

Core Impact Bond Fund  ■  March 31, 2020

Principal			Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS
COMMERCIAL & PROFESSIONAL SERVICES				$	1,791,805		0.0	%
MATERIALS					2,216,159		0.1
TECHNOLOGY HARDWARE & EQUIPMENT					1,676,687		0.0
UTILITIES					4,275,348		0.1
		TOTAL BANK LOAN OBLIGATIONS (Cost $11,114,634)			9,959,999		0.2
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					30,660,347		0.6
BANKS
			Bank of America Corp
$	20,700,000		2.456%, 10/22/25		20,875,135		0.4
			Bank of Montreal
	15,750,000	i	1.398%, 09/11/22, LIBOR 3 M + 0.630%		14,965,650		0.3
	16,750,000	i	0.818%, 03/10/23, SOFR + 0.680%		15,305,145		0.3
			Bank of Nova Scotia
	15,500,000		2.700%, 08/03/26		15,631,994		0.3
			Canadian Imperial Bank of Commerce
	17,250,000		2.250%, 01/28/25		17,048,705		0.4
			Citizens Financial Group, Inc
	20,000,000		2.850%, 07/27/26		19,506,915		0.4
			ING Groep NV
	14,850,000	g	4.625%, 01/06/26		15,651,290		0.3
			National Bank of Canada
	15,250,000	g	2.150%, 10/07/22		15,109,634		0.3
			Other		443,443,640		9.0
					577,538,108		11.7
CAPITAL GOODS					37,430,026		0.8
COMMERCIAL & PROFESSIONAL SERVICES
			Standard Chartered plc
	17,125,000	g	4.644%, 04/01/31		17,560,660		0.3
			Other		39,011,184		0.8
					56,571,844		1.1
CONSUMER SERVICES
			Starbucks Corp
	17,495,000		4.450%, 08/15/49		19,993,749		0.4
			Other		75,746,658		1.5
					95,740,407		1.9
DIVERSIFIED FINANCIALS
			Toyota Motor Credit Corp
	17,950,000		2.900%, 03/30/23		18,062,651		0.4
			Unilever Capital Corp
	24,750,000		2.000%, 07/28/26		24,691,100		0.5
			Other		197,108,006		4.0
					239,861,757		4.9
ENERGY					129,168,994		2.6
FOOD, BEVERAGE & TOBACCO					36,559,640		0.8

Principal			Issuer	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES				$	29,281,334		0.5	%
HOUSEHOLD & PERSONAL PRODUCTS					35,207,229		0.7
INSURANCE					24,256,191		0.5
MATERIALS
			3M Co
$	14,500,000		2.000%, 02/14/25		14,922,743		0.3
			Other		131,020,106		2.6
					145,942,849		2.9
MEDIA & ENTERTAINMENT					2,970,577		0.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					75,777,097		1.5
REAL ESTATE					75,434,971		1.5
RETAILING
			Home Depot, Inc
	16,050,000		2.700%, 04/15/30		16,357,126		0.3
	16,000,000		3.300%, 04/15/40		16,409,093		0.3
	14,300,000		3.350%, 04/15/50		15,549,220		0.3
			Other		52,615,779		1.1
					100,931,218		2.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					8,723,359		0.2
SOFTWARE & SERVICES
			International Business Machines Corp
	23,000,000	i	2.107%, 05/13/21, LIBOR 3 M + 0.400%		22,809,031		0.5
					22,809,031		0.5
TECHNOLOGY HARDWARE & EQUIPMENT					6,221,273		0.1
TELECOMMUNICATION SERVICES
			Telefonica Emisiones SAU
	12,000,000		5.520%, 03/01/49		14,081,414		0.3
			Other		8,973,731		0.2
					23,055,145		0.5
TRANSPORTATION
			Canadian Pacific Railway Co
	18,379,000		2.050%, 03/05/30		17,065,893		0.3
			Delta Air Lines, Inc
	15,700,000		3.404%, 04/25/24		15,072,477		0.3
	18,350,000		2.900%, 10/28/24		14,687,124		0.3
			Other		102,751,907		2.1
					149,577,401		3.0
UTILITIES
			Hanwha Energy USA Holdings Corp
	13,850,000	g	2.375%, 07/30/22		13,775,677		0.3
			Public Service Co of Colorado
	17,025,000		3.200%, 03/01/50		17,227,617		0.3
			Spectra Energy Partners LP
	15,479,000	i	2.014%, 06/05/20, LIBOR 3 M + 0.700%		15,313,801		0.3
			Other		380,613,604		7.7
					426,930,699		8.6
		TOTAL CORPORATE BONDS (Cost $2,345,978,959)			2,330,649,497		47.0

40 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments continued

Core Impact Bond Fund  ■  March 31, 2020

Principal			Issuer	Value		% of net assets
GOVERNMENT BONDS
AGENCY SECURITIES
			Federal Home Loan Mortgage Corp (FHLMC)
$	14,000,000		1.500%, 02/12/25	$	14,611,506		0.3	%
			NCUA Guaranteed Notes
	16,423,000		3.450%, 06/12/21		16,640,232		0.3
			Overseas Private Investment Corp (OPIC)
	15,000,000		2.360%, 10/15/29		15,955,619		0.3
	85,577,875		0.000%–4.140%, 07/17/21–07/15/38		94,530,510		1.9
			Other		277,529,900		5.7
					419,267,767		8.5
FOREIGN GOVERNMENT BONDS
			European Bank for Reconstruction & Development
	15,000,000		1.625%, 09/27/24		15,666,053		0.3
			OMERS Finance Trust
	13,000,000	g	2.500%, 05/02/24		13,902,563		0.3
			Other		329,785,787		6.7
					359,354,403		7.3
MORTGAGE BACKED
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	19,067,776		3.500%, 03/01/48		20,455,956		0.4
			Federal National Mortgage Association (FNMA)
	17,483,156		3.000%, 11/01/46		18,445,231		0.4
	28,979,978	h	4.000%, 04/01/48		31,068,881		0.6
	26,440,703		4.500%, 07/01/48		28,477,875		0.6
	36,313,945		3.000%, 12/01/49		38,062,268		0.8
	147,592,170	h	2.125%–5.500%, 04/24/26–04/01/50		155,322,697		3.1
			Other		103,514,763		2.1
					395,347,671		8.0
MUNICIPAL BONDS
			Chicago Metropolitan Water Reclamation
			District-Greater Chicago
	16,465,000		5.720%, 12/01/38		22,211,944		0.5
			Grant County Public Utility District No 2
	20,000,000		2.918%, 01/01/40		19,643,400		0.4
			Ohio State Water Development Authority
	13,180,000		4.879%, 12/01/34		14,731,681		0.3
			Other		435,718,741		8.8
					492,305,766		10.0
U.S. TREASURY SECURITIES
			United States Treasury Bond
	85,804,000		2.375%, 11/15/49		107,094,117		2.2
			United States Treasury Inflation Indexed Bonds
	20,454,400	k	0.500%, 04/15/24		20,753,634		0.4
			United States Treasury Note
	17,040,000		2.750%, 06/30/25		19,096,781		0.4
	14,250,000		2.750%, 08/31/25		16,006,758		0.3
	19,876,000		0.625%, 03/31/27		19,985,473		0.4
	24,595,000		1.500%, 02/15/30		26,514,563		0.5
	59,897,000		0.500%–2.875%, 01/31/21–04/30/25		61,318,737		1.2
			Other		19,751,984		0.5
					290,522,047		5.9
		TOTAL GOVERNMENT BONDS (Cost $1,873,995,873)			1,956,797,654		39.7

Principal			Issuer	Value			% of net assets
STRUCTURED ASSETS
ASSET BACKED
			Tesla Auto Lease Trust
			Series - 2018 B (Class A)
$	23,289,903	g	3.710%, 08/20/21	$	23,394,922			0.5	%
			Other		162,962,837			3.3
					186,357,759			3.8
OTHER MORTGAGE BACKED
			CPT Mortgage Trust
			Series - 2019 CPT (Class A)
	14,000,000	g	2.865%, 11/13/39		13,713,920			0.3
			Hudson Yards Mortgage Trust
			Series - 2019 30HY (Class D)
	17,500,000	g,i	3.443%, 07/10/39		16,316,694			0.3
			One Bryant Park Trust
			Series - 2019 OBP (Class A)
	14,500,000	g	2.516%, 09/15/54		14,444,082			0.3
			Other		318,791,049			6.4
					363,265,745			7.3
		TOTAL STRUCTURED ASSETS (Cost $595,861,627)			549,623,504			11.1
		TOTAL BONDS (Cost $4,815,836,459)			4,837,070,655			97.8
Shares			Company
PREFERRED STOCKS
REAL ESTATE					16,106,000			0.4
UTILITIES					5,999,840			0.1
		TOTAL PREFERRED STOCKS (Cost $35,075,000)			22,105,840			0.5
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Farm Credit Bank (FFCB)
$	23,000,000		0.030%, 09/28/20		22,985,050			0.5
			Federal Home Loan Bank (FHLB)
	19,821,000		0.150%, 05/28/20		19,818,803			0.4
	18,000,000		0.070%, 10/13/20		17,986,350			0.4
			Other		68,359,957			1.3
					129,150,160			2.6
		TOTAL SHORT-TERM INVESTMENTS (Cost $129,174,220)			129,150,160			2.6
		TOTAL PORTFOLIO (Cost $4,991,200,313)			4,998,286,654			101.1
		OTHER ASSETS & LIABILITIES, NET			(53,736,411	)		(1.1	)
		NET ASSETS		$	4,944,550,243			100.0	%

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 41

Summary portfolio of investments concluded

Core Impact Bond Fund  ■  March 31, 2020

Abbreviation(s):

LIBOR	London Interbank Offered Rate
M	Month
SOFR	Secure Overnight Financing Rate

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/20, the aggregate value of these securities, including those in “Other,” is $1,114,143,294 or 22.5% 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.
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 March 31, 2020 were as follows:

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date	Unrealized appreciation (depreciation	)
$	7,150,049	EUR	6,490,250	Bank of America, N.A.	06/30/20	$(32,772	)

Abbreviation(s):

EUR Euro

42 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments

Core Plus Bond Fund  ■  March 31, 2020

Principal			Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS
AUTOMOBILES & COMPONENTS				$	3,248,452		0.1	%
CAPITAL GOODS					7,109,651		0.2
COMMERCIAL & PROFESSIONAL SERVICES					14,310,453		0.3
CONSUMER DURABLES & APPAREL					1,163,318		0.0
CONSUMER SERVICES					8,242,621		0.2
DIVERSIFIED FINANCIALS					336,668		0.0
ENERGY					1,467,560		0.0
FOOD & STAPLES RETAILING					1,094,620		0.0
FOOD, BEVERAGE & TOBACCO					1,705,500		0.0
HEALTH CARE EQUIPMENT & SERVICES					18,153,712		0.4
INSURANCE					5,466,368		0.1
MATERIALS					10,249,982		0.2
MEDIA & ENTERTAINMENT					7,304,191		0.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					4,095,050		0.1
REAL ESTATE					2,946,075		0.1
RETAILING					5,974,319		0.1
SOFTWARE & SERVICES					5,932,231		0.1
TECHNOLOGY HARDWARE & EQUIPMENT					3,215,013		0.1
TELECOMMUNICATION SERVICES					2,670,326		0.1
TRANSPORTATION					1,906,260		0.0
UTILITIES					3,157,454		0.1
		TOTAL BANK LOAN OBLIGATIONS (Cost $129,092,981)			109,749,824		2.4
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					18,120,263		0.4
BANKS
			Bank of America Corp
$	11,975,000		2.456%, 10/22/25		12,076,316		0.3
20,250,000			2.496%, 02/13/31		19,428,236		0.4
41,944,000			2.250%–6.300%, 04/21/20–09/17/68		43,238,711		0.9
			Citigroup, Inc
53,395,000			2.666%–5.000%, 03/26/25–03/12/69		52,768,183		1.2
			JPMorgan Chase & Co
13,880,000			3.702%, 05/06/30		14,907,522		0.3
			Wells Fargo Bank NA
23,900,000			2.082%, 09/09/22		23,786,987		0.5
			Other		203,544,368		4.5
					369,750,323		8.1
CAPITAL GOODS					40,326,432		0.9
COMMERCIAL & PROFESSIONAL SERVICES					29,826,734		0.7
CONSUMER DURABLES & APPAREL					6,815,933		0.1

Principal			Issuer	Value		% of net assets
CONSUMER SERVICES				$	24,005,423		0.5	%
DIVERSIFIED FINANCIALS					204,295,438		4.6
ENERGY					136,791,167		2.9
FOOD & STAPLES RETAILING					47,492,329		1.0
FOOD, BEVERAGE & TOBACCO					52,726,145		1.2
HEALTH CARE EQUIPMENT & SERVICES					43,881,654		0.9
HOUSEHOLD & PERSONAL PRODUCTS					2,836,995		0.1
INSURANCE					52,117,520		1.2
MATERIALS					59,800,251		1.3
MEDIA & ENTERTAINMENT
			Comcast Corp
$	11,100,000		3.450%, 02/01/50		12,180,000		0.3
			Other		92,149,299		2.0
					104,329,299		2.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					57,028,580		1.3
REAL ESTATE					66,340,796		1.4
RETAILING					24,824,960		0.5
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					17,583,835		0.4
SOFTWARE & SERVICES					51,332,146		1.1
TECHNOLOGY HARDWARE & EQUIPMENT					42,167,455		0.9
TELECOMMUNICATION SERVICES
			AT&T, Inc
	14,050,000		4.500%, 03/09/48		15,247,897		0.3
			Verizon Communications, Inc
	10,000,000		4.000%, 03/22/50		11,868,064		0.3
			Other		74,879,462		1.7
					101,995,423		2.3
TRANSPORTATION					45,343,570		1.0
UTILITIES					121,864,280		2.7
		TOTAL CORPORATE BONDS (Cost $1,773,013,587)			1,721,596,951		37.8
GOVERNMENT BONDS
AGENCY SECURITIES					2,351,018		0.1
FOREIGN GOVERNMENT BONDS					139,727,476		3.1
MORTGAGE BACKED
			Federal Home Loan Mortgage Corp (FHLMC)
	11,799,540		4.000%, 10/01/47		12,842,175		0.3
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	21,271,705		3.500%, 08/01/46		22,823,928		0.5
	33,516,212		3.000%, 02/01/47		35,351,824		0.8
	34,180,426		3.500%, 03/01/48		36,668,844		0.8
	11,158,756		4.000%, 03/01/48		12,143,502		0.3
	22,712,285		4.500%, 08/01/48		24,880,918		0.5

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 43

Summary portfolio of investments continued

Core Plus Bond Fund  ■  March 31, 2020

Principal			Issuer	Value		% of net assets
MORTGAGE BACKED—continued
			Federal National Mortgage Association (FNMA)
$	42,917,666		3.000%, 11/01/46	$	45,279,369		1.0	%
	42,255,971		3.500%, 01/01/47		44,790,622		1.0
	12,979,347		3.500%, 08/01/47		13,822,247		0.3
	10,931,186		4.000%, 12/01/47		11,897,148		0.3
	21,572,514	h	3.500%, 01/01/48		23,225,211		0.5
	12,611,265		4.500%, 01/01/48		13,815,786		0.3
	20,210,692		3.000%, 02/25/48		21,383,585		0.5
	10,773,313		4.500%, 03/01/48		11,797,433		0.3
	20,243,926		3.500%, 04/01/48		21,383,928		0.5
	20,900,463		4.000%, 04/01/48		22,406,987		0.5
	76,000,000	h	3.000%, 04/25/49		79,696,094		1.7
	17,665,000		2.500%, 04/01/50		18,307,436		0.4
	220,451,288	h	3.000%–9.000%, 06/25/20–08/01/49		226,145,554		4.9
			Other		83,207,749		1.7
					781,870,340		17.1
MUNICIPAL BONDS
			Grand Parkway Transportation Corp
	12,920,000		3.236%, 10/01/52		12,546,741		0.3
			Other		212,450,637		4.6
					224,997,378		4.9
U.S. TREASURY SECURITIES
			United States Treasury Bond
	17,000,000		4.375%, 11/15/39		26,897,851		0.6
	12,000,000		2.500%, 02/15/46		15,083,437		0.3
	15,000,000		2.500%, 05/15/46		18,870,117		0.4
	10,675,000		3.000%, 05/15/47		14,757,354		0.3
	14,400,000		2.750%, 08/15/47		19,034,438		0.4
	33,350,000		3.000%, 02/15/48		46,164,998		1.0
	45,080,000		3.000%, 08/15/48		62,678,809		1.4
	20,680,000		2.250%, 08/15/49		25,160,128		0.6
	11,920,000		2.375%, 11/15/49		14,877,650		0.3
			United States Treasury Inflation Indexed Bonds
	21,766,400	k	0.125%, 04/15/21		21,324,322		0.5
	15,909,300	k	0.125%, 04/15/22		15,683,563		0.4
	20,768,800	k	0.625%, 04/15/23		20,927,385		0.5
			United States Treasury Note
	15,000,000		1.625%, 06/30/20		15,056,904		0.3
	65,000,000		2.625%, 08/15/20		65,619,531		1.4
			Other		48,131,629		1.0
					430,268,116		9.4
		TOTAL GOVERNMENT BONDS (Cost $1,494,978,698)			1,579,214,328		34.6
STRUCTURED ASSETS
ASSET BACKED					339,950,690		7.4
OTHER MORTGAGE BACKED
			BX Commercial Mortgage Trust
			Series - 2019 XL (Class A)
	13,996,618	g,i	1.625%, 10/15/36		13,313,367		0.3
			COMM Mortgage Trust
			Series - 2012 CR2 (Class A3)
	20,000,000	g	2.841%, 08/15/45		20,156,408		0.4
	62,540,577	g,i	2.972%–5.288%, 03/10/46–05/10/51		58,613,199		1.4
			GS Mortgage Securities Corp II
			Series - 2018 GS9 (Class AAB)
	14,346,000	i	3.978%, 03/10/51		15,461,348		0.3

Principal			Issuer	Value			% of net assets
OTHER MORTGAGE BACKED—continued
			Morgan Stanley Bank of America Merrill Lynch Trust
			Series - 2015 C20 (Class A4)
$	12,304,000		3.249%, 02/15/48	$	12,536,046			0.3	%
			Sequoia Mortgage Trust
	58,141,385	g,i	3.000%–4.000%, 05/25/45–04/25/50		58,451,378			1.2
			Other		419,878,642			9.2
					598,410,388			13.1
		TOTAL STRUCTURED ASSETS (Cost $1,007,545,137)			938,361,078			20.5
		TOTAL BONDS (Cost $4,275,537,422)			4,239,172,357			92.9
	Shares		Company
COMMON STOCKS
ENERGY					710,334			0.0
RETAILING					1,108			0.0
		TOTAL COMMON STOCKS (Cost $2,238,829)			711,442			0.0
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	28,850,000		0.200%, 07/20/20		28,842,067			0.6
	25,000,000		0.130%, 07/24/20		24,992,875			0.6
	41,345,000		0.150%, 07/31/20		41,332,493			0.9
	20,000,000		0.270%, 09/15/20		19,987,939			0.5
	55,000,000		0.060%, 10/01/20		54,960,858			1.2
			Federal National Mortgage Association (FNMA)
	20,000,000		0.200%, 10/16/20		19,984,600			0.4
			Other		50,089,539			1.1
					240,190,371			5.3
TREASURY DEBT					2,642,773			0.0
		TOTAL SHORT-TERM INVESTMENTS  (Cost $243,032,054)			242,833,144			5.3
		TOTAL PORTFOLIO (Cost $4,649,901,286)			4,592,466,767			100.6
		OTHER ASSETS & LIABILITIES, NET			(25,884,379	)		(0.6	)
		NET ASSETS		$	4,566,582,388			100.0	%

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/20, the aggregate value of these securities, including those in “Other,” is $1,095,992,203 or 24.0% 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.
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.

44 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments concluded

Core Plus Bond Fund  ■  March 31, 2020

Futures contracts outstanding as of March 31, 2020 were as follows:

Description	Number of long (short) contracts			Expiration date		Notional amount			Value			Unrealized appreciation (depreciation)
US Ultra Bond (CBT)		72			06/19/20	$	15,025,087		$	15,975,000		$	949,913
US 5 Year Note (CBT)		(280	)		06/30/20		(34,605,547	)		(35,100,625	)		(495,078	)
Total		(208	)			$	(19,580,460	)	$	(19,125,625	)	$	454,835

Forward foreign currency contracts outstanding as of March 31, 2020 were as follows:

Currency to be purchased	Receive		Currency to be sold	Deliver		Counterparty	Settlement date		Unrealized appreciation (depreciation)
$		4,268	EUR		3,825	Citibank, N.A.		04/27/20	$	44
$		1,713,628	EUR		1,572,886	Citibank, N.A.		05/18/20		(24,415	)
Total									$	(24,371	)
$		10,024,024	EUR		9,100,000	Morgan Stanley		06/15/20	$	(41,524	)
$		3,849,123	EUR		3,471,175	Toronto Dominion Bank		04/27/20		16,563
Total									$	(49,332	)

Abbreviation(s):

EUR Euro

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 45

Summary portfolio of investments

5–15 Year Laddered Tax-Exempt Bond Fund  ■  March 31, 2020

Principal		Issuer	Value		% of net assets
LONG-TERM MUNICIPAL BONDS
ALABAMA
		Lower Alabama Gas District
$	2,900,000	4.000%, 12/01/50	$	3,016,348		1.1	%
		Other		3,246,140		1.1
				6,262,488		2.2
ALASKA
		Borough of Matanuska-Susitna AK
	2,570,000	5.000%, 09/01/25		3,031,032		1.1
		Other		586,045		0.2
				3,617,077		1.3
ARIZONA
		Chandler Industrial Development Authority
	2,000,000	5.000%, 06/01/49		2,216,000		0.8
		Other		459,114		0.2
				2,675,114		1.0
ARKANSAS				2,139,290		0.8
CALIFORNIA
		California Health Facilities Financing Authority
	1,510,000	5.000%, 09/01/33		1,836,583		0.7
		City of Los Angeles Department of Airports
	2,000,000	5.000%, 05/15/27		2,340,820		0.9
		Elk Grove Finance Authority
	1,715,000	5.000%, 09/01/30		1,930,610		0.7
		Other		5,530,256		2.1
				11,638,269		4.4
COLORADO
		City & County of Denver CO Airport System Revenue
	1,500,000	5.000%, 11/15/30		1,773,315		0.7
		Other		1,909,659		0.7
				3,682,974		1.4
CONNECTICUT
		University of Connecticut
	2,000,000	5.000%, 03/15/28		2,374,320		0.9
		Other		4,822,299		1.8
				7,196,619		2.7
DISTRICT OF COLUMBIA				1,135,008		0.4
FLORIDA
		Escambia County Health Facilities Authority
	3,000,000	5.000%, 08/15/32		3,555,330		1.3
		JEA Electric System Revenue
	2,000,000	4.110%, 10/01/34		2,000,000		0.7
		Miami-Dade County Expressway Authority
	1,375,000	5.000%, 07/01/31		1,624,659		0.6
		Port St. Lucie Community Redevelopment Agency
	2,180,000	5.000%, 01/01/26		2,589,949		1.0
		Other		8,120,654		3.1
				17,890,592		6.7

Principal		Issuer	Value		% of net assets
GEORGIA
		Brookhaven Development Authority
$	1,250,000	5.000%, 07/01/27	$	1,559,137		0.6	%
		Other		7,879,317		2.8
				9,438,454		3.4
GUAM				405,428		0.2
HAWAII
		City & County of Honolulu HI
	1,275,000	5.000%, 09/01/27		1,606,831		0.6
		Other		2,260,350		0.8
				3,867,181		1.4
ILLINOIS
		Chicago Midway International Airport
	2,000,000	5.000%, 01/01/26		2,296,600		0.9
		City of Chicago IL
	3,250,000	5.000%, 01/01/28		3,365,147		1.2
		City of Chicago IL Wastewater Transmission Revenue
	1,500,000	5.000%, 01/01/22		1,587,765		0.6
		City of Chicago IL, GO
	1,500,000	5.500%, 01/01/35		1,556,220		0.6
		County of Cook IL
	1,750,000	5.000%, 11/15/31		1,788,640		0.7
		Metropolitan Water Reclamation District of Greater Chicago
	2,000,000	5.000%, 12/01/30		2,333,400		0.9
		Sales Tax Securitization Corp
	1,500,000	5.000%, 01/01/30		1,720,620		0.6
		State of Illinois
	2,000,000	5.000%, 06/01/28		2,072,360		0.8
		Other		16,948,213		6.2
				33,668,965		12.5
INDIANA				1,488,833		0.6
IOWA				579,728		0.2
KENTUCKY
		Kentucky Turnpike Authority
	2,000,000	5.000%, 07/01/26		2,414,180		0.9
		Other		2,975,713		1.1
				5,389,893		2.0
LOUISIANA				4,294,691		1.6
MAINE				635,663		0.2
MARYLAND
		County of Baltimore MD
	2,000,000	4.000%, 01/01/29		2,268,040		0.8
				2,268,040		0.8
MASSACHUSETTS				596,975		0.2
MICHIGAN
		Michigan Finance Authority
	2,000,000	5.000%, 04/01/25		2,312,860		0.9
	2,000,000	5.000%, 11/15/28		2,390,080		0.9
	1,650,000	5.000%, 07/01/44		1,749,924		0.6

46 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments	continued
5–15 Year Laddered Tax-Exempt Bond Fund  ■  March 31, 2020

Principal		Issuer	Value		% of net assets
MICHIGAN—continued
		Michigan State Housing Development Authority
$	3,000,000	5.250%, 06/01/38	$	3,000,000		1.1	%
		Other		3,249,901		1.3
				12,702,765		4.8
MINNESOTA				2,581,589		0.9
MISSISSIPPI
		Mississippi Business Finance Corp
	4,000,000	3.790%, 12/01/30		4,000,000		1.5
		Other		5,015,999		1.9
				9,015,999		3.4
MISSOURI
		St. Louis Municipal Finance Corp
	1,745,000	5.000%, 02/15/26		2,081,506		0.8
		Other		5,381,085		1.9
				7,462,591		2.7
NEBRASKA				270,323		0.1
NEVADA				1,808,902		0.6
NEW JERSEY
		New Jersey Economic Development Authority
	3,500,000	5.000%, 11/01/35		3,749,200		1.4
		New Jersey Transportation Trust Fund Authority
	6,000,000	5.000%, 06/15/34		6,424,620		2.4
		Other		4,711,769		1.7
				14,885,589		5.5
NEW YORK
		New York State Dormitory Authority
	1,750,000	5.000%, 07/01/33		2,002,403		0.7
		Other		8,769,232		3.3
				10,771,635		4.0
NORTH CAROLINA
		County of Duplin NC
	1,355,000	5.000%, 04/01/27		1,609,754		0.6
		North Carolina Medical Care Commission
	2,000,000	5.000%, 06/01/34		2,011,520		0.7
		Other		3,010,682		1.1
				6,631,956		2.4
NORTH DAKOTA				1,020,050		0.4
OHIO
		County of Miami OH
	1,500,000	5.000%, 08/01/32		1,830,210		0.7
		Other		3,992,884		1.5
				5,823,094		2.2
OKLAHOMA
		Oklahoma Development Finance Authority
	1,500,000	5.250%, 08/15/48		1,675,140		0.6
		Other		921,060		0.3
				2,596,200		0.9

Principal			Issuer	Value		% of net assets
OREGON
			Oregon State Business Development Commission
$	3,000,000	g	6.500%, 04/01/31	$	2,081,340		0.8	%
			Other		2,102,840		0.8
					4,184,180		1.6
PENNSYLVANIA
			Pennsylvania Economic Development Financing Authority
	2,000,000		5.000%, 12/31/25		2,205,200		0.8
			School District of the City of Erie
	1,500,000		5.000%, 04/01/28		1,856,475		0.7
			Other		7,865,226		2.9
					11,926,901		4.4
RHODE ISLAND					1,822,193		0.7
SOUTH CAROLINA					875,465		0.3
SOUTH DAKOTA					553,187		0.2
TENNESSEE
			Metropolitan Nashville Airport Authority
	2,305,000		5.000%, 07/01/35		2,793,314		1.0
			Other		1,134,687		0.4
					3,928,001		1.4
TEXAS
			City of El Paso TX Airport Revenue
	2,000,000		5.000%, 08/15/28		2,381,500		0.9
			City of Houston TX
	1,970,000		5.000%, 03/01/32		2,385,020		0.9
			City of Lubbock TX
	1,500,000		5.000%, 02/15/25		1,753,560		0.6
			Texas Municipal Gas Acquisition & Supply Corp III
	1,545,000		5.000%, 12/15/32		1,595,444		0.6
			Texas Private Activity Bond Surface Transportation Corp
	2,500,000		5.000%, 12/31/35		2,815,225		1.0
			Other		16,496,512		6.2
					27,427,261		10.2
UTAH					2,885,376		1.0
VIRGIN ISLANDS
			Virgin Islands Public Finance Authority
	2,000,000	g	5.000%, 09/01/25		2,265,300		0.8
	2,500,000	g	5.000%, 09/01/33		2,782,000		1.0
					5,047,300		1.8
WASHINGTON
			City of Bellingham WA Water & Sewer Revenue
	1,855,000	g	5.500%, 02/01/21		1,855,000		0.7
			Other		1,813,490		0.7
					3,668,490		1.4
WEST VIRGINIA					3,656,131		1.4
		TOTAL LONG-TERM MUNICIPAL BONDS (Cost $257,154,163)			260,416,460		96.3

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 47

Summary portfolio of investments	concluded
5–15 Year Laddered Tax-Exempt Bond Fund  ■  March 31, 2020

Principal			Issuer	Value		% of net assets
SHORT-TERM MUNICIPAL BONDS
NATIONAL
			JPMorgan Chase Putters
	$3,000,000	g	4.125%, 06/01/21	$	3,000,000		1.1	%
					3,000,000		1.1
		TOTAL SHORT-TERM MUNICIPAL BONDS (Cost $3,000,000)			3,000,000		1.1
		TOTAL PORTFOLIO (Cost $260,154,163)			263,416,460		97.4
		OTHER ASSETS & LIABILITIES, NET			6,973,364		2.6
		NET ASSETS		$	270,389,824		100.0	%

Abbreviation(s):

GO	General Obligation
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/20, the aggregate value of these securities, including those in “Other,” is $17,452,482 or 6.5% of net assets.

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

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

48 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments

Green Bond Fund  ■  March 31, 2020

Principal			Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS
UTILITIES
			ExGen Renewables IV LLC
$	477,543	i	4.620%, 11/28/24, LIBOR 3 M + 3.000%	$	427,401		1.3	%
					427,401		1.3
		TOTAL BANK LOAN OBLIGATIONS (Cost $473,689)			427,401		1.3
BONDS
CORPORATE BONDS
BANKS
			Bank of America Corp
	725,000		2.456%, 10/22/25		731,134		2.2
			HSBC Holdings plc
	500,000		3.033%, 11/22/23		496,312		1.5
			ING Groep NV
	500,000	g	4.625%, 01/06/26		526,980		1.6
			Other		453,989		1.4
					2,208,415		6.7
CAPITAL GOODS					225,000		0.7
CONSUMER SERVICES
			Conservation Fund
	250,000		3.474%, 12/15/29		279,503		0.8
			Other		260,278		0.8
					539,781		1.6
MATERIALS
			Inversiones CMPC S.A.
	525,000	g	4.375%, 04/04/27		489,568		1.5
			LG Chem Ltd
	500,000	g	3.625%, 04/15/29		493,118		1.5
			Other		196,750		0.6
					1,179,436		3.6
REAL ESTATE
			Alexandria Real Estate Equities, Inc
	500,000		4.000%, 01/15/24		510,833		1.5
			Other		264,000		0.8
					774,833		2.3
TECHNOLOGY HARDWARE & EQUIPMENT
			Apple, Inc
	500,000		2.850%, 02/23/23		521,638		1.6
	500,000		3.000%, 06/20/27		540,980		1.6
					1,062,618		3.2
UTILITIES
			Avangrid, Inc
	500,000		3.150%, 12/01/24		497,366		1.5
			Azure Power Energy Ltd
	500,000	g	5.500%, 11/03/22		456,447		1.4
			DTE Electric Co
	250,000		4.050%, 05/15/48		283,804		0.9
			Georgia Power Co
	500,000		3.250%, 04/01/26		519,090		1.6

Principal			Issuer	Value		% of net assets
UTILITIES—continued
			Interstate Power & Light Co
$	500,000		4.100%, 09/26/28	$	560,077		1.7	%
			MidAmerican Energy Co
	500,000		3.950%, 08/01/47		538,602		1.6
	600,000		3.650%, 08/01/48		644,004		1.9
			NorthWestern Corp
	250,000		4.176%, 11/15/44		274,756		0.8
			Public Service Co of Colorado
	529,000		3.700%, 06/15/28		560,389		1.7
	550,000		3.200%, 03/01/50		556,546		1.7
			Topaz Solar Farms LLC
	381,372	g	4.875%, 09/30/39		392,789		1.2
			Westar Energy, Inc
	750,000		2.550%, 07/01/26		778,273		2.3
			Other		2,067,629		6.2
					8,129,772		24.5
		TOTAL CORPORATE BONDS (Cost $13,671,870)			14,119,855		42.6
GOVERNMENT BONDS
AGENCY SECURITIES
			Overseas Private Investment Corp (OPIC)
	243,400		3.590%, 06/15/35		284,009		0.9
	250,000		2.580%, 07/15/38		276,439		0.8
	743,400		1.790%–3.050%, 10/15/29–06/15/35		801,117		2.4
					1,361,565		4.1
FOREIGN GOVERNMENT BONDS
			Asian Development Bank
	579,000		1.750%, 08/14/26		611,211		1.8
	250,000		3.125%, 09/26/28		292,832		0.9
			European Investment Bank
	275,000		1.625%, 10/09/29		287,086		0.9
			International Bank for Reconstruction & Development
	500,000		2.125%, 03/03/25		534,709		1.6
	500,000		3.125%, 11/20/25		564,634		1.7
			Kreditanstalt fuer Wiederaufbau
	500,000		1.750%, 09/14/29		532,238		1.6
			Perusahaan Penerbit SBSN Indonesia III
	300,000	g	3.750%, 03/01/23		298,788		0.9
			Other		1,039,078		3.1
					4,160,576		12.5
MUNICIPAL BONDS
			City of Austin TX Electric Utility Revenue
	360,000		2.677%, 11/15/25		373,212		1.1
			City of Cleveland OH Income Tax Revenue
	300,000		3.072%, 10/01/41		287,049		0.9
			Grant County Public Utility District No 2
	600,000		1.544%, 01/01/23		604,266		1.8
			Mount Shasta Public Financing Authority
	875,000		2.625%–3.000%, 08/01/35–08/01/39		903,929		2.8
			Ohio Air Quality Development Authority
	500,000	g	4.500%, 01/15/48		454,280		1.4
			State of California
	500,000	i	2.295%, 04/01/47, LIBOR 1 M + 0.780%		503,840		1.5

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 49

Summary portfolio of investments concluded

Green Bond Fund  ■  March 31, 2020

Principal			Issuer	Value		% of net assets
MUNICIPAL BONDS—continued
			Warm Springs Reservation Confederated Tribe
$	500,000	g	2.800%, 11/01/22	$	507,325		1.5	%
			Other		828,872		2.4
					4,462,773		13.4
		TOTAL GOVERNMENT BONDS (Cost $9,654,647)			9,984,914		30.0
STRUCTURED ASSETS
ASSET BACKED
			HERO Funding Trust
			Series - 2016 1A (Class A)
	276,631	g	4.050%, 09/20/41		287,076		0.9
			Series - 2016 3A (Class A2)
	430,225	g	3.910%, 09/20/42		447,110		1.3
			Series - 2017 3A (Class A2)
	520,524	g	3.950%, 09/20/48		524,334		1.6
	857,715	g	2.720%–4.460%, 09/20/47–09/20/57		853,981		2.6
			Sunrun Atlas Issuer LLC
			Series - 2019 2 (Class A)
	496,891	g	3.610%, 02/01/55		376,079		1.1
			Sunrun Callisto Issuer LLC
			Series - 2019 1A (Class A)
	463,693	g	3.980%, 06/30/54		352,043		1.1
			Tesla Auto Lease Trust
			Series - 2018 B (Class A)
	637,672	g	3.710%, 08/20/21		640,548		1.9
	500,000	g	2.160%–2.200%, 10/20/22–11/21/22		495,229		1.5
			Other		212,267		0.6
					4,188,667		12.6
OTHER MORTGAGE BACKED
			BBCMS Trust
			Series - 2015 SRCH (Class D)
	600,000	g,i	4.957%, 08/10/35		518,713		1.6
			COMM Mortgage Trust
			Series - 2015 3BP (Class A)
	500,000	g	3.178%, 02/10/35		511,933		1.5
			CPT Mortgage Trust
			Series - 2019 CPT (Class A)
	500,000	g	2.865%, 11/13/39		489,783		1.5
			GRACE Mortgage Trust
			Series - 2014 GRCE (Class A)
	275,000	g	3.369%, 06/10/28		276,396		0.8
			One Bryant Park Trust
			Series - 2019 OBP (Class A)
	500,000	g	2.516%, 09/15/54		498,072		1.5
			Other		477,685		1.4
					2,772,582		8.3
		TOTAL STRUCTURED ASSETS (Cost $7,333,996)			6,961,249		20.9
		TOTAL BONDS (Cost $30,660,513)			31,066,018		93.5

Shares			Company	Value		% of net assets
PREFERRED STOCKS
REAL ESTATE				$	299,400		0.9	%
UTILITIES
	16,000	*	Brookfield Renewable Partners LP		311,680		1.0
					311,680		1.0
		TOTAL PREFERRED STOCKS (Cost $900,000)			611,080		1.9
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	437,000		0.530%, 06/12/20		436,965		1.3
					436,965		1.3
		TOTAL SHORT-TERM INVESTMENTS (Cost $436,965)			436,965		1.3
		TOTAL PORTFOLIO (Cost $32,471,167)			32,541,464		98.0
		OTHER ASSETS & LIABILITIES, NET			680,378		2.0
		NET ASSETS		$	33,221,842		100.0	%

Abbreviation(s):

LIBOR	London Interbank Offered Rate
M	Month

*	Non-income producing
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/20, the aggregate value of these securities, including those in “Other,” is $13,096,690 or 39.4% 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.

50 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments

High-Yield Fund  ■  March 31, 2020

						% of net
Principal			Issuer	Value		assets
BANK LOAN OBLIGATIONS
AUTOMOBILES & COMPONENTS				$	9,846,870		0.3	%
CAPITAL GOODS
			Vertiv Group Corp
$	17,175,000	i	4.581%, 03/02/27, LIBOR 1 M + 3.000%		14,770,500		0.5
			Other		13,576,269		0.4
					28,346,769		0.9
COMMERCIAL & PROFESSIONAL SERVICES					18,134,768		0.6
CONSUMER DURABLES & APPAREL					3,073,848		0.1
CONSUMER SERVICES					23,174,850		0.7
ENERGY					12,407,111		0.4
FOOD, BEVERAGE & TOBACCO					4,169,000		0.1
HEALTH CARE EQUIPMENT & SERVICES
			RegionalCare Hospital Partners Holdings, Inc
	18,648,659	i	4.739%, 11/16/25, LIBOR 1 M + 3.750%		17,215,136		0.5
			Other		8,699,875		0.3
					25,915,011		0.8
INSURANCE					23,169,153		0.7
MATERIALS					15,605,419		0.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					8,084,029		0.2
REAL ESTATE					12,600,809		0.4
RETAILING					13,379,486		0.4
SOFTWARE & SERVICES
			Dun & Bradstreet Corp
	23,000,000	i	4.959%, 02/06/26, LIBOR 1 M + 4.000%		20,613,750		0.6
					20,613,750		0.6
TRANSPORTATION					10,007,865		0.3
UTILITIES					3,059,808		0.1
		TOTAL BANK LOAN OBLIGATIONS (Cost $285,718,825)			231,588,546		7.1
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS
			Gates Global LLC
	37,075,000	g	6.250%, 01/15/26		32,811,375		1.0
			IHO Verwaltungs GmbH
	19,800,000	g,o	6.375%, 05/15/29		15,147,000		0.5
			Panther BF Aggregator 2 LP
	20,650,000	g	8.500%, 05/15/27		18,015,060		0.6
			Other		34,998,164		1.0
					100,971,599		3.1
BANKS					15,458,481		0.5

						% of net
Principal			Issuer	Value		assets
CAPITAL GOODS
			Beacon Escrow Corp
$	22,950,000	g	4.875%, 11/01/25	$	20,712,375		0.6	%
			Other		69,509,404		2.2
					90,221,779		2.8
COMMERCIAL & PROFESSIONAL SERVICES
			Prime Security Services Borrower LLC
	15,700,000	g	5.250%, 04/15/24		15,508,303		0.5
	30,075,000	g	5.750%, 04/15/26		29,473,500		0.9
	18,100,000	g	6.250%, 01/15/28		15,611,250		0.5
			United Rentals North America, Inc
	40,475,000		4.625%–6.500%, 07/15/25–01/15/28		39,842,673		1.2
			Other		129,318,675		4.0
					229,754,401		7.1
CONSUMER DURABLES & APPAREL
			KB Home
	16,650,000		6.875%, 06/15/27		16,650,000		0.5
			Lennar Corp
	16,000,000		4.500%, 04/30/24		15,648,640		0.5
			Mattel, Inc
	18,050,000	g	6.750%, 12/31/25		18,411,000		0.6
			Other		47,113,475		1.4
					97,823,115		3.0
CONSUMER SERVICES					122,662,306		3.8
DIVERSIFIED FINANCIALS
			Ford Motor Credit Co LLC
	25,400,000		4.063%, 11/01/24		23,050,500		0.7
			Quicken Loans, Inc
	19,350,000	g	5.250%, 01/15/28		18,920,430		0.6
			Other		69,340,643		2.1
					111,311,573		3.4
ENERGY
			USA Compression Partners LP
	30,000,000		6.875%, 04/01/26		18,750,000		0.6
			Other		312,659,557		9.6
					331,409,557		10.2
FOOD & STAPLES RETAILING					35,335,995		1.1
FOOD, BEVERAGE & TOBACCO					6,768,528		0.2
HEALTH CARE EQUIPMENT & SERVICES
			Centene Corp
	15,682,000		4.750%, 01/15/25		15,878,025		0.5
			CHS
	17,900,000	g	6.625%, 02/15/25		16,557,500		0.5
			HCA, Inc
	33,350,000		5.375%, 02/01/25		33,933,292		1.1
			Tenet Healthcare Corp
	23,125,000		4.625%, 07/15/24		22,026,563		0.7
			Other		114,642,838		3.5
					203,038,218		6.3

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 51

Summary portfolio of investments continued

High-Yield Fund  ■  March 31, 2020

						% of net
Principal			Issuer	Value		Assets
MATERIALS
			Freeport-McMoRan, Inc
$	35,600,000		3.875%–5.450%, 03/15/23–03/15/43	$	32,888,188		1.0	%
			Nova Chemicals Corp
	35,000,000	g	4.875%, 06/01/24		30,712,500		0.9
			OCI NV
	16,000,000	g	6.625%, 04/15/23		14,553,543		0.4
			Other		161,957,399		5.0
					240,111,630		7.3
MEDIA & ENTERTAINMENT
			CCO Holdings LLC
	34,637,000	g	5.875%, 04/01/24		35,416,332		1.1
			CSC Holdings LLC
	29,250,000	g	7.500%, 04/01/28		31,163,535		1.0
	36,425,000		5.500%–6.750%, 11/15/21–01/15/30		37,529,289		1.1
			DISH DBS Corp
	28,500,000		7.750%, 07/01/26		29,283,750		0.9
			Numericable-SFR S.A.
	19,150,000	g	7.375%, 05/01/26		19,341,500		0.6
			Terrier Media Buyer, Inc
	17,325,000	g	8.875%, 12/15/27		14,553,000		0.4
			Other		173,969,365		5.4
					341,256,771		10.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
			Horizon Pharma USA, Inc
	14,600,000	g	5.500%, 08/01/27		14,656,940		0.4
			VRX Escrow Corp
	15,100,000	g	6.125%, 04/15/25		14,873,500		0.5
			Other		42,345,932		1.3
					71,876,372		2.2
REAL ESTATE					19,748,000		0.6
RETAILING
			PetSmart, Inc
	24,800,000	g	7.125%, 03/15/23		23,361,600		0.7
	21,000,000	g	8.875%, 06/01/25		19,005,000		0.6
			Staples, Inc
	31,700,000	g	10.750%, 04/15/27		24,323,410		0.7
			Other		73,821,796		2.3
					140,511,806		4.3
SOFTWARE & SERVICES
			Refinitiv US Holdings, Inc
	16,475,000	g	6.250%, 05/15/26		17,010,437		0.5
			Other		62,919,416		2.0
					79,929,853		2.5
TECHNOLOGY HARDWARE & EQUIPMENT
			CommScope Finance LLC
	17,925,000	g	8.250%, 03/01/27		17,277,908		0.5
			CommScope, Inc
	28,700,000	g	6.000%, 06/15/25		26,266,240		0.8
			Other		22,137,313		0.7
					65,681,461		2.0

						% of net
Principal			Issuer	Value		assets
TELECOMMUNICATION SERVICES
			CenturyLink, Inc
$	17,300,000		5.800%, 03/15/22	$	17,461,236		0.5	%
	16,400,000		7.500%, 04/01/24		17,958,000		0.6
			Front Range BidCo, Inc
	16,600,000	g	4.000%, 03/01/27		15,884,125		0.5
			T-Mobile USA, Inc
	22,000,000		5.125%, 04/15/25		22,494,340		0.7
			Other		86,139,010		2.7
					159,936,711		5.0
TRANSPORTATION					36,173,301		1.1
UTILITIES
			Calpine Corp
	17,125,000	g	5.250%, 06/01/26		16,268,750		0.5
			Other		51,198,040		1.6
					67,466,790		2.1
		TOTAL CORPORATE BONDS (Cost $2,920,433,759)			2,567,448,247		79.1
		TOTAL BONDS (Cost $2,920,433,759)			2,567,448,247		79.1
	Shares		Company
COMMON STOCKS
DIVERSIFIED FINANCIALS
	315,450		iShares iBoxx $ High Yield Corporate Bond ETF		24,311,731		0.8
	183,823		SPDR Bloomberg Barclays High Yield Bond ETF		17,415,391		0.5
					41,727,122		1.3
ENERGY					5,292,610		0.1
		TOTAL COMMON STOCKS (Cost $64,716,247)			47,019,732		1.4
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Farm Credit Bank (FFCB)
$	16,000,000		0.530%, 04/02/20		15,999,969		0.5
	15,000,000		0.490%, 04/24/20		14,999,329		0.5
			Federal Home Loan Bank (FHLB)
	24,006,000		1.560%, 04/01/20		24,006,000		0.7
	29,985,000		1.555%, 04/08/20		29,984,592		0.9
	59,884,000		1.565%, 04/13/20		59,882,603		1.8
	38,500,000		0.560%, 05/06/20		38,497,380		1.2
	16,555,000		0.070%, 10/13/20		16,542,446		0.5
	80,004,000		0.030%–0.530%, 04/20/20–03/08/21		79,962,327		2.5
			Federal National Mortgage Association (FNMA)
	35,500,000		0.800%, 04/16/20		35,498,964		1.1
			Other		14,987,342		0.5
					330,360,952		10.2
		TOTAL SHORT-TERM INVESTMENTS (Cost $330,319,311)			330,360,952		10.2
		TOTAL PORTFOLIO (Cost $3,601,188,142)			3,176,417,477		97.8
		OTHER ASSETS & LIABILITIES, NET			70,934,636		2.2
		NET ASSETS		$	3,247,352,113		100.0	%

52 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments concluded

High-Yield Fund  ■  March 31, 2020

Abbreviation(s):

ETF	Exchange Traded Fund
LIBOR	London Interbank Offered Rate
M	Month
SPDR	Standard & Poor’s Depository Receipts

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/20, the aggregate value of these securities, including those in “Other,” is $1,571,714,496 or 48.4% 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.
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.

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 53

Portfolio of investments

Inflation-Linked Bond Fund  ■  March 31, 2020

						% of net
Principal			Issuer		Value	assets
GOVERNMENT BONDS
AGENCY SECURITIES
			Crowley Conro LLC
$	4,112,500		4.181%, 08/15/43	$	5,172,899	0.2	%
			Federal Home Loan Mortgage Corp (FHLMC)
	10,000,000		1.500%, 02/12/25		10,436,790	0.3
			HNA LLC
	2,001,422		2.369%, 09/18/27		2,079,164	0.1
			Montefiore Medical Center
	9,515,000		2.895%, 04/20/32		10,695,720	0.3
			Private Export Funding Corp (PEFCO)
	3,000,000		3.250%, 06/15/25		3,409,662	0.1
			Reliance Industries Ltd
	3,947,368		2.444%, 01/15/26		4,064,878	0.1
			Ukraine Government AID International Bonds
	3,000,000		1.847%, 05/29/20		3,007,365	0.1
	15,000,000		1.471%, 09/29/21		15,242,287	0.4
					54,108,765	1.6
MORTGAGE BACKED
			Government National Mortgage Association (GNMA)
	11,462,360		3.600%, 09/15/31		12,394,604	0.4
	5,698,532		3.700%, 10/15/33		6,132,951	0.2
	744,129		2.490%, 06/15/35		759,499	0.0
	1,639,866		3.380%, 07/15/35		1,736,364	0.0
	1,538,651		3.870%, 10/15/36		1,673,880	0.0
	5,570,322		3.940%, 03/15/37		6,132,007	0.2
	13,935,151		2.750%, 01/15/45		14,483,334	0.4
					43,312,639	1.2
U.S. TREASURY SECURITIES
			United States Treasury Inflation Indexed Bonds
	122,377,258	k	0.625%, 07/15/21		121,222,669	3.5
	136,769,276	k	0.125%, 01/15/22		134,798,787	3.9
	171,581,801	k	0.125%, 04/15/22		169,147,223	4.9
	146,532,356	k	0.125%, 07/15/22		145,149,614	4.2
	136,349,322	k	0.125%, 01/15/23		134,681,421	3.9
	127,728,120	k	0.625%, 04/15/23		128,703,420	3.8
	140,210,070	k	0.375%, 07/15/23		141,056,577	4.1
	132,678,509	k	0.625%, 01/15/24		134,876,584	3.9
	105,232,774	k	0.500%, 04/15/24		106,772,256	3.1
	120,287,106	k	0.125%, 07/15/24		120,559,848	3.5
	98,021,625	k	0.125%, 10/15/24		99,224,010	2.9
	155,528,391	k	0.250%, 01/15/25		156,940,833	4.6
	104,482,814	k	2.375%, 01/15/25		115,885,319	3.4
	129,625,456	k	0.375%, 07/15/25		132,262,629	3.9
	145,230,307	k	0.625%, 01/15/26		150,066,544	4.4
	63,798,173	k	2.000%, 01/15/26		70,990,431	2.1
	94,834,930	k	0.125%, 07/15/26		95,740,632	2.8
	110,251,383	k	0.375%, 01/15/27		112,924,346	3.3
	45,096,745	k	2.375%, 01/15/27		52,298,391	1.5
	86,538,712	k	0.375%, 07/15/27		89,087,511	2.6
	147,548,270	k	0.500%, 01/15/28		153,851,280	4.5
	80,055,806	k	1.750%, 01/15/28		91,114,127	2.7
	52,370,652	k	3.625%, 04/15/28		67,445,027	2.0
	67,686,695	k	0.750%, 07/15/28		72,470,294	2.1
	124,013,742	k	0.875%, 01/15/29		134,866,601	3.9
	41,189,656	k	2.500%, 01/15/29		50,580,735	1.5
	116,991,584	k	3.875%, 04/15/29		157,841,025	4.6

							% of net
	Principal		Issuer		Value		assets
U.S. TREASURY SECURITIES—continued
$	76,637,640	k	0.250%, 07/15/29	$	79,652,934		2.3	%
	5,012,750	k	0.125%, 01/15/30		5,170,823		0.2
	35,602,910	k	3.375%, 04/15/32		50,346,133		1.5
					3,275,728,024		95.6
		TOTAL GOVERNMENT BONDS (Cost $3,275,713,430)			3,373,149,428		98.4
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Farm Credit Bank (FFCB)
	5,000,000		0.130%, 07/13/20		4,998,712		0.1
			Federal Home Loan Bank (FHLB)
	11,070,000		0.200%, 07/20/20		11,066,956		0.3
	46,541,000		0.190%, 07/31/20		46,526,921		1.4
	2,500,000		0.060%, 10/01/20		2,498,221		0.1
					65,090,810		1.9
		TOTAL SHORT-TERM INVESTMENTS (Cost $65,077,330)			65,090,810		1.9
		TOTAL PORTFOLIO (Cost $3,340,790,760)			3,438,240,238		100.3
		OTHER ASSETS & LIABILITIES, NET			(10,765,399	)	(0.3	)
		NET ASSETS		$	3,427,474,839		100.0	%

k Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

54 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments

Short Duration Impact Bond Fund  ■  March 31, 2020

						% of net
Principal			Issuer		Value	assets
BANK LOAN OBLIGATIONS
UTILITIES
			ExGen Renewables IV LLC
$	477,543	i	4.620%, 11/28/24, LIBOR 3 M + 3.000%	$	427,401	1.5	%
					427,401	1.5
		TOTAL BANK LOAN OBLIGATIONS (Cost $473,689)			427,401	1.5
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					244,389	0.9
BANKS
			Bank of America Corp
	725,000		2.456%, 10/22/25		731,134	2.6
			Cooperatieve Rabobank UA
	500,000	i	2.314%, 01/10/23, LIBOR 3 M + 0.480%		473,601	1.7
			FNB Corp
	275,000		2.200%, 02/24/23		269,734	0.9
			HSBC Bank Canada
	400,000	g	1.650%, 09/10/22		404,917	1.4
			HSBC Holdings plc
	500,000		3.033%, 11/22/23		496,312	1.7
			Intesa Sanpaolo S.p.A
	500,000	g	3.250%, 09/23/24		466,193	1.6
			M&T Bank Corp
	500,000	i	2.474%, 07/26/23, LIBOR 3 M + 0.680%		457,649	1.6
			Mizuho Financial Group, Inc
	425,000	i	2.309%, 05/25/24, LIBOR 3 M + 0.630%		386,070	1.4
			National Bank of Canada
	300,000	g	2.150%, 10/07/22		297,239	1.0
			Regions Bank
	350,000	i	2.207%, 08/13/21, LIBOR 3 M + 0.500%		340,603	1.2
			Zions Bancorp NA
	300,000		3.350%, 03/04/22		294,146	1.0
			Other		253,357	0.9
					4,870,955	17.0
CAPITAL GOODS
			CNH Industrial Capital LLC
	500,000		4.200%, 01/15/24		488,495	1.7
					488,495	1.7
CONSUMER SERVICES
			Nature Conservancy
	260,000		2.843%, 02/01/24		260,279	0.9
					260,279	0.9
DIVERSIFIED FINANCIALS
			Century Housing Corp
	250,000		3.995%, 11/01/21		261,768	0.9
			Reinvestment Fund, Inc
	250,000		3.477%, 02/15/23		263,096	0.9
			Other		880,811	3.1
					1,405,675	4.9
ENERGY					115,515	0.4

						% of net
Principal			Issuer	Value		assets
FOOD, BEVERAGE & TOBACCO
			Coca-Cola Co
$	400,000		1.750%, 09/06/24	$	407,210		1.4	%
					407,210		1.4
HOUSEHOLD & PERSONAL PRODUCTS					254,256		0.9
MATERIALS
			3M Co
	500,000		2.000%, 02/14/25		514,577		1.8
					514,577		1.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
			AbbVie, Inc
	500,000	g,i	2.346%, 11/21/22, LIBOR 3 M + 0.650%		467,765		1.6
			Zoetis, Inc
	500,000	i	2.135%, 08/20/21, LIBOR 3 M + 0.440%		458,802		1.6
			Other		250,726		0.9
					1,177,293		4.1
REAL ESTATE
			Alexandria Real Estate Equities, Inc
	500,000		4.000%, 01/15/24		510,833		1.8
			Other		96,000		0.3
					606,833		2.1
SOFTWARE & SERVICES
			Microsoft Corp
	500,000		2.400%, 02/06/22		513,823		1.8
					513,823		1.8
TRANSPORTATION
			Delta Air Lines, Inc
	500,000		2.900%, 10/28/24		400,194		1.4
	300,000		2.000%, 06/10/28		272,933		1.0
	300,000		2.500%, 06/10/28		271,930		0.9
					945,057		3.3
UTILITIES
			Dominion Energy, Inc
	300,000		3.300%, 03/15/25		304,140		1.1
			Korea Hydro & Nuclear Power Co Ltd
	300,000	g	3.750%, 07/25/23		319,491		1.1
			Other		723,129		2.5
					1,346,760		4.7
		TOTAL CORPORATE BONDS (Cost $13,498,926)			13,151,117		45.9
GOVERNMENT BONDS
AGENCY SECURITIES
			Federal Home Loan Mortgage Corp (FHLMC)
	250,000		1.500%, 02/12/25		260,920		0.9
			NCUA Guaranteed Notes
	500,000		3.450%, 06/12/21		506,614		1.8
			Overseas Private Investment Corp (OPIC)
	250,000		1.790%, 10/15/29		261,075		0.9

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 55

Summary portfolio of investments concluded

Short Duration Impact Bond Fund  ■  March 31, 2020

						% of net
Principal			Issuer		Value	assets
AGENCY SECURITIES—continued
			US Department of Housing and Urban Development (HUD)
$	250,000		2.570%, 08/01/21	$	256,956		0.9	%
	250,000		2.618%, 08/01/23		268,210		0.9
			Washington Aircraft 2 Co Ltd
	262,365	i	1.662%, 06/26/24, LIBOR 3 M + 0.430%		258,439		0.9
					1,812,214		6.3
FOREIGN GOVERNMENT BONDS
			European Stability Mechanism
	500,000	g	1.375%, 09/11/24		514,289		1.8
			International Development Association
	500,000	g	2.750%, 04/24/23		534,809		1.9
			Kreditanstalt fuer Wiederaufbau
	250,000		2.000%, 11/30/21		256,193		0.9
			Nederlandse Waterschapsbank NV
	250,000	g	3.125%, 12/05/22		266,293		0.9
	250,000	g	1.750%, 01/15/25		261,825		0.9
			Perusahaan Penerbit SBSN Indonesia III
	500,000	g	3.750%, 03/01/23		497,980		1.7
			Province of Ontario Canada
	250,000		1.750%, 01/24/23		256,253		0.9
			Other		502,275		1.8
					3,089,917		10.8
MUNICIPAL BONDS
			Grant County Public Utility District No 2
	600,000		1.544%, 01/01/23		604,266		2.1
			Warm Springs Reservation Confederated Tribe
	450,000		2.550%–3.050%, 11/01/20–11/01/24		456,453		1.6
			Other		1,210,668		4.3
					2,271,387		8.0
U.S. TREASURY SECURITIES
			United States Treasury Note
	500,000		2.500%, 01/31/21		510,000		1.8
	285,000		1.625%, 12/31/21		291,958		1.0
	1,500,000		2.625%, 12/31/23		1,629,258		5.7
	500,000		1.750%–2.500%, 05/31/20–07/31/21		506,182		1.8
					2,937,398		10.3
		TOTAL GOVERNMENT BONDS (Cost $9,811,784)			10,110,916		35.4
STRUCTURED ASSETS
ASSET BACKED
			HERO Funding Trust
			Series - 2016 1A (Class A)
	276,631	g	4.050%, 09/20/41		287,076		1.0
			Series - 2016 3A (Class A2)
	430,225	g	3.910%, 09/20/42		447,110		1.6
			Sunrun Atlas Issuer LLC
			Series - 2019 2 (Class A)
	496,891	g	3.610%, 02/01/55		376,079		1.3

						% of net
Principal			Issuer	Value		assets
ASSET BACKED—continued
			Sunrun Callisto Issuer LLC
			Series - 2019 1A (Class A)
$	463,693	g	3.980%, 06/30/54	$	352,043		1.2	%
			Tesla Auto Lease Trust
	408,592	g	2.200%–3.710%, 08/20/21–11/21/22		403,873		1.5
			Other		351,752		1.2
					2,217,933		7.8
OTHER MORTGAGE BACKED
			GRACE Mortgage Trust
			Series - 2014 GRCE (Class A)
	275,000	g	3.369%, 06/10/28		276,396		1.0
			Other		1,399,935		4.9
					1,676,331		5.9
		TOTAL STRUCTURED ASSETS (Cost $4,269,189)			3,894,264		13.7
		TOTAL BONDS (Cost $27,579,899)			27,156,297		95.0
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
	800,000		0.560%, 04/15/20		799,997		2.8
					799,997		2.8
		TOTAL SHORT-TERM INVESTMENTS (Cost $799,997)			799,997		2.8
		TOTAL PORTFOLIO (Cost $28,853,585)			28,383,695		99.3
		OTHER ASSETS & LIABILITIES, NET			194,296		0.7
		NET ASSETS		$	28,577,991		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, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/20, the aggregate value of these securities, including those in “Other,” is $9,772,622 or 34.2% of net assets.
i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

“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.

56 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments

Short-Term Bond Fund  ■  March 31, 2020

						% of net
Principal			Issuer	Value		assets
BANK LOAN OBLIGATIONS
CAPITAL GOODS				$	654,710	0.0	%
COMMERCIAL & PROFESSIONAL SERVICES					322,011	0.0
CONSUMER SERVICES					4,544,062	0.2
INSURANCE					1,501,943	0.1
MATERIALS					418,778	0.0
MEDIA & ENTERTAINMENT					2,953,792	0.2
SOFTWARE & SERVICES					3,630,219	0.2
TECHNOLOGY HARDWARE & EQUIPMENT					1,333,771	0.1
TRANSPORTATION					3,030,583	0.2
UTILITIES					3,893,839	0.2
		TOTAL BANK LOAN OBLIGATIONS (Cost $24,489,624)			22,283,708	1.2
BONDS
CORPORATE BONDS
BANKS
			Bank of America Corp
$	10,000,000		2.328%, 10/01/21		9,984,640	0.5
	8,700,000		3.499%, 05/17/22		8,802,234	0.5
			Bank of Montreal
	9,000,000	g	2.500%, 01/11/22		9,280,663	0.5
			CitiBank NA
	20,000,000		2.100%–3.165%, 06/12/20–05/20/22		20,028,887	1.1
			Dexia Credit Local S.A.
	10,000,000	g	2.875%, 01/29/22		10,390,186	0.6
			HSBC Bank Canada
	16,000,000	g	1.650%, 09/10/22		16,196,691	0.9
			JPMorgan Chase Bank NA
	26,500,000		3.086%, 04/26/21		26,488,953	1.5
			Royal Bank of Canada
	10,000,000	g	3.350%, 10/22/21		10,346,707	0.6
			Wells Fargo Bank NA
	12,670,000		3.325%, 07/23/21		12,690,724	0.7
			Other		138,625,926	7.6
					262,835,611	14.5
CAPITAL GOODS					23,092,757	1.3
COMMERCIAL & PROFESSIONAL SERVICES					1,954,980	0.1
CONSUMER DURABLES & APPAREL					3,168,000	0.2
DIVERSIFIED FINANCIALS
			Federation des Caisses Desjardins du Quebec
	16,800,000	g	1.950%, 09/26/22		16,824,685	0.9
			Morgan Stanley
	7,500,000		2.800%, 06/16/20		7,498,950	0.4
			Nationwide Building Society
	7,000,000	g	1.700%, 02/13/23		7,174,526	0.4
			Other		74,937,970	4.2
					106,436,131	5.9
ENERGY					27,706,290	1.5

						% of net
Principal			Issuer	Value		assets
FOOD & STAPLES RETAILING				$	20,317,971	1.1	%
FOOD, BEVERAGE & TOBACCO					12,483,306	0.7
HEALTH CARE EQUIPMENT & SERVICES					4,984,436	0.3
INSURANCE					6,502,605	0.4
MATERIALS					19,095,392	1.0
MEDIA & ENTERTAINMENT					7,091,605	0.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
			AbbVie, Inc
$	10,000,000	g	2.300%, 11/21/22		9,990,798	0.6
			Other		19,443,032	1.0
					29,433,830	1.6
REAL ESTATE					10,546,166	0.6
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					2,523,307	0.1
SOFTWARE & SERVICES					10,730,024	0.6
TECHNOLOGY HARDWARE & EQUIPMENT					9,866,677	0.5
TELECOMMUNICATION SERVICES
			AT&T, Inc
	7,000,000		2.625%, 12/01/22		6,912,947	0.4
			Other		12,409,551	0.7
					19,322,498	1.1
TRANSPORTATION					8,728,550	0.5
UTILITIES					14,933,012	0.8
		TOTAL CORPORATE BONDS (Cost $606,369,563)			601,753,148	33.2
GOVERNMENT BONDS
AGENCY SECURITIES
			Iraq Government AID International Bond
	24,000,000		2.149%, 01/18/22		24,777,901	1.4
			Montefiore Medical Center
	12,175,000		2.152%, 10/20/26		12,742,117	0.7
			Reliance Industries Ltd
	7,894,737		2.444%, 01/15/26		8,129,755	0.5
			Ukraine Government AID International Bonds
	15,000,000		1.471%, 09/29/21		15,242,287	0.8
			Other		30,387,148	1.6
					91,279,208	5.0
FOREIGN GOVERNMENT BONDS
			Bermuda Government International Bond
	7,000,000	g	4.138%, 01/03/23		6,947,500	0.4
			CPPIB Capital, Inc
	9,000,000	g	2.750%, 07/22/21		9,259,310	0.5
			International Bank for Reconstruction & Development
	10,000,000		1.500%, 08/28/24		10,336,862	0.6
			International Development Association
	8,900,000	g	2.750%, 04/24/23		9,519,594	0.5
			Japan Finance Organization for Municipalities
	6,650,000	g	3.375%, 09/27/23		7,212,324	0.4

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 57

Summary portfolio of investments continued

Short-Term Bond Fund  ■  March 31, 2020

						% of net
Principal			Issuer	Value		assets
FOREIGN GOVERNMENT BONDS—continued
			Ontario Teachers’ Finance Trust
$	15,000,000	g	1.625%, 09/12/24	$	15,462,450	0.8	%
			Svensk Exportkredit AB
	6,540,000		1.750%, 12/12/23		6,773,070	0.4
			Other		114,783,961	6.4
					180,295,071	10.0
MORTGAGE BACKED					47,393	0.0
MUNICIPAL BONDS
			City of New York NY
	19,755,000		2.280%, 08/01/25		19,815,845	1.1
			Massachusetts Water Resources Authority
	10,000,000		2.083%, 08/01/25		10,210,600	0.6
			Other		11,121,790	0.6
					41,148,235	2.3
U.S. TREASURY SECURITIES
			United States Treasury Note
	10,000,000		2.125%, 06/30/21		10,247,266	0.6
	48,010,000		1.750%, 07/31/21		49,007,708	2.7
	59,505,000		1.500%, 09/30/21		60,648,612	3.3
	27,750,000		1.625%, 12/31/21		28,427,490	1.6
	85,265,000		0.500%, 03/15/23		85,797,906	4.7
	68,000,000		1.250%, 02/28/25		70,526,094	3.9
	43,000,000		1.875%, 07/31/26		46,648,281	2.6
			Other		3,478,769	0.2
					354,782,126	19.6
		TOTAL GOVERNMENT BONDS (Cost $652,426,038)			667,552,033	36.9
STRUCTURED ASSETS
ASSET BACKED
			Domino’s Pizza Master Issuer LLC
			Series - 2017 1A (Class A2II)
	14,662,500	g	3.082%, 07/25/47		14,154,151	0.8
			MVW Owner Trust
			Series - 2019 2A (Class A)
	14,270,420	g	2.220%, 10/20/38		13,099,747	0.7
			Planet Fitness Master Issuer LLC
			Series - 2018 1A (Class A2I)
	8,323,250	g	4.262%, 09/05/48		7,844,081	0.4
			TES LLC
			Series - 2017 1A (Class A)
	9,076,266	g	4.330%, 10/20/47		7,085,478	0.4
			Verizon Owner Trust
			Series - 2018 A (Class B)
	10,905,000		3.380%, 04/20/23		10,533,159	0.6
			Series - 2019 A (Class B)
	9,000,000		3.020%, 09/20/23		8,835,567	0.5
			Other		84,633,426	4.7
					146,185,609	8.1

							% of net
Principal			Issuer	Value			assets
OTHER MORTGAGE BACKED
			1166 Avenue of the Americas Commercial
			Mortgage Trust II
			Series - 2005 C6A (Class A1)
$	8,084,835	g	5.690%, 10/13/37	$	8,401,648		0.5	%
			COMM Mortgage Trust
	23,532,895	g,i	3.397%–4.731%, 08/10/29–08/10/48		21,572,880		1.2
			Connecticut Avenue Securities
			Series - 2018 C03 (Class 1EA2)
	7,785,000	i	1.797%, 10/25/30		7,364,944		0.4
	33,225,709	g,i	1.697%–3.947%, 05/25/24–01/25/40		29,677,523		1.7
			Credit Suisse Commercial Mortgage Trust
			Series - 2007 C2 (Class C)
	12,000,000	g,i	5.896%, 01/15/49		14,251,800		0.8
			JP Morgan Mortgage Trust
			Series - 2017 1 (Class A3)
	7,862,511	g,i	3.500%, 01/25/47		7,894,732		0.4
			MMAF Equipment Finance LLC
			Series - 2019 B (Class A3)
	8,000,000	g	2.010%, 12/12/24		7,819,829		0.4
			Natixis Commercial Mortgage Securities Trust
			Series - 2019 MILE (Class C)
	7,500,000	g,i	2.905%, 07/15/36		7,112,302		0.4
			Sequoia Mortgage Trust
			Series - 2017 3 (Class A4)
	8,846,176	g,i	3.500%, 04/25/47		8,886,291		0.5
			Series - 2017 6 (Class A4)
	9,398,189	g,i	3.500%, 09/25/47		9,459,737		0.5
			Series - 2018 3 (Class A4)
	27,763,815	g,i	3.500%, 03/25/48		27,637,143		1.5
			Series - 2020 1 (Class A4)
	15,769,637	g,i	3.500%, 02/25/50		15,869,650		0.9
			Structured Agency Credit Risk Debt Note (STACR)
			Series - 2017 DNA2 (Class M1)
	9,285,656	i	2.147%, 10/25/29		9,041,268		0.5
			Other		185,918,306		10.2
					360,908,053		19.9
		TOTAL STRUCTURED ASSETS (Cost $531,892,788)			507,093,662		28.0
		TOTAL BONDS (Cost $1,790,688,389)			1,776,398,843		98.1
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					14,317,092		0.8
		TOTAL SHORT-TERM INVESTMENTS (Cost $14,316,982)			14,317,092		0.8
		TOTAL PORTFOLIO (Cost $1,829,494,995)			1,812,999,643		100.1
		OTHER ASSETS & LIABILITIES, NET			(2,653,920	)	(0.1	)
		NET ASSETS		$	1,810,345,723		100.0	%

58 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments	concluded
Short-Term Bond Fund  ■  March 31, 2020

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/20, the aggregate value of these securities, including those in “Other,” is $701,189,257 or 38.7% 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.

Futures contracts outstanding as of March 31, 2020 were as follows:

	Number of												Unrealized
	long (short)												appreciation
Description	contracts			Expiration date		Notional amount				Value			(depreciation)
US Long Bond (CBT)		(40	)		06/19/20		$	(6,808,962	)	$	(7,162,500	)	$	(353,538	)
US 10 Year Note (CBT)		(115	)		06/19/20			(15,333,344	)		(15,949,062	)		(615,718	)
Total		(155	)				$	(22,142,306	)	$	(23,111,562	)	$	(969,256	)

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 59

Summary portfolio of investments

Short-Term Bond Index Fund  ■  March 31, 2020

						% of net
Principal			Issuer	Value		assets
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS				$	550,180	0.1	%
BANKS
			Bank of America Corp
$	1,500,000		2.881%, 04/24/23		1,505,760	0.2
			JPMorgan Chase & Co
	1,450,000		3.207%, 04/01/23		1,477,722	0.2
			Other		41,748,095	6.2
					44,731,577	6.6
CAPITAL GOODS					8,803,261	1.3
COMMERCIAL & PROFESSIONAL SERVICES					1,457,780	0.2
CONSUMER DURABLES & APPAREL					98,609	0.0
CONSUMER SERVICES					913,283	0.1
DIVERSIFIED FINANCIALS					27,863,473	4.1
ENERGY					9,072,199	1.4
FOOD & STAPLES RETAILING					2,663,980	0.4
FOOD, BEVERAGE & TOBACCO					6,041,800	1.0
HEALTH CARE EQUIPMENT & SERVICES					3,439,952	0.5
HOUSEHOLD & PERSONAL PRODUCTS					1,681,531	0.2
INSURANCE					2,514,772	0.4
MATERIALS					2,426,976	0.4
MEDIA & ENTERTAINMENT					3,117,459	0.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					9,186,644	1.3
REAL ESTATE					2,766,372	0.4
RETAILING					2,311,936	0.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					2,014,434	0.3
SOFTWARE & SERVICES					4,526,006	0.6
TECHNOLOGY HARDWARE & EQUIPMENT					6,361,467	1.0
TELECOMMUNICATION SERVICES					3,261,663	0.5
TRANSPORTATION					2,426,419	0.4
UTILITIES					7,991,520	1.2
		TOTAL CORPORATE BONDS (Cost $157,366,369)			156,223,293	23.2
GOVERNMENT BONDS
AGENCY SECURITIES
			Federal Home Loan Bank (FHLB)
	3,000,000		3.000%, 10/12/21		3,119,750	0.5
	1,600,000		1.625%, 11/19/21		1,630,933	0.2
	1,500,000		1.625%, 12/20/21		1,531,555	0.2
			Federal Home Loan Mortgage Corp (FHLMC)
	2,500,000		2.375%, 01/13/22		2,587,130	0.4

					% of net
Principal		Issuer	Value		assets
AGENCY SECURITIES—continued
		Federal National Mortgage Association (FNMA)
$	1,500,000	2.625%, 01/11/22	$	1,557,708	0.2	%
		Other		3,380,171	0.5
				13,807,247	2.0
FOREIGN GOVERNMENT BONDS
		Asian Development Bank
	2,500,000	1.875%, 07/19/22		2,572,155	0.4
		European Investment Bank
	2,000,000	2.375%, 05/13/21		2,040,938	0.3
	2,750,000	1.375%, 09/06/22		2,798,893	0.4
		International Bank for Reconstruction & Development
	2,000,000	1.625%, 02/10/22		2,040,379	0.3
	1,250,000	2.125%, 07/01/22		1,290,863	0.2
		Kreditanstalt fuer Wiederaufbau
	2,000,000	2.625%, 04/12/21		2,042,177	0.3
	2,000,000	1.750%, 08/22/22		2,054,721	0.3
	2,100,000	1.625%, 02/15/23		2,158,864	0.3
		Other		28,017,904	4.2
				45,016,894	6.7
U.S. TREASURY SECURITIES
		United States Treasury Note
	6,600,000	2.625%, 05/15/21		6,784,078	1.0
	8,500,000	2.125%, 05/31/21		8,696,562	1.3
	10,250,000	2.625%, 06/15/21		10,559,102	1.6
	18,800,000	1.625%, 06/30/21		19,146,625	2.8
	16,250,000	2.625%, 07/15/21		16,762,891	2.5
	6,000,000	1.750%, 07/31/21		6,124,688	0.9
	12,250,000	2.750%, 08/15/21		12,676,357	1.9
	3,000,000	1.500%, 08/31/21		3,054,609	0.5
	13,500,000	2.750%, 09/15/21		13,994,121	2.1
	8,500,000	1.500%, 09/30/21		8,663,359	1.3
	9,000,000	2.875%, 10/15/21		9,366,680	1.4
	12,000,000	1.500%, 10/31/21		12,242,344	1.8
	17,750,000	2.875%, 11/15/21		18,514,082	2.7
	25,200,000	1.500%, 11/30/21		25,735,500	3.8
	14,250,000	2.625%, 12/15/21		14,833,359	2.2
	20,850,000	1.625%, 12/31/21		21,359,033	3.2
	20,900,000	2.500%, 01/15/22		21,745,797	3.2
	2,150,000	1.375%, 01/31/22		2,195,184	0.3
	3,000,000	2.500%, 02/15/22		3,127,266	0.5
	10,000,000	2.375%, 03/15/22		10,419,531	1.5
	13,000,000	0.375%, 03/31/22		13,034,531	1.9
	12,000,000	2.250%, 04/15/22		12,490,781	1.8
	18,000,000	2.125%, 05/15/22		18,717,891	2.8
	14,000,000	1.750%, 06/15/22		14,469,766	2.1
	20,000,000	1.750%, 07/15/22		20,690,625	3.1
	13,000,000	1.500%, 08/15/22		13,395,586	2.0
	10,000,000	1.500%, 09/15/22		10,303,906	1.5
	17,400,000	1.375%, 10/15/22		17,890,055	2.6
	20,000,000	1.625%, 11/15/22		20,707,812	3.1
	23,000,000	1.625%, 12/15/22		23,845,430	3.5
	22,000,000	1.500%, 01/15/23		22,753,672	3.4
	14,000,000	1.375%, 02/15/23		14,444,062	2.1
	2,500,000	0.500%, 03/15/23		2,515,625	0.4
	3,000,000	1.250%, 02/28/25		3,111,445	0.5
		Other		1,221,481	0.2
				455,593,836	67.5

60 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments	concluded
Short-Term Bond Index Fund  ■  March 31, 2020

							% of net
Principal			Issuer	Value			assets
		TOTAL GOVERNMENT BONDS (Cost $499,620,579)		$	514,417,977		76.2	%
		TOTAL BONDS (Cost $656,986,948)			670,641,270		99.4
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Farm Credit Bank (FFCB)
$	5,000,000		0.130%, 10/27/20		4,995,936		0.7
					4,995,936		0.7
		TOTAL SHORT-TERM INVESTMENTS (Cost $4,996,226)			4,995,936		0.7
		TOTAL PORTFOLIO (Cost $661,983,174)			675,637,206		100.1
		OTHER ASSETS & LIABILITIES, NET			(955,342	)	(0.1	)
		NET ASSETS		$	674,681,864		100.0	%

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

At 3/31/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $4,381,645 or 0.6% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

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

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 61

Summary portfolio of investments

Money Market Fund  ■  March 31, 2020

					% of net
Principal		Issuer	Value		assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
		Federal Agricultural Mortgage Corp (FAMC)
$	30,000,000	0.010%, 07/17/20	$	29,959,875	1.4	%
	25,000,000	0.010%, 09/15/20		24,966,368	1.1
	34,000,000	0.010%, 09/25/20		33,924,775	1.5
	65,260,000	0.060%, 04/02/20–12/15/20		65,150,165	3.0
		Federal Farm Credit Bank (FFCB)
	25,000,000	0.010%, 05/07/20		24,986,000	1.1
	61,400,000	0.070%, 04/13/20–07/29/20		61,294,299	2.8
		Federal Home Loan Bank (FHLB)
	32,300,000	0.010%, 04/09/20		32,296,204	1.5
	30,000,000	0.010%, 04/13/20		29,984,691	1.4
	22,850,000	0.010%, 04/14/20		22,837,210	1.0
	48,570,000	0.010%, 04/15/20		48,540,614	2.2
	21,900,000	0.010%, 04/17/20		21,884,871	1.0
	25,000,000	0.010%, 04/21/20		24,978,556	1.1
	36,200,000	0.010%, 04/22/20		36,173,128	1.6
	31,360,000	0.010%, 04/27/20		31,324,444	1.4
	21,000,000	0.010%, 04/28/20		20,975,587	1.0
	23,986,000	0.010%, 04/29/20		23,956,710	1.1
	26,880,000	0.010%, 05/01/20		26,850,960	1.2
	35,345,000	0.010%, 05/04/20		35,321,175	1.6
	25,600,000	0.010%, 05/07/20		25,560,064	1.2
	26,965,000	0.010%, 05/08/20		26,940,414	1.2
	23,205,000	0.010%, 05/15/20		23,201,597	1.1
	28,100,000	0.010%, 05/20/20		28,040,204	1.3
	20,630,000	0.010%, 05/29/20		20,610,612	0.9
	35,420,000	0.010%, 06/04/20		35,396,777	1.6
	31,456,000	0.010%, 06/05/20		31,418,109	1.4
	32,590,000	0.010%, 06/12/20		32,576,964	1.5
	50,000,000	0.010%, 06/19/20		49,981,347	2.3
	28,500,000	0.010%, 07/07/20		28,484,642	1.3
	25,000,000	0.010%, 07/15/20		24,961,354	1.1
	39,805,000	0.010%, 07/17/20		39,698,831	1.8
	50,000,000	0.010%, 07/31/20		49,974,792	2.3
	25,000,000	0.010%, 08/24/20		24,964,757	1.1
	75,000,000	0.010%, 09/09/20		74,847,944	3.4
	214,268,000	0.170%, 04/01/20–09/23/20		214,050,556	9.8
		Federal Home Loan Mortgage Corp (FHLMC)
	30,000,000	0.010%, 06/17/20		29,901,611	1.4
	52,828,000	0.080%, 04/07/20–08/19/20		52,733,188	2.4
		Federal National Mortgage Association (FNMA)
	21,614,000	0.010%, 05/06/20		21,581,429	1.0
	25,270,000	0.020%, 04/08/20–05/15/20		25,238,165	1.2
				1,455,568,989	66.3
TREASURY DEBT
		United States Treasury Bill
	35,000,000	0.010%, 04/16/20		34,977,760	1.6
	24,070,000	0.010%, 04/23/20		24,047,347	1.1
	28,975,000	0.010%, 05/05/20		28,960,223	1.3
	35,230,000	0.010%, 05/14/20		35,165,167	1.6
	24,035,000	0.010%, 05/21/20		23,983,914	1.1
	20,000,000	0.010%, 05/26/20		19,999,022	0.9
	23,300,000	0.010%, 07/09/20		23,298,943	1.1
	48,568,000	0.050%, 04/02/20–07/02/20		48,512,706	2.2
		Other		17,393,650	0.8
				256,338,732	11.7

							% of net
Principal			Issuer	Value			assets
VARIABLE RATE SECURITIES
			Federal Agricultural Mortgage Corp (FAMC)
$	25,000,000	i	0.070%, 11/09/20, SOFR + 0.060%	$	25,000,000		1.1	%
	20,000,000	i	0.954%, 12/21/20, LIBOR 1 M + 0.030%		20,000,000		0.9
	25,000,000	i	0.290%, 03/23/21, SOFR + 0.280%		25,000,000		1.1
	69,750,000	i	0.050%–1.641%, 05/19/20–02/08/21,
			SOFR + 0.040%–LIBOR 1 M + 0.060%		69,750,808		3.2
			Federal Farm Credit Bank (FFCB)
	22,500,000	i	0.195%, 12/28/20, US Treasury Bill
			3 M + 0.110%		22,493,245		1.0
	25,000,000	i	0.300%, 04/23/21, SOFR + 0.290%		25,000,000		1.1
	30,500,000	i	0.090%–0.380%, 05/29/20–01/19/21,
			SOFR + 0.080%–FRED - 2.870%		30,497,337		1.4
			Federal Home Loan Bank (FHLB)
	20,000,000	i	0.250%, 12/24/20, SOFR + 0.240%		20,000,000		0.9
	25,000,000	i	0.795%, 01/11/21, LIBOR 1 M + 0.070%		25,000,000		1.2
	20,000,000	i	0.290%, 03/25/21, SOFR + 0.280%		20,000,000		0.9
	87,000,000	i	0.030%–0.140%, 05/22/20–05/14/21,
			SOFR + 0.020%–SOFR + 0.130%		86,999,210		4.0
			Federal National Mortgage Association (FNMA)
	20,000,000	i	0.290%, 04/26/21, SOFR + 0.280%		20,000,000		0.9
	23,000,000	i	0.060%–0.085%, 07/30/20–03/04/21,
			SOFR + 0.050%–SOFR + 0.075%		23,000,000		1.1
			United States Treasury Note
	50,000,000	i	0.118%, 04/30/20, US Treasury Bill
			3 M + 0.033%		49,997,647		2.3
			Other		31,996,316		1.4
					494,734,563		22.5
		TOTAL SHORT-TERM INVESTMENTS (Cost $2,206,642,284)			2,206,642,284		100.5
		TOTAL PORTFOLIO (Cost $2,206,642,284)			2,206,642,284		100.5
		OTHER ASSETS & LIABILITIES, NET			(11,608,386	)	(0.5	)
		NET ASSETS		$	2,195,033,898		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.

62 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

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TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 63

Statements of assets and liabilities

TIAA-CREF Funds  ■  March 31, 2020

											5–15 Year Laddered
						Core Impact		Core Plus			Tax-Exempt							Inflation-Linked		Short Duration			Short-Term			Short-Term Bond		Money Market
		Bond Index Fund		Core Bond Fund		Bond Fund		Bond Fund			Bond Fund		Green Bond Fund		High-Yield Fund			Bond Fund		Impact Bond Fund			Bond Fund			Index Fund		Fund
ASSETS
Portfolio investments, at value†		$	16,384,311,866	$	6,491,203,212	$	4,998,286,654	$	4,592,466,767		$	263,416,460	$	32,541,464	$	3,176,417,477		$	3,438,240,238	$	28,383,695		$	1,812,999,643		$	675,637,206	$	2,206,642,284
Cash§#			439,308		17,587,751		6,093,781		16,869,956			4,416,801		278,064		1,072,712			3,379		146,127			8,826,332			9,657,004		—
Receivable from securities transactions			260,454,091		142,329,783		152,148,134		90,861,656			—		248,472		225,343			—		7,358			10,042			3,443,436		—
Receivable for delayed delivery securities			197,616,108		187,518,435		12,076,786		198,446,476			—		—		—			—		232,500			—			—		—
Receivable from Fund shares sold			2,431,298		6,194,910		7,115,362		10,165,997			59,706		30,062		28,399,996			517,752		2			929,492			3,578		8,317,131
Dividends and interest receivable			86,440,758		36,833,892		29,672,181		27,658,592			3,056,944		237,072		52,053,657			7,857,442		157,803			8,200,218			3,673,254		633,603
Due from affiliates			615,692		977,035		—		605,983			9,939		24,641		110,839			328,750		25,341			182,135			69,633		40,345
Receivable for variation margin on open futures contracts			—		15,531		—		455,719			—		—		—			—		—			—			—		—
Receivable for variation margin on centrally cleared swap contracts			—		224,207		—		—			—		—		—			—		—			—			—		—
Unrealized appreciation on forward foreign currency contracts			—		16,607		—		16,607			—		—		—			—		—			—			—		—
Other			511,556		310,611		74,310		222,934			46,343		333		—			199,837		319			117,597			11,102		—
Total assets			16,932,820,677		6,883,211,974		5,205,467,208		4,937,770,687			271,006,193		33,360,108		3,258,280,024			3,447,147,398		28,953,145			1,831,265,459			692,495,213		2,215,633,363
LIABILITIES
Management fees payable			1,458,740		1,657,403		1,440,055		1,156,051			58,815		11,601		943,515			707,650		7,329			398,639			41,663		159,854
Service agreement fees payable			99,086		382,934		432,464		134,426			183		1,441		68,449			77,532		656			58,762			17,678		59,689
Distribution fees payable			9,199		24,853		54,225		66,156			57,033		777		63,163			32,032		385			38,585			759		116,127
Due to affiliates			101,309		57,861		41,916		48,257			15,653		22,187		43,082			41,784		22,175			35,887			28,713		29,145
Overdraft payable			—		—		—		—			—		—		—			—		—			—			—		10,403
Payable for securities transactions			242,078,934		36,690,128		212,279,768		107,772,012			—		—		523,000			—		—			—			9,532,386		15,000,000
Payable for delayed delivery securities			5,350,687		143,411,866		32,259,340		205,461,429			—		—		—			—		248,750			—			—		—
Payable for unfunded loan commitment			—		109,875		—		—			—		—		—			—		—			—			—		—
Payable for Fund shares redeemed			108,086,865		84,930,158		11,449,259		46,940,405			337,236		1,221		5,591,493			18,392,897		1,933			16,775,210			7,128,875		5,000,556
Income distribution payable			14,064,413		11,106,606		2,406,108		9,015,073			41,878		61,589		3,096,225			—		55,384			2,326,649			978,326		29,721
Payable for variation margin on open futures contracts			—		—		—		—			—		—		—			—		—			968,867			—		—
Unrealized depreciation on forward foreign currency contracts			—		52,319		32,772		65,939			—		—		—			—		—			—			—		—
Payable for trustee compensation			521,771		330,717		76,954		234,560			46,525		354		242,515			202,074		340			130,531			11,298		938
Accrued expenses and other payables			1,088,492		408,460		444,104		293,991			59,046		39,096		356,469			218,590		38,202			186,606			73,651		193,032
Total liabilities			372,859,496		279,163,180		260,916,965		371,188,299			616,369		138,266		10,927,911			19,672,559		375,154			20,919,736			17,813,349		20,599,465
NET ASSETS		$	16,559,961,181	$	6,604,048,794	$	4,944,550,243	$	4,566,582,388		$	270,389,824	$	33,221,842	$	3,247,352,113		$	3,427,474,839	$	28,577,991		$	1,810,345,723		$	674,681,864	$	2,195,033,898
NET ASSETS CONSIST OF:
Paid-in-capital		$	15,545,985,622	$	6,501,563,342	$	4,908,237,969	$	4,603,488,545		$	266,278,325	$	33,053,039	$	3,887,981,657		$	3,333,699,673	$	29,019,468		$	1,837,528,792		$	662,412,742	$	2,195,008,459
Total distributable earnings (loss)			1,013,975,559		102,485,452		36,312,274		(36,906,157	)		4,111,499		168,803		(640,629,544	)		93,775,166		(441,477	)		(27,183,069	)		12,269,122		25,439
NET ASSETS		$	16,559,961,181	$	6,604,048,794	$	4,944,550,243	$	4,566,582,388		$	270,389,824	$	33,221,842	$	3,247,352,113		$	3,427,474,839	$	28,577,991		$	1,810,345,723		$	674,681,864	$	2,195,033,898
†	Portfolio investments, cost	$	15,406,438,451	$	6,435,901,537	$	4,991,200,313	$	4,649,901,286		$	260,154,163	$	32,471,167	$	3,601,188,142		$	3,340,790,760	$	28,853,585		$	1,829,494,995		$	661,983,174	$	2,206,642,284
§	Includes cash collateral for mortgage dollar rolls of	$	—	$	17,350,000	$	2,927,560	$	9,600,000		$	—	$	—	$	—		$	—	$	—		$	—		$	—	$	—
#	Includes cash collateral for open futures or open swap contracts of	$	—	$	12,950	$	—	$	831,880		$	—	$	—	$	—		$	—	$	—		$	472,750		$	—	$	—

64 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 65

Statements of assets and liabilities concluded

TIAA-CREF Funds  ■  March 31, 2020

									5–15 Year Laddered
					Core Impact		Core Plus		Tax-Exempt						Inflation-Linked		Short Duration		Short-Term		Short-Term Bond		Money Market
	Bond Index Fund		Core Bond Fund		Bond Fund		Bond Fund		Bond Fund		Green Bond Fund		High-Yield Fund		Bond Fund		Impact Bond Fund		Bond Fund		Index Fund		Fund
INSTITUTIONAL CLASS:
Net assets	$	10,054,559,230	$	1,753,878,535	$	3,223,140,801	$	1,383,899,196	$	4,946,382	$	21,857,473	$	2,281,684,550	$	1,692,282,301	$	22,112,345	$	616,292,063	$	54,734,980	$	1,089,417,094
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		881,607,630		167,322,919		309,582,555		133,297,570		471,020		2,138,353		273,083,217		146,603,610		2,242,299		60,315,120		5,407,052		1,089,396,979
Net asset value per share	$	11.40	$	10.48	$	10.41	$	10.38	$	10.50	$	10.22	$	8.36	$	11.54	$	9.86	$	10.22	$	10.12	$	1.00
ADVISOR CLASS:
Net assets	$	17,004,533	$	906,705,813	$	930,083,012	$	211,365,580	$	965,874	$	1,069,338	$	4,668,919	$	141,820,866	$	986,105	$	169,157,881	$	645,177	$	1,224,642
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,490,798		86,441,449		89,285,577		20,341,323		92,021		104,616		559,204		12,283,727		100,000		16,561,331		63,735		1,224,599
Net asset value per share	$	11.41	$	10.49	$	10.42	$	10.39	$	10.50	$	10.22	$	8.35	$	11.55	$	9.86	$	10.21	$	10.12	$	1.00
PREMIER CLASS:
Net assets	$	25,927,046	$	13,685,255	$	30,850,438	$	9,430,976	$	—	$	1,022,167	$	19,372,217	$	3,068,440	$	986,159	$	4,194,501	$	620,876	$	441,375,046
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,273,592		1,304,941		2,961,735		908,470		—		100,000		2,315,599		266,303		100,000		410,150		61,381		441,369,309
Net asset value per share	$	11.40	$	10.49	$	10.42	$	10.38	$	—	$	10.22	$	8.37	$	11.52	$	9.86	$	10.23	$	10.12	$	1.00
RETIREMENT CLASS:
Net assets	$	449,367,929	$	208,899,159	$	527,044,484	$	394,610,619	$	—	$	6,457,314	$	294,163,835	$	188,609,357	$	3,260,336	$	112,810,169	$	83,232,491	$	330,962,879
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		39,383,513		19,569,101		50,611,188		37,961,049		—		631,687		35,194,577		16,216,025		330,576		11,028,053		8,223,035		330,956,311
Net asset value per share	$	11.41	$	10.67	$	10.41	$	10.40	$	—	$	10.22	$	8.36	$	11.63	$	9.86	$	10.23	$	10.12	$	1.00
RETAIL CLASS:
Net assets	$	29,640,662	$	106,363,358	$	233,431,508	$	298,496,353	$	264,477,568	$	2,815,550	$	268,803,536	$	149,026,865	$	1,233,046	$	173,174,302	$	3,114,943	$	332,054,237
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,597,571		9,973,632		22,434,813		28,695,133		25,160,381		275,410		32,027,672		13,249,290		125,037		16,936,038		307,781		332,036,289
Net asset value per share	$	11.41	$	10.66	$	10.40	$	10.40	$	10.51	$	10.22	$	8.39	$	11.25	$	9.86	$	10.23	$	10.12	$	1.00
CLASS W:
Net assets	$	5,983,461,781	$	3,614,516,674	$	—	$	2,268,779,664	$	—	$	—	$	378,659,056	$	1,252,667,010	$	—	$	734,716,807	$	532,333,397	$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		524,586,144		344,784,831		—		218,522,668		—		—		45,320,100		108,517,779		—		71,909,044		52,590,954		—
Net asset value per share	$	11.41	$	10.48	$	—	$	10.38	$	—	$	—	$	8.36	$	11.54	$	—	$	10.22	$	10.12	$	—

66 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 67

Statements of operations

TIAA-CREF Funds ■ For the year ended March 31, 2020

														5–15 Year Laddered
								Core Impact			Core Plus			Tax-Exempt									Inflation-Linked			Short Duration			Short-Term			Short-Term Bond			Money Market
		Bond Index Fund			Core Bond Fund			Bond Fund			Bond Fund			Bond Fund			Green Bond Fund			High-Yield Fund			Bond Fund			Impact Bond Fund			Bond Fund			Index Fund			Fund
INVESTMENT INCOME
Interest*		$	439,915,541		$	217,279,583		$	128,882,472		$	160,197,974		$	7,670,912		$	1,081,639		$	226,236,465		$	93,585,957		$	873,677		$	62,091,486		$	14,136,690		$	29,425,079
Dividends			—			4,169			399,989			16,682			—			9,784			1,367,151			—			—			—			—			—
Total income			439,915,541			217,283,752			129,282,461			160,214,656			7,670,912			1,091,423			227,603,616			93,585,957			873,677			62,091,486			14,136,690			29,425,079
EXPENSES
Management fees			16,154,653			19,261,749			14,290,338			13,659,540			699,638			121,519			12,849,695			8,204,879			84,027			5,245,754			425,207			1,514,845
Shareholder servicing – Institutional Class			9,439			2,660			31,753			6,913			97			—			8,496			4,094			—			1,451			551			804
Shareholder servicing – Advisor Class			7,736			1,325,868			799,764			142,497			476			54			12,608			151,863			28			121,584			1,137			831
Shareholder servicing – Premier Class			70			57			6,075			44			—			41			74			34			40			29			44			4,045
Shareholder servicing – Retirement Class			881,339			525,165			1,324,042			1,073,337			—			9,446			917,870			521,874			5,603			308,981			167,210			578,416
Shareholder servicing – Retail Class			16,535			42,982			61,317			176,553			69,910			2,707			97,438			91,764			2,003			79,971			3,572			276,168
Shareholder servicing – Class W			3,763			2,670			—			1,860			—			—			592			1,216			—			783			664			—
Distribution fees – Premier Class			37,268			22,122			53,555			16,660			—			1,587			37,585			4,820			1,524			8,280			1,093			331,808
Distribution fees – Retail Class			61,341			270,881			510,910			755,098			681,197			5,378			810,533			367,558			2,750			433,718			7,343			764,792
Administrative service fees			352,308			204,567			143,500			166,715			52,111			77,104			150,676			145,304			77,066			125,416			99,821			97,877
Trustee fees and expenses			185,455			81,241			47,912			56,898			3,394			343			47,513			41,259			323			26,102			6,940			17,555
Custody and accounting fees			178,891			100,264			53,147			81,879			20,171			20,706			42,672			33,782			20,512			33,909			23,790			54,683
Registration fees			175,139			137,085			150,801			107,945			64,315			85,678			118,588			99,151			84,021			121,737			81,752			146,794
Professional fees			159,970			97,832			85,598			85,806			36,877			32,168			79,232			57,170			34,763			62,074			52,891			45,113
Other expenses			1,337,062			602,695			692,060			295,617			55,375			30,933			356,724			209,372			29,977			162,979			88,008			138,838
Total expenses			19,560,969			22,677,838			18,250,772			16,627,362			1,683,561			387,664			15,530,296			9,934,140			342,637			6,732,768			960,023			3,972,569
Less: Expenses reimbursed by the investment adviser			(6,344,609	)		(11,610,813	)		—			(7,417,042	)		(92,342	)		(237,297	)		(988,026	)		(2,962,241	)		(233,716	)		(2,312,804	)		(625,793	)		(291,359	)
Fee waiver by investment adviser and Nuveen Securities, LLC§			—			—			—			—			—			—			(346,394	)		(636,712	)		—			—			—			—
Net expenses			13,216,360			11,067,025			18,250,772			9,210,320			1,591,219			150,367			14,195,876			6,335,187			108,921			4,419,964			334,230			3,681,210
Net investment income (loss)			426,699,181			206,216,727			111,031,689			151,004,336			6,079,693			941,056			213,407,740			87,250,770			764,756			57,671,522			13,802,460			25,743,869
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments			79,162,493			114,783,727			73,536,598			91,231,847			1,197,718			252,339			(78,614,293	)		(4,381,953	)		135,821			16,319,677			1,423,659			33,150
Futures contracts			—			—			—			—			—			—			—			(1,601,252	)		—			(6,394,156	)		—			—
Forward foreign currency contracts			—			—			385,170			—			—			—			—			—			—			—			—			—
Swap contracts			—			1,753,091			—			203,031			—			—			(2,698,220	)		—			—			—			—			—
Foreign currency transactions			—			(9,672	)		(28	)		(59,859	)		—			—			—			—			—			—			—			—
Net realized gain (loss) on total investments			79,162,493			116,527,146			73,921,740			91,375,019			1,197,718			252,339			(81,312,513	)		(5,983,205	)		135,821			9,925,521			1,423,659			33,150
Change in unrealized appreciation (depreciation) on:
Portfolio investments			896,860,957			7,540,383			(33,455,241	)		(79,276,343	)		(2,288,242	)		(662,145	)		(400,276,400	)		68,450,858			(651,913	)		(16,876,278	)		12,013,817			—
Futures contracts			—			15,514			—			454,835			—			—			—			465,471			—			153,520			—			—
Forward foreign currency contracts			—			(35,712	)		(32,772	)		(49,332	)		—			—			—			—			—			—			—			—
Swap contracts			—			1,526,947			—			885,038			—			—			—			—			—			—			—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			—			(5,661	)		(197	)		(5,755	)		—			—			—			—			—			—			—			—
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments			896,860,957			9,041,471			(33,488,210	)		(77,991,557	)		(2,288,242	)		(662,145	)		(400,276,400	)		68,916,329			(651,913	)		(16,722,758	)		12,013,817			—
Net realized and unrealized gain (loss) on total investments			976,023,450			125,568,617			40,433,530			13,383,462			(1,090,524	)		(409,806	)		(481,588,913	)		62,933,124			(516,092	)		(6,797,237	)		13,437,476			33,150
Net increase (decrease) in net assets from operations		$	1,402,722,631		$	331,785,344		$	151,465,219		$	164,387,798		$	4,989,169		$	531,250		$	(268,181,173	)	$	150,183,894		$	248,664		$	50,874,285		$	27,239,936		$	25,777,019
*	Net of foreign withholding taxes of	$	—		$	170,674		$	2,985		$	150,047		$	—		$	—		$	—		$	—		$	—		$	2,619		$	473		$	—
§	As described in Note 1, TPIS merged into Nuveen Securities, LLC on September 30, 2019.

68 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 69

Statements of changes in net assets

TIAA-CREF Funds  ■  For the period or year ended

		Bond Index Fund						Core Bond Fund						Core Impact Bond Fund						Core Plus Bond Fund						5–15 Year Laddered Tax-Exempt Bond Fund						Green Bond Fund
		March 31, 2020			March 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020			March 31, 2019*
OPERATIONS
Net investment income (loss)		$	426,699,181		$	289,879,893		$	206,216,727		$	179,459,151		$	111,031,689		$	75,437,808		$	151,004,336		$	142,512,864		$	6,079,693		$	6,141,162		$	941,056		$	350,115
Net realized gain (loss) on total investments			79,162,493			(29,370,450	)		116,527,146			(34,718,269	)		73,921,740			(2,731,497	)		91,375,019			(31,489,922	)		1,197,718			486,315			252,339			109,026
Net change in unrealized appreciation (depreciation) on total investments			896,860,957			226,670,357			9,041,471			107,997,481			(33,488,210	)		56,483,610			(77,991,557	)		74,361,692			(2,288,242	)		7,133,946			(662,145	)		732,442
Net increase (decrease) in net assets from operations			1,402,722,631			487,179,800			331,785,344			252,738,363			151,465,219			129,189,921			164,387,798			185,384,634			4,989,169			13,761,423			531,250			1,191,583
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(265,359,219	)		(222,285,213	)		(46,734,172	)		(84,264,953	)		(91,443,600	)		(47,487,195	)		(41,371,056	)		(75,669,394	)		(180,158	)		(50,820	)		(890,091	)		(291,739	)
	Advisor Class		(183,950	)		(20,766	)		(26,116,084	)		(20,187,157	)		(27,654,075	)		(11,318,125	)		(5,513,588	)		(921,140	)		(15,969	)		(4,545	)		(43,103	)		(13,320	)
	Premier Class		(611,330	)		(755,167	)		(394,913	)		(443,698	)		(1,146,121	)		(943,350	)		(314,466	)		(349,181	)		—			—			(40,562	)		(13,320	)
	Retirement Class		(8,297,462	)		(5,311,316	)		(5,393,901	)		(6,011,591	)		(16,708,206	)		(11,173,517	)		(11,714,337	)		(13,805,398	)		—			—			(149,650	)		(17,027	)
	Retail Class		(562,993	)		(498,977	)		(2,740,822	)		(2,712,783	)		(6,418,614	)		(4,567,095	)		(8,036,493	)		(7,878,516	)		(6,518,916	)		(6,321,080	)		(81,594	)		(14,648	)
	Class W†		(151,945,788	)		(60,994,591	)		(122,216,339	)		(65,292,643	)		—			—			(81,104,619	)		(42,908,150	)		—			—			—			—
Total distributions			(426,960,742	)		(289,866,030	)		(203,596,231	)		(178,912,825	)		(143,370,616	)		(75,489,282	)		(148,054,559	)		(141,531,779	)		(6,715,043	)		(6,376,445	)		(1,205,000	)		(350,054	)
SHAREHOLDER TRANSACTIONS
Subscriptions :	Institutional Class		5,490,275,796			2,051,352,268			1,301,445,537			902,949,225			1,856,656,914			1,020,498,408			449,751,913			501,049,755			5,435,806			4,101,579			380,454			21,056,448
	Advisor Class		18,130,840			1,124,623			186,995,009			1,009,711,596			683,834,162			420,528,881			51,442,418			18,895,564			787,190			120,045			59,981			1,000,000
	Premier Class		9,293,152			7,187,488			2,086,674			5,814,161			10,764,178			10,074,765			4,428,363			2,722,362			—			—			—			1,000,010
	Retirement Class		207,108,501			94,923,704			47,033,782			17,535,480			84,616,901			100,012,099			28,148,084			54,652,916			—			—			6,489,787			1,716,117
	Retail Class		11,778,140			3,215,759			15,115,712			9,556,773			104,565,465			93,657,404			21,811,213			16,273,666			26,985,778			17,083,620			2,540,415			1,433,029
	Class W†		2,292,367,122			901,699,418			1,158,055,113			580,901,420			—			—			526,319,799			227,101,873			—			—			—			—
Reinvestments of distributions:	Institutional Class		261,395,644			169,808,559			36,209,779			20,730,066			70,402,889			36,072,603			21,472,595			17,375,150			169,400			39,379			4,939			224
	Advisor Class		181,359			18,178			24,982,508			19,930,219			13,477,226			4,982,377			2,667,923			699,705			13,338			1,990			278			—
	Premier Class		611,330			754,917			389,814			440,088			1,061,755			896,475			310,891			349,064			—			—			—			—
	Retirement Class		8,295,590			5,309,213			5,393,098			6,011,067			16,689,375			11,141,424			11,711,291			13,805,081			—			—			109,270			3,769
	Retail Class		544,816			479,732			2,565,717			2,563,860			6,138,611			4,338,899			7,467,554			7,240,197			5,967,218			5,765,931			40,889			1,576
	Class W†		—			—			—			—			—			—			—			—			—			—			—			—
Transfers in connection with new class:	Institutional Class		—			(3,995,413,006	)		—			(3,654,605,282	)		—			—			—			(2,385,556,480	)		—			—			—			—
	Class W†		—			3,995,413,006			—			3,654,605,282			—			—			—			2,385,556,480			—			—			—			—
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		(2,765,152,186	)		(1,393,079,061	)		(634,579,619	)		(607,787,245	)		(665,978,746	)		(331,506,693	)		(352,405,136	)		(355,944,901	)		(5,553,151	)		(563,314	)		(30,224	)		(10	)
	Advisor Class		(2,948,765	)		(321,821	)		(304,273,247	)		(119,001,545	)		(321,710,883	)		(120,927,964	)		(77,011,082	)		(9,588,084	)		(31,079	)		(24	)		(11,130	)		—
	Premier Class		(6,829,307	)		(20,632,767	)		(3,844,290	)		(17,212,636	)		(18,488,933	)		(4,800,810	)		(6,089,997	)		(14,530,322	)		—			—			—			(10	)
	Retirement Class		(44,889,881	)		(26,179,478	)		(44,219,481	)		(41,303,930	)		(47,197,376	)		(15,857,677	)		(83,387,505	)		(63,515,547	)		—			—			(1,457,080	)		(142,568	)
	Retail Class		(5,627,595	)		(3,440,606	)		(23,281,135	)		(17,658,717	)		(50,543,751	)		(104,961,457	)		(42,086,558	)		(34,335,024	)		(32,891,370	)		(30,897,676	)		(1,072,003	)		(70,098	)
	Class W†		(1,244,045,335	)		(428,967,937	)		(1,355,429,151	)		(598,107,317	)		—			—			(637,053,007	)		(304,473,567	)		—			—			—			—
Net increase (decrease) from shareholder transactions			4,230,489,221			1,363,252,189			541,802,001			1,175,072,565			1,744,287,787			1,124,148,734			256,133,628			77,777,888			883,130			(4,348,470	)		7,055,576			25,998,487
Net increase (decrease) in net assets			5,206,251,110			1,560,565,959			669,991,114			1,248,898,103			1,752,382,390			1,177,849,373			272,466,867			121,630,743			(842,744	)		3,036,508			6,381,826			26,840,016
NET ASSETS
Beginning of period			11,353,710,071			9,793,144,112			5,934,057,680			4,685,159,577			3,192,167,853			2,014,318,480			4,294,115,521			4,172,484,778			271,232,568			268,196,060			26,840,016			—
End of period		$	16,559,961,181		$	11,353,710,071		$	6,604,048,794		$	5,934,057,680		$	4,944,550,243		$	3,192,167,853		$	4,566,582,388		$	4,294,115,521		$	270,389,824		$	271,232,568		$	33,221,842		$	26,840,016

70 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 71

Statements of changes in net assets continued

TIAA-CREF Funds  ■  For the period or year ended

		Bond Index Fund						Core Bond Fund						Core Impact Bond Fund						Core Plus Bond Fund						5–15 Year Laddered Tax-Exempt Bond Fund						Green Bond Fund
		March 31, 2020			March 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020			March 31, 2019*
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		505,684,309			195,409,086			124,501,386			89,646,028			175,262,612			101,563,968			42,342,394			49,465,863			504,123			397,241			35,374			2,105,534
	Advisor Class		1,630,998			107,804			17,563,405			100,026,586			64,510,714			41,810,099			4,827,676			1,856,581			71,964			11,744			5,609			100,000
	Premier Class		840,845			684,663			196,969			577,689			1,012,967			1,003,229			416,803			268,370			—			—			—			100,001
	Retirement Class		18,643,496			9,039,173			4,314,914			1,712,610			8,073,731			9,947,402			2,637,017			5,390,776			—			—			605,385			170,591
	Retail Class		1,051,210			306,299			1,397,774			933,086			9,879,563			9,332,671			2,041,882			1,604,300			2,498,176			1,659,056			239,009			142,619
	Class W†		207,099,777			85,700,826			109,382,527			57,806,619			—			—			49,564,623			22,321,518			—			—			—			—
Shares reinvested:	Institutional Class		23,443,172			16,161,332			3,401,988			2,059,912			6,638,919			3,585,197			2,013,996			1,714,857			15,654			3,796			467			22
	Advisor Class		16,067			1,728			2,350,698			1,979,972			1,269,271			494,750			249,213			68,999			1,233			193			26			—
	Premier Class		54,849			71,893			36,687			43,690			100,205			89,051			29,190			34,463			—			—			—			—
	Retirement Class		742,839			504,918			498,371			586,542			1,574,565			1,107,079			1,098,552			1,360,851			—			—			10,306			368
	Retail Class		48,851			45,642			237,254			250,401			579,508			431,575			699,175			713,211			552,056			559,995			3,852			153
	Class W†		—			—			—			—			—			—			—			—			—			—			—			—
Shares transferred in connection with new class:	Institutional Class		—			(383,069,320	)		—			(365,460,528	)		—			—			—			(236,897,366	)		—			—			—			—
	Class W†		—			383,069,320			—			365,460,528			—			—			—			236,897,366			—			—			—			—
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		(246,335,156	)		(132,802,987	)		(59,098,905	)		(60,404,924	)		(63,022,539	)		(33,065,837	)		(32,476,032	)		(35,094,861	)		(531,387	)		(55,012	)		(3,043	)		(1	)
	Advisor Class		(262,054	)		(30,398	)		(28,823,372	)		(11,860,654	)		(30,344,713	)		(12,044,288	)		(7,239,390	)		(947,834	)		(2,818	)		(2	)		(1,019	)		—
	Premier Class		(608,790	)		(1,949,123	)		(359,360	)		(1,703,849	)		(1,730,347	)		(477,752	)		(571,621	)		(1,428,517	)		—			—			—			(1	)
	Retirement Class		(4,038,095	)		(2,498,971	)		(4,106,297	)		(4,042,470	)		(4,476,301	)		(1,581,721	)		(7,888,268	)		(6,269,023	)		—			—			(140,854	)		(14,109	)
	Retail Class		(503,313	)		(327,638	)		(2,161,476	)		(1,728,860	)		(4,801,471	)		(10,448,707	)		(3,968,785	)		(3,387,478	)		(3,073,407	)		(3,007,781	)		(103,241	)		(6,982	)
	Class W†		(110,397,101	)		(40,886,678	)		(128,181,424	)		(59,683,419	)		—			—			(59,926,625	)		(30,334,214	)		—			—			—			—
Net increase (decrease) from shareholder transactions			397,111,904			129,537,569			53,285,504			116,198,959			164,526,684			111,746,716			25,141,494			7,337,862			35,594			(430,770	)		651,871			2,598,195

*	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.

72 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 73

Statements of changes in net assets continued

TIAA-CREF Funds  ■  For the period or year ended

		High-Yield Fund						Inflation-Linked Bond Fund						Short Duration Impact Bond Fund						Short-Term Bond Fund						Short-Term Bond Index Fund						Money Market Fund
		March 31, 2020			March 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020			March 31, 2019*			March 31, 2020			March 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020			March 31, 2019
OPERATIONS
Net investment income (loss)		$	213,407,740		$	232,473,104		$	87,250,770		$	51,497,813		$	764,756		$	300,396		$	57,671,522		$	46,357,710		$	13,802,460		$	9,265,761		$	25,743,869		$	19,952,098
Net realized gain (loss) on total investments			(81,312,513	)		12,470,426			(5,983,205	)		(3,837,627	)		135,821			35,298			9,925,521			(7,651,276	)		1,423,659			(2,072,523	)		33,150			(164	)
Net change in unrealized appreciation (depreciation) on total investments			(400,276,400	)		3,882,536			68,916,329			30,100,439			(651,913	)		182,023			(16,722,758	)		15,693,920			12,013,817			5,698,215			—			—
Net increase (decrease) in net assets from operations			(268,181,173	)		248,826,066			150,183,894			77,760,625			248,664			517,717			50,874,285			54,400,354			27,239,936			12,891,453			25,777,019			19,951,934
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(156,775,764	)		(176,578,184	)		(33,779,302	)		(56,267,634	)		(742,680	)		(255,211	)		(21,580,011	)		(30,633,225	)		(1,137,079	)		(4,062,710	)		(13,826,085	)		(11,559,032	)
	Advisor Class		(598,508	)		(548,206	)		(2,868,106	)		(7,276	)		(33,334	)		(11,223	)		(3,997,186	)		(52,435	)		(16,334	)		(13,822	)		(35,729	)		(5,298	)
	Premier Class		(1,371,443	)		(2,047,348	)		(59,211	)		(83,013	)		(31,827	)		(11,224	)		(138,286	)		(198,250	)		(14,976	)		(13,032	)		(3,329,337	)		(482,820	)
	Retirement Class		(19,700,573	)		(22,462,132	)		(3,627,124	)		(5,402,792	)		(68,395	)		(11,548	)		(2,927,141	)		(2,508,054	)		(1,307,867	)		(778,696	)		(3,880,553	)		(2,918,162	)
	Retail Class		(17,297,682	)		(22,019,704	)		(2,470,621	)		(2,402,231	)		(32,246	)		(11,178	)		(3,989,884	)		(2,599,779	)		(54,871	)		(40,983	)		(4,671,118	)		(4,987,078	)
	Class W†		(16,961,016	)		(8,812,747	)		(29,288,645	)		(11,496,836	)		—			—			(25,047,525	)		(10,372,643	)		(11,272,600	)		(4,356,251	)		—			—
Total distributions			(212,704,986	)		(232,468,321	)		(72,093,009	)		(75,659,782	)		(908,482	)		(300,384	)		(57,680,033	)		(46,364,386	)		(13,803,727	)		(9,265,494	)		(25,742,822	)		(19,952,390	)
SHAREHOLDER TRANSACTIONS
Subscriptions :	Institutional Class		953,544,394			1,283,532,173			370,872,285			579,134,919			1,864,571			22,414,851			316,381,053			504,903,526			23,681,868			82,488,779			711,438,174			767,794,237
	Advisor Class		10,546,605			16,513,431			34,417,666			112,087			117,000			1,000,000			31,669,297			7,843,753			32,688			466,891			1,814,498			1,373,309
	Premier Class		17,953,706			36,659,447			494,218			749,565			—			1,000,010			1,228,125			4,347,877			469,631			357,891			770,453,136			26,888,792
	Retirement Class		34,167,269			34,555,703			7,678,913			18,043,476			2,612,800			1,128,547			35,095,731			27,610,646			33,890,532			27,235,135			251,414,975			186,026,506
	Retail Class		76,570,048			81,258,023			28,304,167			5,012,646			401,322			1,143,741			11,194,452			8,019,319			1,127,424			1,324,124			176,250,137			144,104,584
	Class W†		226,932,938			42,391,830			334,044,122			146,326,712			—			—			196,819,835			185,112,218			204,033,031			77,241,507			—			—
Reinvestments of distributions:	Institutional Class		139,449,157			149,440,194			32,467,835			38,796,612			42,274			7,847			16,974,392			18,474,112			1,136,856			911,519			13,820,523			11,543,770
	Advisor Class		569,031			537,923			1,084,423			4,871			—			—			1,292,012			49,983			14,254			11,798			33,881			3,340
	Premier Class		1,369,665			2,035,397			59,210			83,013			—			—			137,957			198,249			9,807			8,071			2,923,593			482,851
	Retirement Class		19,699,391			22,457,704			3,627,104			5,402,792			37,542			693			2,926,726			2,508,061			1,307,668			778,505			3,880,484			2,918,451
	Retail Class		16,058,947			20,793,022			2,132,293			2,286,440			2,131			604			3,685,718			2,516,850			53,229			39,597			4,587,321			4,896,550
	Class W†		55			—			—			—			—			—			—			—			—			—			—			—
Transfers in connection with new class:	Institutional Class		—			(290,771,079	)		—			(1,059,464,631	)		—			—			—			(755,668,617	)		—			(342,173,951	)		—			—
	Class W†		—			290,771,079			—			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		(1,565,459,484	)		(895,635,158	)		(464,145,376	)		(452,746,592	)		(1,889,649	)		(7,211	)		(680,708,184	)		(327,816,236	)		(15,141,855	)		(24,440,736	)		(340,184,651	)		(562,773,073	)
	Advisor Class		(19,433,750	)		(8,444,970	)		(245,631,580	)		(87,634	)		(117,116	)		—			(130,337,661	)		(359,768	)		(285,826	)		(113,303	)		(2,050,015	)		(50,421	)
	Premier Class		(29,342,822	)		(137,582,049	)		(1,052,865	)		(8,150,292	)		—			(10	)		(5,687,013	)		(7,756,864	)		(513,378	)		(377,324	)		(360,216,040	)		(43,711,140	)
	Retirement Class		(99,064,417	)		(91,609,796	)		(50,079,336	)		(32,163,862	)		(399,064	)		(43,652	)		(34,871,830	)		(20,673,617	)		(5,546,960	)		(3,092,198	)		(135,300,369	)		(104,169,174	)
	Retail Class		(105,725,044	)		(402,933,767	)		(49,560,761	)		(16,163,076	)		(261,755	)		(35,000	)		(44,004,518	)		(25,155,790	)		(779,386	)		(720,984	)		(158,241,194	)		(142,704,460	)
	Class W†		(101,632,859	)		(40,901,853	)		(241,266,373	)		(89,156,803	)		—			—			(300,990,048	)		(103,812,092	)		(78,395,800	)		(27,626,684	)		—			—
Net increase (decrease) from shareholder transactions			(423,797,170	)		113,067,254			255,079,692			197,484,874			2,410,056			26,610,420			(167,998,220	)		276,010,227			165,093,783			134,492,588			940,624,453			292,624,122
Net increase (decrease) in net assets			(904,683,329	)		129,424,999			333,170,577			199,585,717			1,750,238			26,827,753			(174,803,968	)		284,046,195			178,529,992			138,118,547			940,658,650			292,623,666
NET ASSETS
Beginning of period			4,152,035,442			4,022,610,443			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			1,254,375,248			961,751,582
End of period		$	3,247,352,113		$	4,152,035,442		$	3,427,474,839		$	3,094,304,262		$	28,577,991		$	26,827,753		$	1,810,345,723		$	1,985,149,691		$	674,681,864		$	496,151,872		$	2,195,033,898		$	1,254,375,248

74 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 75

Statements of changes in net assets concluded

TIAA-CREF Funds  ■  For the period or year ended

		High-Yield Fund						Inflation-Linked Bond Fund						Short Duration Impact Bond Fund						Short-Term Bond Fund						Short-Term Bond Index Fund						Money Market Fund
		March 31, 2020			March 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020			March 31, 2019*			March 31, 2020			March 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020			March 31, 2019
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		98,427,976			134,728,162			32,168,942			51,621,562			184,073			2,241,449			30,574,618			49,400,710			2,368,426			8,394,935			711,438,174			767,794,237
	Advisor Class		1,088,094			1,752,284			2,980,603			10,035			11,550			100,000			3,077,699			767,750			3,269			47,503			1,814,498			1,373,309
	Premier Class		1,850,883			3,866,390			43,148			66,841			—			100,001			118,364			425,582			46,947			36,509			770,453,136			26,888,792
	Retirement Class		3,528,411			3,635,957			665,136			1,594,716			257,557			112,855			3,387,443			2,699,601			3,390,855			2,773,092			251,414,975			186,026,506
	Retail Class		7,900,851			8,519,231			2,531,468			461,119			39,814			114,378			1,079,271			784,632			112,685			134,664			176,250,137			144,104,585
	Class W†		25,589,539			4,513,181			29,083,259			13,185,468			—			—			19,027,349			18,025,332			20,431,018			7,844,245			—			—
Shares reinvested:	Institutional Class		14,549,599			15,752,192			2,839,344			3,492,947			4,164			780			1,637,492			1,807,425			113,584			92,703			13,820,523			11,543,770
	Advisor Class		59,101			56,888			94,594			439			—			—			124,574			4,874			1,425			1,200			33,881			3,341
	Premier Class		142,733			213,984			5,185			7,492			—			—			13,302			19,376			980			821			2,923,593			482,850
	Retirement Class		2,055,121			2,365,707			314,659			482,956			3,700			69			281,999			245,147			130,614			79,147			3,880,484			2,918,452
	Retail Class		1,669,228			2,178,996			191,224			211,187			211			60			355,163			246,066			5,320			4,027			4,587,321			4,896,551
	Class W†		6			—			—			—			—			—			—			—			—			—			—			—
Shares transferred in connection with new class:	Institutional Class		—			(30,100,526	)		—			(95,189,994	)		—			—			—			(74,085,158	)		—			(34,915,709	)		—			—
	Class W†		—			30,100,526			—			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		(163,217,798	)		(94,439,592	)		(40,319,460	)		(40,399,471	)		(187,450	)		(717	)		(65,306,829	)		(32,097,813	)		(1,514,286	)		(2,488,333	)		(340,184,650	)		(562,773,073	)
	Advisor Class		(2,037,439	)		(903,731	)		(21,309,409	)		(7,824	)		(11,550	)		—			(12,568,632	)		(35,130	)		(28,539	)		(11,516	)		(2,050,015	)		(50,421	)
	Premier Class		(3,060,252	)		(14,324,196	)		(91,940	)		(725,279	)		—			(1	)		(548,782	)		(758,668	)		(50,791	)		(38,436	)		(360,216,040	)		(43,711,140	)
	Retirement Class		(10,475,887	)		(9,689,630	)		(4,330,693	)		(2,871,074	)		(39,245	)		(4,360	)		(3,368,106	)		(2,022,582	)		(554,513	)		(315,142	)		(135,300,368	)		(104,169,174	)
	Retail Class		(11,160,257	)		(42,009,103	)		(4,416,306	)		(1,488,832	)		(25,915	)		(3,511	)		(4,252,428	)		(2,461,712	)		(77,844	)		(73,346	)		(158,241,194	)		(142,704,460	)
	Class W†		(10,481,975	)		(4,401,177	)		(20,867,113	)		(8,073,829	)		—			—			(29,079,631	)		(10,149,164	)		(7,795,300	)		(2,804,718	)		—			—
Net increase (decrease) from shareholder transactions			(43,572,066	)		11,815,543			22,916,262			17,568,453			236,909			2,661,003			(15,717,380	)		26,901,426			16,583,850			13,677,355			940,624,455			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.

76 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 77

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized and			Total gain			Less distributions from						Total			Net asset
	period or year ended		value, beginning of period		investment income (loss		)a	unrealized gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
BOND INDEX FUND
Institutional Class:	3/31/20			$10.76		$0.29			$0.64			$0.93			$(0.29	)		$     —			$(0.29	)		$11.40
	3/31/19			10.58		0.29			0.18			0.47			(0.29	)		—			(0.29	)		10.76
	3/31/18			10.75		0.26			(0.17	)		0.09			(0.26	)		(0.00	)		(0.26	)		10.58
	3/31/17			10.98		0.25			(0.23	)		0.02			(0.25	)		—			(0.25	)		10.75
	3/31/16			11.03		0.25			(0.03	)		0.22			(0.25	)		(0.02	)		(0.27	)		10.98
Advisor Class:	3/31/20			10.76		0.27			0.66			0.93			(0.28	)		—			(0.28	)		11.41
	3/31/19			10.59		0.28			0.17			0.45			(0.28	)		—			(0.28	)		10.76
	3/31/18			10.76		0.25			(0.17	)		0.08			(0.25	)		(0.00	)		(0.25	)		10.59
	3/31/17			10.98		0.25			(0.22	)		0.03			(0.25	)		—			(0.25	)		10.76
	3/31/16	‡		10.77		0.08			0.23			0.31			(0.08	)		(0.02	)		(0.10	)		10.98
Premier Class:	3/31/20			10.76		0.27			0.64			0.91			(0.27	)		—			(0.27	)		11.40
	3/31/19			10.58		0.27			0.18			0.45			(0.27	)		—			(0.27	)		10.76
	3/31/18			10.75		0.25			(0.17	)		0.08			(0.25	)		(0.00	)		(0.25	)		10.58
	3/31/17			10.98		0.23			(0.23	)		—			(0.23	)		—			(0.23	)		10.75
	3/31/16			11.03		0.23			(0.03	)		0.20			(0.23	)		(0.02	)		(0.25	)		10.98
Retirement Class:	3/31/20			10.77		0.26			0.64			0.90			(0.26	)		—			(0.26	)		11.41
	3/31/19			10.59		0.26			0.18			0.44			(0.26	)		—			(0.26	)		10.77
	3/31/18			10.75		0.24			(0.16	)		0.08			(0.24	)		(0.00	)		(0.24	)		10.59
	3/31/17			10.98		0.22			(0.23	)		(0.01	)		(0.22	)		—			(0.22	)		10.75
	3/31/16			11.04		0.22			(0.04	)		0.18			(0.22	)		(0.02	)		(0.24	)		10.98
Retail Class:	3/31/20			10.77		0.25			0.64			0.89			(0.25	)		—			(0.25	)		11.41
	3/31/19			10.59		0.26			0.18			0.44			(0.26	)		—			(0.26	)		10.77
	3/31/18			10.75		0.23			(0.16	)		0.07			(0.23	)		(0.00	)		(0.23	)		10.59
	3/31/17			10.98		0.21			(0.23	)		(0.02	)		(0.21	)		—			(0.21	)		10.75
	3/31/16			11.04		0.21			(0.04	)		0.17			(0.21	)		(0.02	)		(0.23	)		10.98
Class W:	3/31/20			10.76		0.30			0.65			0.95			(0.30	)		—			(0.30	)		11.41
	3/31/19	††		10.43		0.16			0.32			0.48			(0.15	)		—			(0.15	)		10.76
CORE BOND FUND
Institutional Class:	3/31/20			10.29		0.30			0.19			0.49			(0.30	)		—			(0.30	)		10.48
	3/31/19			10.18		0.32			0.11			0.43			(0.32	)		—			(0.32	)		10.29
	3/31/18			10.30		0.31			(0.12	)		0.19			(0.30	)		(0.01	)		(0.31	)		10.18
	3/31/17			10.45		0.29			(0.05	)		0.24			(0.29	)		(0.10	)		(0.39	)		10.30
	3/31/16			10.65		0.28			(0.07	)		0.21			(0.28	)		(0.13	)		(0.41	)		10.45
Advisor Class:	3/31/20			10.30		0.29			0.19			0.48			(0.29	)		—			(0.29	)		10.49
	3/31/19			10.18		0.31			0.12			0.43			(0.31	)		—			(0.31	)		10.30
	3/31/18			10.30		0.30			(0.11	)		0.19			(0.30	)		(0.01	)		(0.31	)		10.18
	3/31/17			10.46		0.29			(0.06	)		0.23			(0.29	)		(0.10	)		(0.39	)		10.30
	3/31/16	‡		10.39		0.09			0.20			0.29			(0.09	)		(0.13	)		(0.22	)		10.46
Premier Class:	3/31/20			10.30		0.29			0.18			0.47			(0.28	)		—			(0.28	)		10.49
	3/31/19			10.18		0.31			0.12			0.43			(0.31	)		—			(0.31	)		10.30
	3/31/18			10.30		0.29			(0.11	)		0.18			(0.29	)		(0.01	)		(0.30	)		10.18
	3/31/17			10.46		0.27			(0.06	)		0.21			(0.27	)		(0.10	)		(0.37	)		10.30
	3/31/16			10.66		0.27			(0.07	)		0.20			(0.27	)		(0.13	)		(0.40	)		10.46
Retirement Class:	3/31/20			10.48		0.28			0.19			0.47			(0.28	)		—			(0.28	)		10.67
	3/31/19			10.36		0.30			0.12			0.42			(0.30	)		—			(0.30	)		10.48
	3/31/18			10.49		0.28			(0.12	)		0.16			(0.28	)		(0.01	)		(0.29	)		10.36
	3/31/17			10.64		0.27			(0.05	)		0.22			(0.27	)		(0.10	)		(0.37	)		10.49
	3/31/16			10.84		0.26			(0.07	)		0.19			(0.26	)		(0.13	)		(0.39	)		10.64
Retail Class:	3/31/20			10.47		0.28			0.18			0.46			(0.27	)		—			(0.27	)		10.66
	3/31/19			10.35		0.30			0.12			0.42			(0.30	)		—			(0.30	)		10.47
	3/31/18			10.48		0.28			(0.12	)		0.16			(0.28	)		(0.01	)		(0.29	)		10.35
	3/31/17			10.63		0.26			(0.05	)		0.21			(0.26	)		(0.10	)		(0.36	)		10.48
	3/31/16			10.83		0.26			(0.08	)		0.18			(0.25	)		(0.13	)		(0.38	)		10.63
Class W:	3/31/20			10.29		0.33			0.19			0.52			(0.33	)		—			(0.33	)		10.48
	3/31/19	††		10.00		0.18			0.29			0.47			(0.18	)		—			(0.18	)		10.29

78 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

						Ratios and supplemental data
	For the period					Net assets at		Ratios to average net assets									Portfolio			Portfolio turnover rate excluding
	or year ended		Total return			end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			turnover rate			mortgage dollar rolls
BOND INDEX FUND
Institutional Class:	3/31/20			8.83	%	$	10,054,559		0.11	%		0.11	%		2.61	%		32	%		32	%
	3/31/19			4.55			6,445,380		0.11			0.11			2.75			20			20
	3/31/18			0.89			9,558,420		0.12			0.12			2.45			15			15
	3/31/17			0.15			7,372,654		0.12			0.12			2.27			14			14
	3/31/16			1.99			6,115,247		0.12			0.12			2.28			22			22
Advisor Class:	3/31/20			8.73			17,005		0.22			0.22			2.48			32			32
	3/31/19			4.33			1,139		0.22			0.22			2.74			20			20
	3/31/18			0.78			282		0.20			0.20			2.30			15			15
	3/31/17			0.22			4,636		0.18			0.18			2.36			14			14
	3/31/16	‡		2.84	b		102		0.34	c		0.27	c		2.23	c		22			22
Premier Class:	3/31/20			8.58			25,927		0.27			0.27			2.46			32			32
	3/31/19			4.39			21,379		0.26			0.26			2.61			20			20
	3/31/18			0.74			33,640		0.27			0.27			2.30			15			15
	3/31/17			0.00			30,001		0.27			0.27			2.10			14			14
	3/31/16			1.84			52,687		0.27			0.27			2.13			22			22
Retirement Class:	3/31/20			8.46			449,368		0.37			0.37			2.36			32			32
	3/31/19			4.29			258,787		0.36			0.36			2.53			20			20
	3/31/18			0.73			179,875		0.37			0.37			2.20			15			15
	3/31/17			(0.10	)		139,123		0.37			0.37			2.02			14			14
	3/31/16			1.64			120,858		0.37			0.37			2.03			22			22
Retail Class:	3/31/20			8.39			29,641		0.43			0.43			2.29			32			32
	3/31/19			4.20			21,544		0.44			0.44			2.43			20			20
	3/31/18			0.66			20,927		0.44			0.44			2.12			15			15
	3/31/17			(0.18	)		21,467		0.44			0.44			1.94			14			14
	3/31/16			1.55			21,540		0.46			0.46			1.94			22			22
Class W:	3/31/20			8.96			5,983,462		0.11			0.00			2.72			32			32
	3/31/19	††		4.69	b		4,605,482		0.11	c		0.00	c		2.97	c		20			20
CORE BOND FUND
Institutional Class:	3/31/20			4.75			1,753,879		0.30			0.30			2.86			133			125
	3/31/19			4.38			954,430		0.30			0.30			3.16			138			125
	3/31/18			1.83			4,343,864		0.30			0.30			2.95			155			130
	3/31/17			2.29			3,777,813		0.31			0.31			2.75			277			179
	3/31/16			2.05			2,729,221		0.31			0.31			2.72			309			166
Advisor Class:	3/31/20			4.61			906,706		0.43			0.43			2.73			133			125
	3/31/19			4.37			933,420		0.44			0.44			3.15			138			125
	3/31/18			1.74			5,148		0.38			0.38			2.95			155			130
	3/31/17			2.28			210		0.33			0.33			2.74			277			179
	3/31/16	‡		2.71	b		102		0.53	c		0.46	c		2.78	c		309			166
Premier Class:	3/31/20			4.60			13,685		0.45			0.45			2.71			133			125
	3/31/19			4.32			14,729		0.45			0.45			3.05			138			125
	3/31/18			1.67			25,584		0.45			0.45			2.79			155			130
	3/31/17			2.04			27,651		0.46			0.46			2.60			277			179
	3/31/16			1.89			30,009		0.46			0.46			2.59			309			166
Retirement Class:	3/31/20			4.56			208,899		0.55			0.55			2.61			133			125
	3/31/19			4.20			197,645		0.55			0.55			2.98			138			125
	3/31/18			1.49			213,497		0.55			0.55			2.69			155			130
	3/31/17			2.04			224,159		0.56			0.56			2.50			277			179
	3/31/16			1.80			234,458		0.56			0.56			2.45			309			166
Retail Class:	3/31/20			4.52			106,363		0.59			0.59			2.57			133			125
	3/31/19			4.16			92,455		0.60			0.60			2.93			138			125
	3/31/18			1.45			97,066		0.60			0.60			2.65			155			130
	3/31/17			1.99			90,587		0.61			0.61			2.45			277			179
	3/31/16			1.75			79,566		0.62			0.62			2.41			309			166
Class W:	3/31/20			5.06			3,614,517		0.30			0.00			3.16			133			125
	3/31/19	††		4.77	b		3,741,378		0.30	c		0.00	c		3.64	c		138			125

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 79

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized and			Total gain		Less distributions from						Total			Net asset
	period or year ended		value, beginning of period		investment income (loss		)a	unrealized gain (loss) on total investments			(loss) from investment operations		Net investment income			Net realized gains			dividends and distributions			value, end of period
CORE IMPACT BOND FUND
Institutional Class:	3/31/20			$10.28		$0.28			$ 0.20			$0.48		$(0.28	)		$(0.07	)		$(0.35	)		$10.41
	3/31/19			10.14		0.30			0.14			0.44		(0.30	)		—			(0.30	)		10.28
	3/31/18			10.18		0.27			(0.05	)		0.22		(0.26	)		—			(0.26	)		10.14
	3/31/17			10.32		0.24			(0.06	)		0.18		(0.25	)		(0.07	)		(0.32	)		10.18
	3/31/16			10.45		0.26			(0.09	)		0.17		(0.26	)		(0.04	)		(0.30	)		10.32
Advisor Class:	3/31/20			10.29		0.27			0.20			0.47		(0.27	)		(0.07	)		(0.34	)		10.42
	3/31/19			10.15		0.30			0.14			0.44		(0.30	)		—			(0.30	)		10.29
	3/31/18			10.19		0.26			(0.05	)		0.21		(0.25	)		—			(0.25	)		10.15
	3/31/17			10.32		0.21			(0.03	)		0.18		(0.24	)		(0.07	)		(0.31	)		10.19
	3/31/16	‡		10.20		0.08			0.16			0.24		(0.08	)		(0.04	)		(0.12	)		10.32
Premier Class:	3/31/20			10.29		0.27			0.20			0.47		(0.27	)		(0.07	)		(0.34	)		10.42
	3/31/19			10.15		0.28			0.14			0.42		(0.28	)		—			(0.28	)		10.29
	3/31/18			10.19		0.25			(0.05	)		0.20		(0.24	)		—			(0.24	)		10.15
	3/31/17			10.31		0.23			(0.04	)		0.19		(0.24	)		(0.07	)		(0.31	)		10.19
	3/31/16			10.45		0.25			(0.11	)		0.14		(0.24	)		(0.04	)		(0.28	)		10.31
Retirement Class:	3/31/20			10.29		0.26			0.19			0.45		(0.26	)		(0.07	)		(0.33	)		10.41
	3/31/19			10.14		0.28			0.15			0.43		(0.28	)		—			(0.28	)		10.29
	3/31/18			10.19		0.24			(0.06	)		0.18		(0.23	)		—			(0.23	)		10.14
	3/31/17			10.32		0.22			(0.05	)		0.17		(0.23	)		(0.07	)		(0.30	)		10.19
	3/31/16			10.45		0.23			(0.09	)		0.14		(0.23	)		(0.04	)		(0.27	)		10.32
Retail Class:	3/31/20			10.28		0.25			0.19			0.44		(0.25	)		(0.07	)		(0.32	)		10.40
	3/31/19			10.14		0.27			0.14			0.41		(0.27	)		—			(0.27	)		10.28
	3/31/18			10.18		0.24			(0.05	)		0.19		(0.23	)		—			(0.23	)		10.14
	3/31/17			10.31		0.22			(0.06	)		0.16		(0.22	)		(0.07	)		(0.29	)		10.18
	3/31/16			10.45		0.23			(0.10	)		0.13		(0.23	)		(0.04	)		(0.27	)		10.31
CORE PLUS BOND FUND
Institutional Class:	3/31/20			10.35		0.32			0.03			0.35		(0.32	)		—			(0.32	)		10.38
	3/31/19			10.24		0.35			0.10			0.45		(0.34	)		—			(0.34	)		10.35
	3/31/18			10.36		0.33			(0.11	)		0.22		(0.33	)		(0.01	)		(0.34	)		10.24
	3/31/17			10.47		0.33			(0.02	)		0.31		(0.32	)		(0.10	)		(0.42	)		10.36
	3/31/16			10.75		0.32			(0.16	)		0.16		(0.32	)		(0.12	)		(0.44	)		10.47
Advisor Class:	3/31/20			10.36		0.31			0.03			0.34		(0.31	)		—			(0.31	)		10.39
	3/31/19			10.25		0.34			0.11			0.45		(0.34	)		—			(0.34	)		10.36
	3/31/18			10.37		0.32			(0.11	)		0.21		(0.32	)		(0.01	)		(0.33	)		10.25
	3/31/17			10.48		0.30			0.01			0.31		(0.32	)		(0.10	)		(0.42	)		10.37
	3/31/16	‡		10.45		0.10			0.15			0.25		(0.10	)		(0.12	)		(0.22	)		10.48
Premier Class:	3/31/20			10.35		0.31			0.02			0.33		(0.30	)		—			(0.30	)		10.38
	3/31/19			10.24		0.33			0.11			0.44		(0.33	)		—			(0.33	)		10.35
	3/31/18			10.36		0.32			(0.12	)		0.20		(0.31	)		(0.01	)		(0.32	)		10.24
	3/31/17			10.47		0.31			(0.01	)		0.30		(0.31	)		(0.10	)		(0.41	)		10.36
	3/31/16			10.75		0.30			(0.16	)		0.14		(0.30	)		(0.12	)		(0.42	)		10.47
Retirement Class:	3/31/20			10.37		0.30			0.02			0.32		(0.29	)		—			(0.29	)		10.40
	3/31/19			10.26		0.32			0.11			0.43		(0.32	)		—			(0.32	)		10.37
	3/31/18			10.37		0.31			(0.11	)		0.20		(0.30	)		(0.01	)		(0.31	)		10.26
	3/31/17			10.49		0.30			(0.02	)		0.28		(0.30	)		(0.10	)		(0.40	)		10.37
	3/31/16			10.76		0.29			(0.15	)		0.14		(0.29	)		(0.12	)		(0.41	)		10.49
Retail Class:	3/31/20			10.38		0.29			0.01			0.30		(0.28	)		—			(0.28	)		10.40
	3/31/19			10.26		0.32			0.11			0.43		(0.31	)		—			(0.31	)		10.38
	3/31/18			10.38		0.30			(0.11	)		0.19		(0.30	)		(0.01	)		(0.31	)		10.26
	3/31/17			10.49		0.30			(0.02	)		0.28		(0.29	)		(0.10	)		(0.39	)		10.38
	3/31/16			10.77		0.29			(0.17	)		0.12		(0.28	)		(0.12	)		(0.40	)		10.49
Class W:	3/31/20			10.36		0.36			0.01			0.37		(0.35	)		—			(0.35	)		10.38
	3/31/19	††		10.07		0.19			0.29			0.48		(0.19	)		—			(0.19	)		10.36

80 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

continued

						Ratios and supplemental data
	For the period					Net assets at		Ratios to average net assets									Portfolio			Portfolio turnover rate excluding
	or year ended		Total return			end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			turnover rate			mortgage dollar rolls
CORE IMPACT BOND FUND
Institutional Class:	3/31/20			4.74	%	$	3,223,141		0.36	%		0.36	%		2.68	%		115	%f		110	%f
	3/31/19			4.47			1,961,314		0.37			0.37			3.02			90			82
	3/31/18			2.14			1,203,023		0.39			0.39			2.61			112			89
	3/31/17			1.73			618,298		0.40			0.40			2.36			182			115
	3/31/16			1.64			377,577		0.41			0.40			2.50			107			107
Advisor Class:	3/31/20			4.64			930,083		0.46			0.46			2.58			115	f		110	f
	3/31/19			4.39			554,143		0.44			0.44			2.97			90			82
	3/31/18			2.09			239,374		0.44			0.44			2.55			112			89
	3/31/17			1.68			113,376		0.53			0.52			2.13			182			115
	3/31/16	‡		2.40	b		102		0.63	c		0.55	c		2.53	c		107			107
Premier Class:	3/31/20			4.57			30,850		0.53			0.53			2.51			115	f		110	f
	3/31/19			4.28			36,827		0.55			0.55			2.84			90			82
	3/31/18			1.99			30,079		0.54			0.54			2.44			112			89
	3/31/17			1.78			17,334		0.55			0.55			2.24			182			115
	3/31/16			1.39			29,475		0.56			0.55			2.43			107			107
Retirement Class:	3/31/20			4.38			527,044		0.61			0.61			2.43			115	f		110	f
	3/31/19			4.31			467,437		0.62			0.62			2.77			90			82
	3/31/18			1.79			364,848		0.64			0.64			2.34			112			89
	3/31/17			1.58			263,594		0.65			0.65			2.12			182			115
	3/31/16			1.39			223,415		0.66			0.65			2.28			107			107
Retail Class:	3/31/20			4.35			233,432		0.64			0.64			2.40			115	f		110	f
	3/31/19			4.18			172,447		0.65			0.65			2.72			90			82
	3/31/18			1.88			176,995		0.65			0.65			2.33			112			89
	3/31/17			1.56			107,219		0.67			0.67			2.10			182			115
	3/31/16			1.26			72,933		0.69			0.68			2.23			107			107
CORE PLUS BOND FUND
Institutional Class:	3/31/20			3.31			1,383,899		0.30			0.30			3.04			94	f		85	f
	3/31/19			4.56			1,185,094		0.30			0.30			3.39			106			90
	3/31/18			2.07			3,434,043		0.30			0.30			3.19			156			116
	3/31/17			3.02			2,921,905		0.31			0.31			3.12			246			154
	3/31/16			1.56			2,449,009		0.31			0.31			3.05			293			172
Advisor Class:	3/31/20			3.24			211,366		0.38			0.38			2.93			94	f		85	f
	3/31/19			4.51			35,007		0.35			0.35			3.39			106			90
	3/31/18			1.99			24,604		0.37			0.37			3.17			156			116
	3/31/17			2.98			1,658		0.40			0.40			2.98			246			154
	3/31/16	‡		2.46	b		102		0.53	c		0.46	c		3.06	c		293			172
Premier Class:	3/31/20			3.16			9,431		0.45			0.45			2.89			94	f		85	f
	3/31/19			4.41			10,707		0.45			0.45			3.25			106			90
	3/31/18			1.92			22,115		0.46			0.46			3.02			156			116
	3/31/17			2.87			41,849		0.46			0.46			2.97			246			154
	3/31/16			1.41			26,983		0.46			0.46			2.92			293			172
Retirement Class:	3/31/20			3.06			394,611		0.55			0.55			2.79			94	f		85	f
	3/31/19			4.30			436,641		0.55			0.55			3.18			106			90
	3/31/18			1.92			426,965		0.55			0.55			2.94			156			116
	3/31/17			2.67			333,416		0.56			0.56			2.87			246			154
	3/31/16			1.41			198,216		0.56			0.56			2.80			293			172
Retail Class:	3/31/20			2.90			298,496		0.61			0.61			2.73			94	f		85	f
	3/31/19			4.33			256,549		0.62			0.62			3.11			106			90
	3/31/18			1.75			264,757		0.62			0.62			2.87			156			116
	3/31/17			2.69			263,847		0.63			0.63			2.80			246			154
	3/31/16			1.25			264,536		0.63			0.63			2.73			293			172
Class W:	3/31/20			3.52			2,268,780		0.30			0.00			3.34			94	f		85	f
	3/31/19	††		4.82	b		2,370,116		0.31	c		0.00	c		3.84	c		106			90

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 81

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized and			Total gain			Less distributions from						Total			Net asset
	period or year ended		value, beginning of period		investment income (loss		)a	unrealized gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
5–15 YEAR LADDERED TAX-EXEMPT BOND FUND
Institutional Class:	3/31/20			$10.55		$0.26			$(0.03	)		$ 0.23			$(0.26	)		$(0.02	)		$(0.28	)		$10.50
	3/31/19			10.26		0.27			0.30			0.57			(0.27	)		(0.01	)		(0.28	)		10.55
	3/31/18			10.25		0.24			0.01			0.25			(0.24	)		(0.00	)d		(0.24	)		10.26
	3/31/17			10.72		0.22			(0.29	)		(0.07	)		(0.23	)		(0.17	)		(0.40	)		10.25
	3/31/16			10.82		0.22			0.06			0.28			(0.22	)		(0.16	)		(0.38	)		10.72
Advisor Class:	3/31/20			10.55		0.25			(0.02	)		0.23			(0.26	)		(0.02	)		(0.28	)		10.50
	3/31/19			10.26		0.26			0.30			0.56			(0.26	)		(0.01	)		(0.27	)		10.55
	3/31/18			10.25		0.24			0.01			0.25			(0.24	)		(0.00	)d		(0.24	)		10.26
	3/31/17			10.72		0.23			(0.30	)		(0.07	)		(0.23	)		(0.17	)		(0.40	)		10.25
	3/31/16	‡		10.75		0.07			0.13			0.20			(0.07	)		(0.16	)		(0.23	)		10.72
Retail Class:	3/31/20			10.56		0.23			(0.03	)		0.20			(0.23	)		(0.02	)		(0.25	)		10.51
	3/31/19			10.27		0.24			0.30			0.54			(0.24	)		(0.01	)		(0.25	)		10.56
	3/31/18			10.26		0.21			0.01			0.22			(0.21	)		(0.00	)d		(0.21	)		10.27
	3/31/17			10.73		0.20			(0.30	)		(0.10	)		(0.20	)		(0.17	)		(0.37	)		10.26
	3/31/16			10.84		0.19			0.05			0.24			(0.19	)		(0.16	)		(0.35	)		10.73
GREEN BOND FUND
Institutional Class:	3/31/20			10.33		0.33			(0.02	)		0.31			(0.33	)		(0.09	)		(0.42	)		10.22
	3/31/19	§		10.00		0.14			0.33			0.47			(0.14	)		—			(0.14	)		10.33
Advisor Class:	3/31/20			10.33		0.33			(0.02	)		0.31			(0.33	)		(0.09	)		(0.42	)		10.22
	3/31/19	§		10.00		0.13			0.33			0.46			(0.13	)		—			(0.13	)		10.33
Premier Class:	3/31/20			10.33		0.32			(0.02	)		0.30			(0.32	)		(0.09	)		(0.41	)		10.22
	3/31/19	§		10.00		0.13			0.33			0.46			(0.13	)		—			(0.13	)		10.33
Retirement Class:	3/31/20			10.33		0.31			(0.01	)		0.30			(0.32	)		(0.09	)		(0.41	)		10.22
	3/31/19	§		10.00		0.13			0.33			0.46			(0.13	)		—			(0.13	)		10.33
Retail Class:	3/31/20			10.33		0.30			(0.01	)		0.29			(0.31	)		(0.09	)		(0.40	)		10.22
	3/31/19	§		10.00		0.13			0.33			0.46			(0.13	)		—			(0.13	)		10.33

82 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

continued

						Ratios and supplemental data
	For the period					Net assets at		Ratios to average net assets									Portfolio
	or year ended		Total return			end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			turnover rate
5–15 YEAR LADDERED TAX-EXEMPT BOND FUND
Institutional Class:	3/31/20			2.21	%	$	4,946		0.33	%		0.30	%		2.43	%		21	%
	3/31/19			5.64			5,091		0.35			0.31			2.71			43
	3/31/18			2.48			1,401		0.38			0.35			2.31			29
	3/31/17			(0.63	)		2,418		0.37			0.35			2.04			59
	3/31/16			2.60			49,799		0.36			0.35			2.03			110
Advisor Class:	3/31/20			2.14			966		0.41			0.38			2.36			21
	3/31/19			5.58			228		0.41			0.38			2.58			43
	3/31/18			2.49			100		0.37			0.34			2.34			29
	3/31/17			(0.63	)		99		0.38			0.36			2.15			59
	3/31/16	‡		1.85	b		101		0.58	c		0.50	c		2.00	c		110
Retail Class:	3/31/20			1.93			264,478		0.61			0.58			2.17			21
	3/31/19			5.34			265,913		0.63			0.60			2.34			43
	3/31/18			2.20			266,695		0.65			0.62			2.06			29
	3/31/17			(0.90	)		281,643		0.65			0.63			1.87			59
	3/31/16			2.22			296,355		0.63			0.63			1.75			110
GREEN BOND FUND
Institutional Class:	3/31/20			2.94			21,857		1.21			0.45			3.15			37
	3/31/19	§		4.71	b		21,751		2.99	c		0.45	c		3.68	c		31	b
Advisor Class:	3/31/20			2.93			1,069		1.22			0.46			3.14			37
	3/31/19	§		4.66	b		1,033		3.37	c		0.60	c		3.53	c		31	b
Premier Class:	3/31/20			2.79			1,022		1.37			0.60			3.00			37
	3/31/19	§		4.66	b		1,033		3.52	c		0.60	c		3.53	c		31	b
Retirement Class:	3/31/20			2.77			6,457		1.47			0.62			2.96			37
	3/31/19	§		4.65	b		1,620		3.54	c		0.62	c		3.60	c		31	b
Retail Class:	3/31/20			2.69			2,816		1.59			0.71			2.87			37
	3/31/19	§		4.62	b		1,403		3.92	c		0.71	c		3.50	c		31	b

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 83

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized and			Total gain			Less distributions from					Total			Net asset
	period or year ended		value, beginning of period		investment income (loss)a			unrealized gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains		dividends and distributions			value, end of period
HIGH-YIELD FUND
Institutional Class:	3/31/20			$9.61		$0.54			$(1.25	)		$(0.71	)		$(0.54	)		$—		$(0.54	)		$8.36
	3/31/19			9.56		0.56			0.05			0.61			(0.56	)		—		(0.56	)		9.61
	3/31/18			9.80		0.51			(0.24	)		0.27			(0.51	)		—		(0.51	)		9.56
	3/31/17			9.02		0.56			0.78			1.34			(0.56	)		—		(0.56	)		9.80
	3/31/16			9.94		0.55			(0.92	)		(0.37	)		(0.55	)		—		(0.55	)		9.02
Advisor Class:	3/31/20			9.60		0.53			(1.25	)		(0.72	)		(0.53	)		—		(0.53	)		8.35
	3/31/19			9.56		0.55			0.03			0.58			(0.54	)		—		(0.54	)		9.60
	3/31/18			9.80		0.49			(0.23	)		0.26			(0.50	)		—		(0.50	)		9.56
	3/31/17			9.01		0.53			0.81			1.34			(0.55	)		—		(0.55	)		9.80
	3/31/16	‡		9.17		0.18			(0.16	)		0.02			(0.18	)		—		(0.18	)		9.01
Premier Class:	3/31/20			9.62		0.53			(1.25	)		(0.72	)		(0.53	)		—		(0.53	)		8.37
	3/31/19			9.57		0.54			0.05			0.59			(0.54	)		—		(0.54	)		9.62
	3/31/18			9.81		0.49			(0.24	)		0.25			(0.49	)		—		(0.49	)		9.57
	3/31/17			9.02		0.54			0.79			1.33			(0.54	)		—		(0.54	)		9.81
	3/31/16			9.94		0.53			(0.91	)		(0.38	)		(0.54	)		—		(0.54	)		9.02
Retirement Class:	3/31/20			9.61		0.52			(1.25	)		(0.73	)		(0.52	)		—		(0.52	)		8.36
	3/31/19			9.57		0.53			0.04			0.57			(0.53	)		—		(0.53	)		9.61
	3/31/18			9.81		0.48			(0.24	)		0.24			(0.48	)		—		(0.48	)		9.57
	3/31/17			9.02		0.53			0.79			1.32			(0.53	)		—		(0.53	)		9.81
	3/31/16			9.94		0.52			(0.91	)		(0.39	)		(0.53	)		—		(0.53	)		9.02
Retail Class:	3/31/20			9.65		0.52			(1.26	)		(0.74	)		(0.52	)		—		(0.52	)		8.39
	3/31/19			9.61		0.53			0.04			0.57			(0.53	)		—		(0.53	)		9.65
	3/31/18			9.85		0.48			(0.24	)		0.24			(0.48	)		—		(0.48	)		9.61
	3/31/17			9.06		0.53			0.79			1.32			(0.53	)		—		(0.53	)		9.85
	3/31/16			9.98		0.52			(0.91	)		(0.39	)		(0.53	)		—		(0.53	)		9.06
Class W:	3/31/20			9.61		0.57			(1.25	)		(0.68	)		(0.57	)		—		(0.57	)		8.36
	3/31/19	††		9.66		0.30			(0.05	)		0.25			(0.30	)		—		(0.30	)		9.61
INFLATION-LINKED BOND FUND
Institutional Class:	3/31/20			11.29		0.29			0.20			0.49			(0.24	)		—		(0.24	)		11.54
	3/31/19			11.28		0.24			0.05			0.29			(0.28	)		—		(0.28	)		11.29
	3/31/18			11.48		0.23			(0.20	)		0.03			(0.23	)		—		(0.23	)		11.28
	3/31/17			11.53		0.27			(0.14	)		0.13			(0.18	)		—		(0.18	)		11.48
	3/31/16			11.52		0.16			(0.11	)		0.05			(0.04	)		—		(0.04	)		11.53
Advisor Class:	3/31/20			11.29		0.21			0.28			0.49			(0.23	)		—		(0.23	)		11.55
	3/31/19			11.28		0.16			0.12			0.28			(0.27	)		—		(0.27	)		11.29
	3/31/18			11.48		0.21			(0.20	)		0.01			(0.21	)		—		(0.21	)		11.28
	3/31/17			11.53		0.30			(0.18	)		0.12			(0.17	)		—		(0.17	)		11.48
	3/31/16	‡		11.24		(0.04	)		0.37			0.33			(0.04	)		—		(0.04	)		11.53
Premier Class:	3/31/20			11.26		0.28			0.20			0.48			(0.22	)		—		(0.22	)		11.52
	3/31/19			11.25		0.21			0.06			0.27			(0.26	)		—		(0.26	)		11.26
	3/31/18			11.45		0.22			(0.21	)		0.01			(0.21	)		—		(0.21	)		11.25
	3/31/17			11.50		0.25			(0.14	)		0.11			(0.16	)		—		(0.16	)		11.45
	3/31/16			11.49		0.12			(0.09	)		0.03			(0.02	)		—		(0.02	)		11.50
Retirement Class:	3/31/20			11.36		0.28			0.19			0.47			(0.20	)		—		(0.20	)		11.63
	3/31/19			11.36		0.17			0.09			0.26			(0.26	)		—		(0.26	)		11.36
	3/31/18			11.56		0.21			(0.21	)		—			(0.20	)		—		(0.20	)		11.36
	3/31/17			11.61		0.24			(0.14	)		0.10			(0.15	)		—		(0.15	)		11.56
	3/31/16			11.60		0.14			(0.11	)		0.03			(0.02	)		—		(0.02	)		11.61
Retail Class:	3/31/20			10.99		0.23			0.23			0.46			(0.20	)		—		(0.20	)		11.25
	3/31/19			11.00		0.16			0.08			0.24			(0.25	)		—		(0.25	)		10.99
	3/31/18			11.20		0.19			(0.20	)		(0.01	)		(0.19	)		—		(0.19	)		11.00
	3/31/17			11.25		0.23			(0.14	)		0.09			(0.14	)		—		(0.14	)		11.20
	3/31/16			11.24		0.14			(0.12	)		0.02			(0.01	)		—		(0.01	)		11.25
Class W:	3/31/20			11.29		0.31			0.21			0.52			(0.27	)		—		(0.27	)		11.54
	3/31/19	††		11.13		0.02			0.26			0.28			(0.12	)		—		(0.12	)		11.29

84 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

continued

						Ratios and supplemental data
	For the period					Net assets at		Ratios to average net assets									Portfolio
	or year ended		Total return			end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			turnover rate
HIGH-YIELD FUND
Institutional Class:	3/31/20			(7.96	)%		$2,281,685		0.36	%		0.35	%		5.63	%		42	%
	3/31/19			6.58			3,105,793		0.36			0.36			5.86			45
	3/31/18			2.72			2,844,390		0.36			0.36			5.19			40
	3/31/17			15.24			2,417,175		0.36			0.36			5.81			52
	3/31/16			(3.84	)		2,253,957		0.36			0.36			5.86			50
Advisor Class:	3/31/20			(8.08	)		4,669		0.47			0.47			5.50			42
	3/31/19			6.34			13,910		0.47			0.47			5.80			45
	3/31/18			2.62			5,199		0.46			0.46			5.03			40
	3/31/17			15.17			5,133		0.43			0.43			5.55			52
	3/31/16	‡		0.23	b		102		0.58	c		0.51	c		6.31	c		50
Premier Class:	3/31/20			(8.09	)		19,372		0.51			0.50			5.49			42
	3/31/19			6.41			32,528		0.51			0.51			5.54			45
	3/31/18			2.57			130,399		0.51			0.51			5.02			40
	3/31/17			15.06			144,573		0.51			0.51			5.64			52
	3/31/16			(3.87	)		73,106		0.51			0.51			5.80			50
Retirement Class:	3/31/20			(8.19	)		294,164		0.61			0.60			5.39			42
	3/31/19			6.20			385,205		0.61			0.61			5.60			45
	3/31/18			2.47			418,842		0.61			0.61			4.93			40
	3/31/17			14.95			361,397		0.61			0.61			5.55			52
	3/31/16			(3.97	)		248,713		0.61			0.61			5.61			50
Retail Class:	3/31/20			(8.27	)		268,804		0.64			0.63			5.35			42
	3/31/19			6.17			324,373		0.63			0.63			5.55			45
	3/31/18			2.47			623,780		0.62			0.62			4.91			40
	3/31/17			15.01			620,629		0.63			0.63			5.53			52
	3/31/16			(4.06	)		441,569		0.63			0.63			5.55			50
Class W:	3/31/20			(7.64	)		378,659		0.36			0.00			6.00			42
	3/31/19	††		2.69	b		290,227		0.36	c		0.00	c		6.38	c		45
INFLATION-LINKED BOND FUND
Institutional Class:	3/31/20			4.36			1,692,282		0.26			0.24			2.56			26
	3/31/19			2.67			1,634,250		0.26			0.26			2.12			21
	3/31/18			0.23			2,542,095		0.26			0.26			2.05			17
	3/31/17			1.12			2,163,413		0.26			0.26			2.31			28
	3/31/16			0.41			1,903,233		0.27			0.27			1.45			27
Advisor Class:	3/31/20			4.38			141,821		0.34			0.32			1.79			26
	3/31/19			2.52			300		0.36			0.36			1.47			21
	3/31/18			0.12			270		0.42			0.41			1.88			17
	3/31/17			1.08			225		0.28			0.28			2.62			28
	3/31/16	‡		2.90	b		103		0.48	c		0.42	c		(1.16	)c		27
Premier Class:	3/31/20			4.26			3,068		0.41			0.39			2.42			26
	3/31/19			2.44			3,490		0.41			0.41			1.86			21
	3/31/18			0.08			10,811		0.41			0.41			1.90			17
	3/31/17			0.97			11,361		0.41			0.41			2.20			28
	3/31/16			0.31			10,486		0.42			0.42			1.10			27
Retirement Class:	3/31/20			4.18			188,609		0.51			0.49			2.37			26
	3/31/19			2.31			222,321		0.51			0.51			1.50			21
	3/31/18			(0.03	)		231,263		0.51			0.51			1.81			17
	3/31/17			0.84			235,188		0.57			0.55			2.07			28
	3/31/16			0.22			217,000		0.52			0.52			1.20			27
Retail Class:	3/31/20			4.07			149,027		0.57			0.55			2.06			26
	3/31/19			2.32			101,245		0.58			0.58			1.46			21
	3/31/18			(0.14	)		110,279		0.59			0.59			1.70			17
	3/31/17			0.83			121,954		0.58			0.58			2.03			28
	3/31/16			0.18			125,137		0.58			0.58			1.27			27
Class W:	3/31/20			4.67			1,252,667		0.26			0.00			2.70			26
	3/31/19	††		2.56	b		1,132,698		0.26	c		0.00	c		0.31	c		21

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 85

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net		Net realized and			Total gain		Less distributions from						Total			Net asset
	period or year ended		value, beginning of period		investment income (loss)a		unrealized gain (loss) on total investments			(loss) from investment operations		Net investment income			Net realized gains			dividends and distributions			value, end of period
SHORT DURATION IMPACT BOND FUND
Institutional Class:	3/31/20			$10.08		$0.28		$(0.17	)		$0.11		$(0.28	)		$(0.05	)		$(0.33	)		$  9.86
	3/31/19	§		10.00		0.12		0.08			0.20		(0.12	)		—			(0.12	)		10.08
Advisor Class:	3/31/20			10.08		0.28		(0.17	)		0.11		(0.28	)		(0.05	)		(0.33	)		9.86
	3/31/19	§		10.00		0.11		0.08			0.19		(0.11	)		—			(0.11	)		10.08
Premier Class:	3/31/20			10.08		0.27		(0.17	)		0.10		(0.27	)		(0.05	)		(0.32	)		9.86
	3/31/19	§		10.00		0.11		0.08			0.19		(0.11	)		—			(0.11	)		10.08
Retirement Class:	3/31/20			10.08		0.25		(0.16	)		0.09		(0.26	)		(0.05	)		(0.31	)		9.86
	3/31/19	§		10.00		0.11		0.08			0.19		(0.11	)		—			(0.11	)		10.08
Retail Class:	3/31/20			10.08		0.25		(0.17	)		0.08		(0.25	)		(0.05	)		(0.30	)		9.86
	3/31/19	§		10.00		0.11		0.08			0.19		(0.11	)		—			(0.11	)		10.08
SHORT-TERM BOND FUND
Institutional Class:	3/31/20			10.29		0.27		(0.07	)		0.20		(0.27	)		—			(0.27	)		10.22
	3/31/19			10.25		0.26		0.04			0.30		(0.26	)		—			(0.26	)		10.29
	3/31/18			10.34		0.20		(0.08	)		0.12		(0.20	)		(0.01	)		(0.21	)		10.25
	3/31/17			10.34		0.19		—			0.19		(0.19	)		(0.00	)d		(0.19	)		10.34
	3/31/16			10.39		0.17		(0.05	)		0.12		(0.17	)		(0.00	)d		(0.17	)		10.34
Advisor Class:	3/31/20			10.29		0.26		(0.08	)		0.18		(0.26	)		—			(0.26	)		10.21
	3/31/19			10.24		0.27		0.03			0.30		(0.25	)		—			(0.25	)		10.29
	3/31/18			10.34		0.20		(0.09	)		0.11		(0.20	)		(0.01	)		(0.21	)		10.24
	3/31/17			10.33		0.19		0.01			0.20		(0.19	)		(0.00	)d		(0.19	)		10.34
	3/31/16	‡		10.31		0.05		0.02			0.07		(0.05	)		(0.00	)d		(0.05	)		10.33
Premier Class:	3/31/20			10.30		0.26		(0.07	)		0.19		(0.26	)		—			(0.26	)		10.23
	3/31/19			10.26		0.25		0.04			0.29		(0.25	)		—			(0.25	)		10.30
	3/31/18			10.35		0.18		(0.07	)		0.11		(0.19	)		(0.01	)		(0.20	)		10.26
	3/31/17			10.35		0.17		—			0.17		(0.17	)		(0.00	)d		(0.17	)		10.35
	3/31/16			10.40		0.16		(0.05	)		0.11		(0.16	)		(0.00	)d		(0.16	)		10.35
Retirement Class:	3/31/20			10.30		0.25		(0.07	)		0.18		(0.25	)		—			(0.25	)		10.23
	3/31/19			10.26		0.24		0.04			0.28		(0.24	)		—			(0.24	)		10.30
	3/31/18			10.35		0.17		(0.07	)		0.10		(0.18	)		(0.01	)		(0.19	)		10.26
	3/31/17			10.35		0.16		—			0.16		(0.16	)		(0.00	)d		(0.16	)		10.35
	3/31/16			10.40		0.15		(0.05	)		0.10		(0.15	)		(0.00	)d		(0.15	)		10.35
Retail Class:	3/31/20			10.30		0.24		(0.07	)		0.17		(0.24	)		—			(0.24	)		10.23
	3/31/19			10.26		0.23		0.04			0.27		(0.23	)		—			(0.23	)		10.30
	3/31/18			10.35		0.17		(0.08	)		0.09		(0.17	)		(0.01	)		(0.18	)		10.26
	3/31/17			10.34		0.16		0.01			0.17		(0.16	)		(0.00	)d		(0.16	)		10.35
	3/31/16			10.40		0.14		(0.06	)		0.08		(0.14	)		(0.00	)d		(0.14	)		10.34
Class W:	3/31/20			10.29		0.30		(0.07	)		0.23		(0.30	)		—			(0.30	)		10.22
	3/31/19	††		10.20		0.15		0.09			0.24		(0.15	)		—			(0.15	)		10.29

86 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

continued

						Ratios and supplemental data
	For the period					Net assets at		Ratios to average net assets									Portfolio
	or year ended		Total return			end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			turnover rate
SHORT DURATION IMPACT BOND FUND
Institutional Class:	3/31/20			1.08	%		$     22,112		1.18	%		0.35	%		2.77	%		103	%
	3/31/19	§		1.99	b		22,599		2.89	c		0.35	c		3.17	c		39	b
Advisor Class:	3/31/20			1.07			986		1.18			0.35			2.77			103
	3/31/19	§		1.93	b		1,008		3.27	c		0.50	c		3.01	c		39	b
Premier Class:	3/31/20			0.93			986		1.34			0.50			2.62			103
	3/31/19	§		1.93	b		1,008		3.42	c		0.50	c		3.01	c		39	b
Retirement Class:	3/31/20			0.83			3,260		1.43			0.60			2.51			103
	3/31/19	§		1.90	b		1,095		3.50	c		0.60	c		2.91	c		39	b
Retail Class:	3/31/20			0.74			1,233		1.61			0.68			2.44			103
	3/31/19	§		1.87	b		1,118		3.85	c		0.68	c		2.84	c		39	b
SHORT-TERM BOND FUND
Institutional Class:	3/31/20			1.95			616,292		0.27			0.27			2.63			139
	3/31/19			2.99			902,950		0.27			0.27			2.52			118
	3/31/18			1.14			1,462,512		0.27			0.27			1.95			77
	3/31/17			1.84			1,606,917		0.27			0.27			1.81			103
	3/31/16			1.18			1,282,105		0.27			0.27			1.66			93
Advisor Class:	3/31/20			1.76			169,158		0.35			0.35			2.51			139
	3/31/19			3.00			7,875		0.40			0.40			2.72			118
	3/31/18			1.02			286		0.29			0.29			1.98			77
	3/31/17			1.94			100		0.28			0.28			1.81			103
	3/31/16	‡		0.72	b		100		0.50	c		0.43	c		1.62	c		93
Premier Class:	3/31/20			1.80			4,195		0.42			0.42			2.50			139
	3/31/19			2.83			8,522		0.42			0.42			2.39			118
	3/31/18			0.99			11,705		0.42			0.42			1.78			77
	3/31/17			1.69			14,966		0.42			0.42			1.66			103
	3/31/16			1.03			11,709		0.42			0.42			1.51			93
Retirement Class:	3/31/20			1.70			112,810		0.52			0.52			2.37			139
	3/31/19			2.73			110,523		0.52			0.52			2.31			118
	3/31/18			0.89			100,591		0.52			0.52			1.69			77
	3/31/17			1.59			107,016		0.52			0.52			1.57			103
	3/31/16			0.93			97,057		0.52			0.52			1.41			93
Retail Class:	3/31/20			1.65			173,174		0.57			0.57			2.31			139
	3/31/19			2.67			111,808		0.58			0.58			2.24			118
	3/31/18			0.84			126,010		0.57			0.57			1.65			77
	3/31/17			1.62			130,393		0.58			0.58			1.50			103
	3/31/16			0.78			138,591		0.58			0.58			1.35			93
Class W:	3/31/20			2.22			734,717		0.27			0.00			2.90			139
	3/31/19	††		2.38	b		843,472		0.27	c		0.00	c		2.96	c		118

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 87

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized and			Total gain			Less distributions from						Total			Net asset
	period or year ended		value, beginning of period		investment income (loss)a			unrealized gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
SHORT-TERM BOND INDEX FUND
Institutional Class:	3/31/20			$  9.91		$0.22			$  0.21			$  0.43			$(0.22	)		$     —			$(0.22	)		$10.12
	3/31/19			9.84		0.20			0.08			0.28			(0.21	)		—			(0.21	)		9.91
	3/31/18			9.97		0.14			(0.13	)		0.01			(0.14	)		—			(0.14	)		9.84
	3/31/17			10.03		0.10			(0.06	)		0.04			(0.10	)		—			(0.10	)		9.97
	3/31/16	^		10.00		0.05			0.03			0.08			(0.05	)		(0.00	)d		(0.05	)		10.03
Advisor Class:	3/31/20			9.91		0.21			0.21			0.42			(0.21	)		—			(0.21	)		10.12
	3/31/19			9.84		0.20			0.07			0.27			(0.20	)		—			(0.20	)		9.91
	3/31/18			9.97		0.13			(0.13	)		—			(0.13	)		—			(0.13	)		9.84
	3/31/17			10.03		0.10			(0.06	)		0.04			(0.10	)		—			(0.10	)		9.97
	3/31/16	‡		9.97		0.02			0.06			0.08			(0.02	)		(0.00	)d		(0.02	)		10.03
Premier Class:	3/31/20			9.90		0.21			0.22			0.43			(0.21	)		—			(0.21	)		10.12
	3/31/19			9.83		0.20			0.07			0.27			(0.20	)		—			(0.20	)		9.90
	3/31/18			9.97		0.13			(0.14	)		(0.01	)		(0.13	)		—			(0.13	)		9.83
	3/31/17			10.03		0.09			(0.06	)		0.03			(0.09	)		—			(0.09	)		9.97
	3/31/16	^		10.00		0.04			0.03			0.07			(0.04	)		(0.00	)d		(0.04	)		10.03
Retirement Class:	3/31/20			9.91		0.19			0.22			0.41			(0.20	)		—			(0.20	)		10.12
	3/31/19			9.84		0.19			0.07			0.26			(0.19	)		—			(0.19	)		9.91
	3/31/18			9.97		0.12			(0.13	)		(0.01	)		(0.12	)		—			(0.12	)		9.84
	3/31/17			10.03		0.08			(0.06	)		0.02			(0.08	)		—			(0.08	)		9.97
	3/31/16	^		10.00		0.04			0.03			0.07			(0.04	)		(0.00	)d		(0.04	)		10.03
Retail Class:	3/31/20			9.91		0.19			0.21			0.40			(0.19	)		—			(0.19	)		10.12
	3/31/19			9.84		0.18			0.07			0.25			(0.18	)		—			(0.18	)		9.91
	3/31/18			9.97		0.11			(0.13	)		(0.02	)		(0.11	)		—			(0.11	)		9.84
	3/31/17			10.03		0.07			(0.06	)		0.01			(0.07	)		—			(0.07	)		9.97
	3/31/16	^		10.00		0.03			0.03			0.06			(0.03	)		(0.00	)d		(0.03	)		10.03
Class W:	3/31/20			9.91		0.23			0.21			0.44			(0.23	)		—			(0.23	)		10.12
	3/31/19	††		9.80		0.12			0.11			0.23			(0.12	)		—			(0.12	)		9.91
MONEY MARKET FUND
Institutional Class:	3/31/20			1.00		0.02			—			0.02			(0.02	)		—			(0.02	)		1.00
	3/31/19			1.00		0.02			—			0.02			(0.02	)		—			(0.02	)		1.00
	3/31/18			1.00		0.01			—			0.01			(0.01	)		—			(0.01	)		1.00
	3/31/17			1.00		0.00	d		—			0.00	d		(0.00	)d		—			(0.00	)d		1.00
	3/31/16			1.00		0.00	d		—			0.00	d		(0.00	)d		—			(0.00	)d		1.00
Advisor Class:	3/31/20			1.00		0.02			—			0.02			(0.02	)		—			(0.02	)		1.00
	3/31/19			1.00		0.02			—			0.02			(0.02	)		—			(0.02	)		1.00
	3/31/18			1.00		0.01			—			0.01			(0.01	)		—			(0.01	)		1.00
	3/31/17			1.00		0.00	d		—			0.00	d		(0.00	)d		—			(0.00	)d		1.00
	3/31/16	‡		1.00		0.00	d		—			0.00	d		(0.00	)d		—			(0.00	)d		1.00
Premier Class:	3/31/20			1.00		0.02			—			0.02			(0.02	)		—			(0.02	)		1.00
	3/31/19			1.00		0.02			—			0.02			(0.02	)		—			(0.02	)		1.00
	3/31/18			1.00		0.01			—			0.01			(0.01	)		—			(0.01	)		1.00
	3/31/17			1.00		0.00	d		—			0.00	d		(0.00	)d		—			(0.00	)d		1.00
	3/31/16			1.00		—			—			—			—			—			—			1.00
Retirement Class:	3/31/20			1.00		0.02			—			0.02			(0.02	)		—			(0.02	)		1.00
	3/31/19			1.00		0.02			—			0.02			(0.02	)		—			(0.02	)		1.00
	3/31/18			1.00		0.01			—			0.01			(0.01	)		—			(0.01	)		1.00
	3/31/17			1.00		0.00	d		—			0.00	d		(0.00	)d		—			(0.00	)d		1.00
	3/31/16			1.00		—			—			—			—			—			—			1.00
Retail Class:	3/31/20			1.00		0.02			—			0.02			(0.02	)		—			(0.02	)		1.00
	3/31/19			1.00		0.02			—			0.02			(0.02	)		—			(0.02	)		1.00
	3/31/18			1.00		0.01			—			0.01			(0.01	)		—			(0.01	)		1.00
	3/31/17			1.00		0.00	d		—			0.00	d		(0.00	)d		—			(0.00	)d		1.00
	3/31/16			1.00		—			—			—			—			—			—			1.00

^	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.
f	Does not include in-kind transactions.

88 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

concluded

						Ratios and supplemental data
	For the period					Net assets at		Ratios to average net assets									Portfolio
	or year ended		Total return			end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			turnover rate
SHORT-TERM BOND INDEX FUND
Institutional Class:	3/31/20			4.41	%		$  54,735		0.13	%		0.12	%		2.21	%		66	%
	3/31/19			2.92			43,990		0.15			0.06			2.05			61
	3/31/18			0.11			328,156		0.18			0.08			1.45			57
	3/31/17			0.44			165,909		0.25			0.12			1.05			61
	3/31/16	^		0.85	b		106,153		0.45	c		0.12	c		0.85	c		53	b
Advisor Class:	3/31/20			4.25			645		0.27			0.27			2.09			66
	3/31/19			2.78			868		0.29			0.23			2.08			61
	3/31/18			(0.03	)		496		0.38			0.22			1.32			57
	3/31/17			0.44			171		0.25			0.12			1.05			61
	3/31/16	‡		0.85	b		101		0.67	c		0.27	c		0.77	c		53	b
Premier Class:	3/31/20			4.25			621		0.28			0.27			2.06			66
	3/31/19			2.77			636		0.31			0.24			2.02			61
	3/31/18			(0.14	)		643		0.34			0.23			1.28			57
	3/31/17			0.28			362		0.41			0.27			0.85			61
	3/31/16	^		0.75	b		1,003		0.84	c		0.27	c		0.69	c		53	b
Retirement Class:	3/31/20			4.15			83,232		0.38			0.37			1.96			66
	3/31/19			2.66			52,082		0.40			0.34			1.96			61
	3/31/18			(0.14	)		26,749		0.43			0.33			1.22			57
	3/31/17			0.19			10,687		0.50			0.37			0.80			61
	3/31/16	^		0.69	b		4,975		0.80	c		0.37	c		0.63	c		53	b
Retail Class:	3/31/20			4.05			3,115		0.50			0.47			1.87			66
	3/31/19			2.56			2,652		0.58			0.44			1.84			61
	3/31/18			(0.24	)		1,990		0.64			0.44			1.06			57
	3/31/17			0.13			1,935		0.55			0.42			0.73			61
	3/31/16	^		0.62	b		1,742		1.02	c		0.47	c		0.50	c		53	b
Class W:	3/31/20			4.53			532,333		0.13			0.00			2.33			66
	3/31/19	††		2.36	b		395,924		0.14	c		0.00	c		2.46	c		61	b
MONEY MARKET FUND
Institutional Class:	3/31/20			1.87			1,089,417		0.13			0.13			1.83			—
	3/31/19			1.98			704,326		0.14			0.14			1.99			—
	3/31/18			0.96			487,762		0.15			0.15			0.95			—
	3/31/17			0.34			458,837		0.14			0.14			0.35			—
	3/31/16			0.09			339,325		0.14			0.14			0.09			—
Advisor Class:	3/31/20			1.86			1,225		0.17			0.17			1.79			—
	3/31/19			1.94			1,426		0.23			0.23			2.14			—
	3/31/18			1.04			100		0.06			0.06			1.03			—
	3/31/17			0.29			100		0.19			0.19			0.29			—
	3/31/16	‡		0.02	b		100		0.36	c		0.29	c		0.08	c		—
Premier Class:	3/31/20			1.73			441,375		0.28			0.28			1.51			—
	3/31/19			1.83			28,209		0.29			0.28			1.82			—
	3/31/18			0.80			44,548		0.29			0.29			0.82			—
	3/31/17			0.19			32,044		0.29			0.29			0.19			—
	3/31/16			0.00			25,222		0.29			0.24			—			—
Retirement Class:	3/31/20			1.72			330,963		0.38			0.28			1.68			—
	3/31/19			1.83			210,963		0.39			0.29			1.86			—
	3/31/18			0.70			126,187		0.40			0.40			0.71			—
	3/31/17			0.09			109,765		0.39			0.39			0.09			—
	3/31/16			0.00			94,131		0.39			0.23			—			—
Retail Class:	3/31/20			1.54			332,054		0.47			0.46			1.53			—
	3/31/19			1.66			309,452		0.48			0.45			1.65			—
	3/31/18			0.62			303,155		0.48			0.48			0.61			—
	3/31/17			0.03			318,718		0.49			0.45			0.03			—
	3/31/16			0.00			344,809		0.48			0.22			—			—

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 89

Notes to financial statements

TIAA-CREF Funds

Note 1—organization and significant accounting policies

TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that is registered with the U.S. Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The following are the TIAA-CREF Funds included in this report: Bond Index Fund, Core Bond Fund, Core Impact Bond Fund, Core Plus Bond 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, and the Money Market Fund (collectively the “Funds” or individually, the “Fund”). Effective March 1, 2020, Bond Fund, Bond Plus Fund, and Social Choice Bond Fund changed their names to Core Bond Fund, Core Plus Bond Fund, and Core Impact Bond Fund, respectively.

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 Investor Services (“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.

Other matters: The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global

economy. The duration and extent of COVID-19 over the long-term cannot be reasonably estimated at this time. There have been no comparable recent events that provide guidance as to the effect the spread of COVID-19 as a global pandemic may have on the Funds’ financial performance. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.

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.

90 2020 Annual Report   ■  TIAA-CREF Funds: Fixed-Income Funds

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

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

For the period ended March 31, 2020, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, distribution reallocations, deflation adjustments on Treasury Inflation-Protected Securities, defaulted securities adjustments, reorganization adjustments, and treatment of notional principal contracts were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of operations, and net assets were not affected by these reclassifications.

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

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

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 accounting pronouncements: In March 2020, FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. In addition, derivative contracts that qualified for hedge accounting prior to modification, will be allowed to continue to receive such treatment, even if critical terms change due to a change in the benchmark interest rate. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management is currently assessing the impact of the ASU’s adoption to the Funds’ financial statements and various filings.

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 were implemented on June 1, 2019 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	à	TIAA-CREF Core Bond Fund
Nuveen Core Plus Bond Fund	à	TIAA-CREF Core Plus Bond Fund
Nuveen Inflation Protected Securities Fund	à	TIAA-CREF Inflation-Linked Bond
Nuveen Short Term Bond Fund	à	TIAA-CREF Short-Term Bond Fund

Upon the closing of a Reorganization, the Target Funds 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

TIAA-CREF Funds: Fixed-Income Funds   ■  2020 Annual Report 91

Notes to financial statements

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 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 March 31, 2020, 100% of the value of investments in the Bond Index Fund, 5–15 Year Laddered Tax-Exempt Bond Fund, Inflation-Linked Bond Fund, Short Duration Impact Bond Fund, Short-Term Bond Index Fund, and Money Market Fund were valued based on Level 2 inputs.

Transfers between levels are recognized at the end of the reporting period. For the year ended March 31, 2020, the High Yield and Short Duration Impact Bond Funds had material transfers from Level 3 to Level 2 as a result of various market related factors.

The following table summarizes the market value of the Funds’ investments as of March 31, 2020, based on the inputs used to value them:

Fund	Level 1		Level 2			Level 3		Total
Core Bond
Bank loan obligations	$	—	$	108,007,182		$	1,862,577	$	109,869,759
Corporate bonds		—		2,538,293,499			377,270		2,538,670,769
Government bonds		—		1,884,186,432			2,499,057		1,886,685,489
Structured assets		—		1,455,966,636			2,500,744		1,458,467,380
Common stocks		28,118		—			—		28,118
Short-term investments		—		497,481,697			—		497,481,697
Futures contracts**		15,514		—			—		15,514
Forward foreign currency contracts**		—		(35,712	)		—		(35,712	)
Credit default swap contracts**		—		437,364			—		437,364
Total	$	43,632	$	6,484,337,098		$	7,239,648	$	6,491,620,378

92 2020 Annual Report   ■  TIAA-CREF Funds: Fixed-Income Funds

continued

Fund	Level 1			Level 2			Level 3		Total
Core Impact Bond
Bank loan obligations	$	—		$	8,283,312		$	1,676,687	$	9,959,999
Corporate bonds		—			2,330,649,497			—		2,330,649,497
Government bonds		—			1,956,600,573			197,081		1,956,797,654
Structured assets		—			548,276,535			1,346,969		549,623,504
Preferred stocks		22,105,840			—			—		22,105,840
Short-term investments		—			129,150,160			—		129,150,160
Forward foreign currency contracts**		—			(32,772	)		—		(32,772	)
Total	$	22,105,840		$	4,972,927,305		$	3,220,737	$	4,998,253,882
Core Plus Bond
Bank loan obligations	$	—		$	108,595,838		$	1,153,986	$	109,749,824
Corporate bonds		—			1,720,968,491			628,460		1,721,596,951
Government bonds		—			1,575,502,364			3,711,964		1,579,214,328
Structured assets		—			931,370,608			6,990,470		938,361,078
Common stocks		710,334			—			1,108		711,442
Short-term investments		—			242,833,144			—		242,833,144
Futures contracts**		454,835			—			—		454,835
Forward foreign currency contracts**		—			(49,332	)		—		(49,332	)
Total	$	1,165,169		$	4,579,221,113		$	12,485,988	$	4,592,872,270
Green Bond
Bank loan obligations	$	—		$	427,401		$	—	$	427,401
Corporate bonds		—			14,119,855			—		14,119,855
Government bonds		—			9,984,914			—		9,984,914
Structured assets		—			6,961,249			—		6,961,249
Preferred stocks		611,080			—			—		611,080
Short-term investments		—			436,965			—		436,965
Total	$	611,080		$	31,930,384		$	—	$	32,541,464
High-Yield
Bank loan obligations	$	—		$	227,738,546		$	3,850,000	$	231,588,546
Corporate bonds		—			2,562,869,390			4,578,857		2,567,448,247
Common stocks		47,019,732			—			—		47,019,732
Short-term investments		—			330,360,952			—		330,360,952
Total	$	47,019,732		$	3,120,968,888		$	8,428,857	$	3,176,417,477
Short-Term Bond
Bank loan obligations	$	—		$	22,283,708		$	—	$	22,283,708
Corporate bonds		—			601,753,148			—		601,753,148
Government bonds		—			667,317,720			234,313		667,552,033
Structured assets		—			507,093,661			1		507,093,662
Short-term investments		—			14,317,092			—		14,317,092
Futures contracts**		(969,256	)		—			—		(969,256	)
Total	$	(969,256	)	$	1,812,765,329		$	234,314	$	1,812,030,387

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

Note 3—derivative instruments

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

At March 31, 2020, the following Funds have invested in derivative contracts which are reflected in the Statements of assets and liabilities as follows:

	Asset derivatives			Liabilities derivatives
		Fair value			Fair value
Derivative contracts	Location	amount		Location	amount
Core Bond Fund
Interest-rate contracts	Futures contracts*	$	15,514
Foreign-exchange contracts	Forward foreign currency contracts		16,607	Forward foreign currency contracts	$	(52,319	)
Credit contracts	Credit default swap contracts*		437,364
Core Impact Bond Fund
Foreign-exchange contracts				Forward foreign currency contracts		(32,772	)
Core Plus Bond Fund
Interest-rate contracts	Futures contracts*		949,913	Futures contracts*		(495,078	)
Foreign-exchange contracts	Forward foreign currency contracts		16,607	Forward foreign currency contracts		(65,939	)
Short-Term Bond Fund
Interest-rate contracts				Futures contracts*		(969,256	)

* 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.

TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 93

Notes to financial statements

For the year ended March 31, 2020, the effect of derivative contracts on the Funds’ Statements of operations was as follows:

					Change in
					unrealized
		Realized			appreciation
Derivative contracts	Location	gain (loss)			(depreciation)
Core Bond Fund
Interest rate contracts	Futures contracts	$	—		$	15,514
Foreign-exchange contracts	Forward foreign currency contracts		—			(35,712	)
Credit contracts	Swap contracts		1,753,091			1,526,947
Core Impact Bond Fund
Foreign-exchange contracts	Forward foreign currency contracts		385,170			(32,772	)
Core Plus Bond Fund
Interest rate contracts	Futures contracts		—			454,835
Foreign-exchange contracts	Forward foreign currency contracts		—			(49,332	)
Credit contracts	Swap contracts		203,031			885,038
High-Yield Fund
Credit contracts	Swap contracts		(2,698,220	)		—
Inflation-Linked Bond Fund
Interest rate contracts	Futures contracts		(1,601,252	)		465,471
Short-Term Bond Fund
Interest rate contracts	Futures contracts		(6,394,156	)		153,520

Futures contracts: Certain Funds are subject to interest rate and foreign exchange risk in the normal course of pursuing their investment objectives. The Funds use futures contracts to manage exposure to the bond and foreign exchange markets and to fluctuations in interest and foreign exchange rates. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures contracts, there is minimal counterparty credit risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the year ended March 31, 2020, the Core Bond Fund, Core Plus Bond Fund, Inflation-Linked Bond Fund, and Short-Term Bond Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 5% of net assets. The futures contracts outstanding as of March 31, 2020 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 year ended March 31, 2020, the Core Bond Fund, Core Impact Bond Fund, and Core Plus 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 March 31, 2020 are disclosed in the Summary portfolio of investments and the full Schedules of investments.

Credit default swap contracts: Certain Funds are subject to credit risk in the normal course of pursuing their investment objectives. Credit default swaps can be settled either directly with the counterparty (bilateral) or through a central clearinghouse (centrally cleared). A credit default swap is a contract between a buyer and a seller of protection against predefined credit events for the reference entity. As a seller in a credit default swap contract, the Funds are required to pay an agreed upon amount to the counterparty with the occurrence of a specified credit event, such as certain bankruptcies related to an underlying credit instrument, index, or issuer which would likely result in a loss to the Funds. The agreed upon amount approximates the notional value of the swap and is estimated to be the maximum potential future payment that the Funds could be required to make under the contract. In return, the Funds receive from the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Funds keep the stream of payments with no payment obligations. When the Funds sell a 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

94 2020 Annual Report   ■  TIAA-CREF Funds: Fixed-Income Funds

continued

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 year ended March 31, 2020, the Core Bond Fund, Core Plus Bond 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. The credit default swap contracts outstanding as of March 31, 2020 are disclosed in the Summary portfolio of investments and the full Schedule 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 March 31, 2020, the investment management fee, service agreement fee, distribution fee and maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets for each class:

	Investment management fee range			Investment management fee—effective rate			Service agreement fee			Distribution fee						Maximum expense amounts‡
							Retirement			Premier			Retail			Institutional			Advisor			Premier			Retirement			Retail			Class
Fund							Class			Class			Class			Class			Class			Class			Class			Class			W§
Bond Index		0.10	%		0.10	%		0.25	%		0.15	%		0.25	%		0.13	%		0.28	%		0.28	%		0.38	%		0.48	%		0.13	%
Core 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
Core Impact Bond*		0.30–0.35			0.34			0.25			0.15			0.25			0.40			0.55			0.55			0.65			0.75			—
Core Plus 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
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
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.

TIAA-CREF Funds: Fixed-Income Funds   ■  2020 Annual Report 95

Notes to financial statements

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 March 31, 2020, these transactions did not materially impact the Funds.

As of March 31, 2020, a registered separate account of TIAA (collectively, “TIAA Access”) has various sub accounts that invest in the Funds, and certain funds within the Trust also make investments in the Funds.

The following is the percentage of the Funds’ shares owned by TIAA and other funds within the Trust as of March 31, 2020:

							TIAA-CREF						TIAA-CREF
				TIAA-CREF			Lifecycle Index			TIAA-CREF			Managed
Underlying Fund	TIAA			Lifecycle Funds			Funds			Lifestyle Funds			Allocation Fund			TIAA Access			Total
Bond Index		—	%		—	%		36	%		—	%		—	%		1	%		37	%
Core Bond		—			55			—			1			—			—			56
Core Plus Bond		—			50			—			7			7			3			67
Green Bond		77			—			—			—			—			—			77
High-Yield		—			12			—			—			—			4			16
Inflation-Linked Bond		—			21			15			—			—			—			36
Short Duration Impact Bond		86			—			—			—			—			—			86
Short-Term Bond		—			41			—			5			—			2			48
Short-Term Bond Index		—			—			78			—			—			—			78
Money Market		—			—			—			—			—			2			2

TIAA-CREF Tuition Financing, Inc. (“TFI”), a wholly owned direct subsidiary of TIAA, is a registered investment adviser that provides program management services to multiple qualified tuition programs formed under Section 529 of the Internal Revenue Code (“529 Plans”). These 529 Plans, each of which operates independently, invest a portion of their assets in the Funds. As of March 31, 2020, two 529 Plans owned 9% and 8%, respectively, of the Bond Index Fund; one 529 Plan owned 6% of the High-Yield Fund; three 529 Plans owned 12%, 10%, and 8%, respectively, of the Inflation-Linked Bond Fund; and one 529 Plan owned 5% of the Short-Term Bond Index Fund.

Note 5—investments

Repurchase agreements: Each Fund may enter into repurchase agreements with banks or broker-dealers. Repurchase agreements involve the purchase of securities from an institution, subject to the seller’s agreement to repurchase and the Fund’s agreement to resell such securities at a mutually agreed-upon price. Pursuant to the terms of the repurchase agreement, securities purchased subject to repurchase agreements must have an aggregate market value greater than or equal to the agreed-upon repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the Fund will require the seller to deposit additional collateral by the next business day. If a request for additional collateral is not met, or if the seller defaults on its repurchase obligation, the Fund maintains the right to sell the underlying securities at market value and pursue a claim for any remaining loss against the seller.

Securities purchased on a when-issued or delayed-delivery basis:

The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after trade date; interest income is not accrued until settlement date. At the time a Fund enters into such transactions, it is

required to have segregated assets with a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments. 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.

96 2020 Annual Report   ■  TIAA-CREF Funds: Fixed-Income Funds

continued

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, as amended. 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: Pursuant to the terms of certain loan agreements, the Funds may have unfunded loan commitments. Unfunded commitments are contractual obligations pursuant to which a Fund agrees to invest in a loan at a future date. Each Fund segregates short-term securities or

cash having an aggregate value at least equal to the amount of unfunded loan commitments. If a Fund has unfunded commitments as of the end of the reporting period, such amounts are recognized on the Statements of assets and liabilities as “Payable for unfunded loan commitments”.

Net unrealized appreciation (depreciation): At March 31, 2020, 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 Index	$	15,412,143,807	$	1,084,579,387	$	(112,411,328	)	$	972,168,059
Core Bond		6,442,421,811		261,452,388		(212,253,822	)		49,198,566
Core Impact Bond		4,992,951,973		148,621,993		(143,320,084	)		5,301,909
Core Plus Bond		4,653,208,717		157,058,274		(217,394,721	)		(60,336,447	)
5–15 Year Laddered Tax-Exempt Bond		260,154,163		8,023,614		(4,761,317	)		3,262,297
Green Bond		32,471,167		1,159,748		(1,089,451	)		70,297
High-Yield		3,605,562,226		24,309,176		(453,453,925	)		(429,144,749	)
Inflation-Linked Bond		3,341,180,546		108,954,065		(11,894,373	)		97,059,692
Short Duration Impact Bond		28,853,585		476,539		(946,429	)		(469,890	)
Short-Term Bond		1,836,082,290		22,736,490		(46,788,394	)		(24,051,904	)
Short-Term Bond Index		662,054,255		15,688,221		(2,105,270	)		13,582,951

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 year ended March 31, 2020 were as follows:

Fund	Non-U.S. government purchases		U.S. government purchases		Non-U.S. government sales		U.S. government sales
Bond Index	$	2,416,448,828	$	7,860,851,684	$	763,707,121	$	4,398,471,583
Core Bond		2,927,284,652		6,495,208,690		1,791,088,119		7,093,490,266
Core Impact Bond		2,900,023,890		3,769,710,746		1,098,954,899		3,659,346,581
Core Plus Bond		1,993,612,290		2,878,197,544		1,199,584,736		3,093,794,592
5–15 Year Laddered Tax-Exempt Bond		68,896,445		—		57,427,153		—
Green Bond		18,024,063		903,063		10,269,214		903,414
High-Yield		1,492,103,624		10,950,236		2,152,220,520		10,950,000
Inflation-Linked Bond		1,265,898		1,037,789,654		4,089,035		862,062,276
Short Duration Impact Bond		19,000,226		12,081,398		16,300,736		12,313,306
Short-Term Bond		1,012,166,340		1,952,927,592		851,537,654		2,021,322,589
Short-Term Bond Index		123,086,098		440,757,061		78,000,592		321,141,544

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the years ended March 31, 2020 and March 31, 2019 was as follows:

	3/31/2020						3/31/2019
Fund	Ordinary income		Long-term capital gains		Total		Ordinary income		Long-term capital gains		Total
Bond Index	$	426,960,742	$	—	$	426,960,742	$	289,866,030	$	—	$	289,866,030
Core Bond		203,596,231		—		203,596,231		178,912,825		—		178,912,825
Core Impact Bond		141,039,553		2,331,063		143,370,616		75,489,282		—		75,489,282
Core Plus Bond		148,054,559		—		148,054,559		141,531,779		—		141,531,779
5–15 Year Laddered Tax-Exempt Bond*		6,414,050		300,993		6,715,043		6,116,362		260,083		6,376,445
Green Bond		1,205,000		—		1,205,000		350,054		—		350,054
High-Yield		212,704,986		—		212,704,986		232,468,321		—		232,468,321
Inflation-Linked Bond		72,093,009		—		72,093,009		75,659,782		—		75,659,782
Short Duration Impact Bond		908,482		—		908,482		300,384		—		300,384
Short-Term Bond		57,680,033		—		57,680,033		46,364,386		—		46,364,386
Short-Term Bond Index		13,803,727		—		13,803,727		9,265,494		—		9,265,494
Money Market		25,742,822		—		25,742,822		19,952,390		—		19,952,390

* Includes ordinary income which will not be taxable for federal income tax purposes in 2020 and 2019 of $5,957,902 and $5,959,658, respectively.

TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 97

Notes to financial statements

As of March 31, 2020, the components of accumulated earnings on a tax basis were as follows: 

Fund	Undistributed (overdistributed) ordinary income		Undistributed (overdistributed) long-term capital gains		Unrealized appreciation (depreciation)			Capital loss carryover			Total
Bond Index	$	39,359,259	$	17,464,974	$	972,168,059		$	—		$	1,028,992,292
Core Bond		44,085,165		20,814,528		49,191,773			—			114,091,466
Core Impact Bond		18,631,715		14,929,143		5,301,712			—			38,862,570
Core Plus Bond		16,885,415		15,893,374		(60,343,116	)		—			(27,564,327	)
5–15 Year Laddered Tax-Exempt Bond		87,014		836,459		3,262,297			—			4,185,770
Green Bond		93,218		66,727		70,297			—			230,242
High-Yield		3,013,345		—		(429,144,749	)		(211,172,851	)		(637,304,255	)
Inflation-Linked Bond		7,924,295		—		97,059,692			(11,020,727	)		93,963,260
Short Duration Impact Bond		56,477		27,643		(469,890	)		—			(385,770	)
Short-Term Bond		2,740,941		—		(24,051,903	)		(3,390,735	)		(24,701,697	)
Short-Term Bond Index		988,139		—		13,582,951			(1,312,706	)		13,258,384
Money Market		55,158		—		—			—			55,158

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

In certain circumstances, a fund may distribute portfolio securities rather than cash as payment for a redemption of fund shares (in-kind redemption). A fund may also accept portfolio securities rather than cash as payment for a purchase of fund shares (in-kind purchase). During the year ended March 31, 2020, the Core Impact Bond and Core Plus Bond Funds had in-kind purchase transactions of $155,698,857 and $21,529,562, respectively, and shares of 14,456,718 and 2,033,009, respectively.

At March 31, 2020, the following Funds had capital loss carryovers, which will not expire:

Fund	Short-term		Long-term		Total
High-Yield	$	44,199,694	$	166,973,157	$	211,172,851
Inflation-Linked Bond*		1,074,643		9,946,084		11,020,727
Short-Term Bond*		—		3,390,735		3,390,735
Short-Term Bond Index		484,930		827,776		1,312,706

* A portion of Inflation-Linked Bond and Short-Term Bond Funds’ capital loss carryforward are subject to an annual limitation under the Internal Revenue Code and related regulations.

For the year ended March 31, 2020, the Bond Index, Core Bond, Core Impact Bond, Core Plus Bond, Short-Term Bond, Short-Term Bond Index, and Money Market Funds utilized $38,027,609, $60,827,219, $11,312,913, $66,280,670, $15,880,256, $1,479,859, and $667 of their capital loss carryover available. The capital loss carryover for the Bond Index, Core Bond, Core Impact Bond, Core Plus Bond, and Money Market Funds were reduced to zero as a result of this utilization.

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 year ended March 31, 2020, 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 year ended March 31, 2020, 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.

98 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

continued

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	$	15,979,479	$	9.84
Class C		179,774		1,763,856		9.81
Class R6		6,130,555		60,267,084		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		73,135,009		11.03
Class I		18,256,631		200,871,634		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
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 Core 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 Core Plus Bond 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 Core 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 Core Plus Bond 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		146,190,449	$	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		15,493,141		171,912,139		11.10
Class W		99,994,478		1,138,033,192		11.38
TIAA-CREF Short-Term Bond Fund
Institutional		80,867,440	$	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

TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 99

Notes to financial statements concluded

Pro forma results of operations (unaudited)

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	Core Bond Fund		Core Plus Bond Fund		Inflation- Linked Bond Fund		Short-Term Bond Fund
Net investment income (loss)	$	206,921,144	$	153,237,922	$	93,950,972	$	59,654,664
Net realized and unrealized gain (loss) on total investments		127,616,289		18,146,548		66,622,069		(4,377,909	)
Net increase (decrease) in net assets from operations	$	334,537,433	$	171,384,470	$	160,573,041	$	55,276,755

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.

Note 10—subsequent event

On May 6, 2020, Nuveen Securities began waiving a portion of distribution Rule 12b-1 Plan expenses for the Retail Class of the TIAA-CREF Money Market Fund. These waivers are voluntary in nature and can be discontinued at any time.

Advisors has agreed to implement voluntary waivers reducing the management fee breakpoint schedules for several Funds for one year effective May 1, 2020. These waivers are voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. During this one-year period the range paid to Advisors is as follows:

Fund	Waiver			Investment management fee range
High-Yield		0.015	%		0.285–0.335	%
Inflation-Linked Bond		0.020			0.180–0.230

Also, Advisors has agreed to implement voluntary waivers reducing the expense cap for several Funds for one year effective May 1, 2020. These waivers are voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. During this one-year period, the expense cap after the waiver for each Fund is as follows:

Fund	Waiver			Maximum expense amounts
Green Bond – Premier Class		0.060	%		0.540	%
Green Bond – Retirement Class		0.160			0.540
Green Bond – Retail Class		0.070			0.730
Short Duration Impact Bond – Retail Class		0.115			0.585
Money Market – Premier Class		0.030			0.270
Money Market – Retirement Class		0.130			0.270
Money Market – Retail Class		0.070			0.430

100 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Report of independent registered public accounting firm

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of TIAA-CREF Bond Index Fund, TIAA-CREF Core Bond Fund (Formerly TIAA-CREF Bond Fund), TIAA-CREF Core Impact Bond Fund (Formerly TIAA-CREF Social Choice Bond Fund), TIAA-CREF Core Plus Bond Fund (Formerly TIAA-CREF Bond Plus Fund), TIAA-CREF 5-15 Year Laddered Tax-Exempt Bond Fund, TIAA-CREF Green Bond Fund, TIAA-CREF High-Yield Fund, TIAA-CREF Short Duration Impact Bond Fund, TIAA-CREF Short-Term Bond Fund, TIAA-CREF Short-Term Bond Index Fund, and TIAA-CREF Money Market Fund, and the portfolio of investments, of TIAA-CREF Inflation-Linked Bond Fund (twelve of the funds constituting TIAA-CREF Funds hereafter collectively referred to as the “Funds”) as of March 31, 2020, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2020, the results of each of their operations and the changes in each of their net assets for each of the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

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

(1)	Statement of operations for the year ended March 31, 2020 and statement of changes in net assets for the years ended March 31, 2020 and 2019
(2)	Statement of operations for the year ended March 31, 2020 and statement of changes in net assets for the year ended March 31, 2020 and the period November 16, 2018 (commencement date through March 31, 2019)

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

May 22, 2020

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 101

Important tax information (unaudited)

For the period ended March 31, 2020, the TIAA-CREF Funds designate the following distribution amounts (or the maximum amount allowable) as being from net long-term capital gains.

Fund	Long-term capital gains
Bond Index	$	—
Core Bond		—
Core Impact Bond		2,331,063
Core Plus Bond		—
5–15 Year Laddered Tax-Exempt Bond		300,993
Green Bond		—
High-Yield		—
Inflation-Linked Bond		—
Short Duration Impact Bond		—
Short-Term Bond		—
Short-Term Bond Index		—
Money Market		—

The 5–15 Year Laddered Tax-Exempt Bond Fund paid distributions to shareholders during the year ended March 31, 2020 and the year ended March 31, 2019, totaling $6,715,043 and $6,376,445, of which $5,957,902 and $5,959,658, respectively, were exempt from federal income tax and have been designated as Exempt Interest Dividends.

The Funds hereby designate their percentages of dividends paid from net ordinary income as dividends qualifying as Interest-Related Dividends as defined in Internal Revenue Code Section 871(k) for the taxable periods ending 12/31/2019 and 3/31/2020.

Fund	4/1/2019–12/31/2019			1/1/2020–3/31/2020
Bond Index		90.5	%		88.8	%
Core Bond		84.2			85.1
Core Impact Bond		80.0			77.3
Core Plus Bond		78.2			88.6
Green Bond		64.0			71.8
High-Yield		74.9			100.0
Inflation-Linked Bond		99.6			99.1
Short Duration Impact Bond		71.2			82.2
Short-Term Bond		73.9			79.0
Short-Term Bond Index		86.6			86.2
Money Market		100.0			99.9

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2020, which will be reported in conjunction with your 2020 Form 1099-DIV.

By early 2021, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax advisor.

102 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Trustees and officers (unaudited)

TIAA-CREF Funds  ■  April 24, 2020

Trustees

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	89	Director, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation.
Joseph A. Boateng c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Trustee	Indefinite term. Trustee since 2019.	Chief Investment Officer, Casey Family Programs (since 2007). Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). Manager, Financial Services Consultant, KPMG Consulting (2000–2002).	89	Board member, Year Up Puget Sound and Waterside School; Investment Advisory Committee Chair, Seattle City Employees’ Retirement System; Investment Committee member, The Seattle Foundation.
Janice C. Eberly c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2018.	James R. and Helen D. Russell Professor of Finance at the Kellogg School of Management at Northwestern University (2002–2011 and since 2013), and Chair of the Finance Department (2005–2007). Vice President, American Economic Association (since 2020). Assistant Secretary for Economic Policy at the United States Department of the Treasury (2011–2013).	89	Member of the Board of the Office of Finance, Federal Home Loan Banks; Director, Avant, LLC; Member of the Executive Board, American Economic Association.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and certain funds advised by American Beacon Advisors, Inc.	89	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., and Lazard Global Total Return and Income Fund, Inc.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC. Chief Operating Officer, DDJ Capital Management (2003–2006).	89	Director, Copper Rock Capital Partners, LLC (investment adviser); Trustee, Dexter Southfield School.
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	89	Director, Commonwealth (non-profit organization).
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Chairman of the Board and Trustee	Indefinite term. Chairman for term ending July 1, 2021. Trustee since 2011; Chairman since September 13, 2017.	Advisory Director (2010–2011), Partner (2004–2010), Managing Director (1999–2004) and Co-Head of Global Cash and Fixed Income and Portfolio Management Team (2002–2010), Goldman Sachs Asset Management.	89	Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Chair of the Finance Committee, Sansum Clinic; Director, ParentSquare; Investment Committee Member, Cottage Health System; Member, University of California at Santa Barbara Arts and Lectures Advisory Council.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer (since 2008) and Program Director (1990–2008), National Bureau of Economic Research. Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT.	89	Director, National Bureau of Economic Research and the Alfred P. Sloan Foundation; Member, Congressional Budget Office Panel of Economic Advisers.

TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 103

Trustees and officers (unaudited)

TIAA-CREF Funds  ■  April 24, 2020

Trustees — concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Indefinite term. Trustee since 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016), Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers, Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	89	N/A
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950	Trustee	Indefinite term. Trustee since 2006.	Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002), Co-Executive Director, Social Innovation Initiative (since 2015), Director, AIM Investment Center (2000–2016), Associate Dean for Research (2011–2016), Chairman, Department of Finance (2002–2011) and Professor (since 1987), McCombs School of Business, University of Texas at Austin. President, Society of Financial Studies (since 2017). Vice President, American Finance Association (since 2020).	89	Texa$aver Product Committee Member, Employees Retirement System of Texas.

Officers

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Vijay Advani TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1960	Executive Vice President	One-year term. Executive Vice President since 2018.	Executive Chairman, Nuveen. Executive Vice President of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”). Formerly, Chief Executive Officer, Nuveen. Prior to joining Nuveen, Mr. Advani served as Co-President of Franklin Resources, Inc. (Franklin Templeton Investments).
Richard S. Biegen TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Chief Compliance Officer since 2008.	Senior Managing Director, TIAA. Chief Compliance Officer of the TIAA-CREF Fund Complex.
Derek B. Dorn TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1976	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director and Corporate Secretary since 2020.	Senior Managing Director, Corporate Secretary of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex. Formerly, Managing Director, Special Assistant to the CEO, and Head of Regulatory Engagement  & Public Policy, TIAA. Prior to joining TIAA, Mr. Dorn was a partner at Davis & Harman LLP.
Bradley Finkle TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Executive Officer and President	One-year term. Principal Executive Officer and President since 2017.	Chief Operating Officer, Nuveen. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Senior Managing Director, Co-Head Nuveen Equities & Fixed Income and President of TIAA Investments.
Jose Minaya TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1971	Executive Vice President	One-year term. Executive Vice President since 2018.	Chief Executive Officer, Nuveen. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, Chief Investment Officer and President, Nuveen, Executive Vice President, Chief Investment Officer and President, Nuveen Global Investments and Senior Managing Director, President, Global Investments, TIAA.

104 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

concluded

Officers — concluded

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

Please note that the Funds’ Statement of Additional Information (SAI) includes additional information about the Funds’ trustees and is available, without charge, through our website, tiaa.org, or by calling 800 223-1200.

TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 105

Approval of investment management agreement (unaudited)

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

The Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) determines whether to initially approve and periodically renew the investment management agreement (the “Agreement”) between Teachers Advisors, LLC (“Advisors”) and the Trust on behalf of each series of the Trust. Under the Agreement, Advisors is responsible for providing investment advisory services to each series of the Trust and overseeing the everyday operations and other service providers of the Trust. Below is a summary of the process the Board undertook related to its most recent renewal of the Agreement with respect to each series covered by this Report (the “Funds”).

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

Under normal circumstances, Section 15(c) requires this annual renewal to be made at an in-person meeting of the Board. However, due to the COVID-19 pandemic, the Securities and Exchange Commission (“SEC”) issued a temporary, conditional exemptive order on March 13, 2020, as extended on March 25, 2020 (the “SEC Order”), permitting mutual fund boards to, vote to approve matters subject to the Section 15(c) in-person approval requirement at a meeting that is not held in person if the board determines that reliance on the SEC Order is necessary or appropriate due to prevailing circumstances related to the current or potential effects of COVID-19 and the board ratifies any action taken pursuant to the SEC Order at its next in-person meeting.

Overview of the renewal process

The Board held a telephonic meeting on March 26, 2020, in order to consider the annual renewal of the Agreement with respect to each applicable Fund using the process established by the Board described further below. At the outset of the meeting, the Board considered reliance upon the SEC Order and determined that such reliance was necessary due to, among other considerations, COVID-19 pandemic related social distancing requirements, travel restrictions and other governmental mandates imposed for health and safety reasons. The Board noted that it would ratify actions taken at this meeting pursuant to the SEC Order at its next in-person meeting.

As part of the Board’s established process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee or certain of its designated members worked with Advisors, other Board members and legal counsel to the Trustees to develop guidance and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals.

Among other matters, the Operations Committee or certain of its designated members, following consultations with Advisors’

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

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

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

In advance of the Board meeting held on March 26, 2020, legal counsel for the Trustees requested on behalf of the Board, and Advisors provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such

106 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s management fee rate and performance to other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Funds in addition to the Funds’ direct fee payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Funds at current and foreseeable asset levels, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the SEC (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service.

On March 12, 2020, the Board met informally to review Advisors’ materials, which led to the Trustees providing additional questions to, and requesting additional information from, Advisors. Subsequently, at the March 26, 2020 meeting, the Trustees were given the opportunity, to and did, ask additional questions and they reviewed responses from Advisors to the Board’s follow-up questions and requests presented by the Board after its initial review of the information described above.

In considering whether to renew the Agreement with respect to each Fund, the Board reviewed various factors, including: (1) the nature, extent and quality of services provided or to be provided by Advisors to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized (if any) by Advisors and its affiliates from their relationship with the Fund; (4) fees charged to comparable mutual funds by other advisers; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (6) how such economies of scale are shared with the Fund for the benefit of its investors, such as through management fee breakpoints; (7) comparisons of the services provided by Advisors to, and the fee rates and performance of, the Fund to other clients to whom Advisors provides comparable services; and (8) any other benefits derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Fund. As part of the Board’s review of these factors, the Board received information from management on the impact of the COVID-19 pandemic on the Teachers Insurance and Annuity Association of America (“TIAA”) enterprise generally and the Funds in particular including, among other information, the current and expected impact on the Funds’ performance and operations. As a general matter, the Board considered these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as being the determining factor in deciding whether to renew the Agreement.

In addition to the March 26, 2020 meeting that included Advisors’ personnel, the Trustees met in private sessions, at which no Advisors representatives were present, to discuss the proposed renewal of the Agreement for each Fund. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the contract renewal process included a series of discussions and meetings leading up to the March 26, 2020 meeting, the oversight and evaluation of Advisors’ services to the Funds by the Board and its Committees is an ongoing process. The Board, as well as its Committees, reviewed reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at regularly scheduled meetings of the Board, the Board and the Investment Committee receive and review, among other matters, information regarding the performance of the Funds. Thus, in reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.

The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 26, 2020, all Board members voted unanimously to renew the Agreement for each Fund. Set forth below is a summary of the primary factors the Board considered with respect to each Fund.

The nature, extent and quality of services

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 107

Approval of investment management agreements (unaudited)

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

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

Investment performance

The Board considered the investment performance of each Fund, over the periods indicated in the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index or, in circumstances where a Fund’s peer group or peer universe was not viewed as a representative basis for comparison, other comparative information deemed relevant by management and/or the Board. The Board also reviewed the three-year performance of the Bond Index and Short-Term Bond Index Funds (the “Index Funds”) before any reductions for fees and expenses. In this analysis, the Board considered the impact of net asset value rounding and the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation, as applicable on each Index Fund’s performance as compared to the performance of its benchmark index. For details regarding each Fund’s performance, see the Fund-by-Fund synopsis below.

The Board considered, in those cases in which a Fund had performed materially differently from its Broadridge peers or benchmark based on a Board-established threshold, the factors identified by Advisors that contributed to such difference and any remedial measures being undertaken by Advisors. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was reasonable or that appropriate actions had been or were being implemented.

Cost and profitability

The Board considered financial and profitability data relating to Advisors’ services to the Funds for the calendar year 2019. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial and other risks assumed by Advisors in managing the Funds. The Board considered that Advisors had calculated that it earned profits with respect to some of the Funds under the Agreement for the one-year period ended December 31, 2019. However, with respect to the Green Bond,

International Bond, Short-Term Bond Index, Short Duration Impact Bond, 5–15 Year Laddered Tax-Exempt Bond and Money Market Funds, Advisors calculated that it had incurred losses.

The Board considered Advisors’ voluntary reduction of certain Funds’ management fee rates: 0.015% for the High-Yield Fund and 0.020% for the Inflation-Linked Bond Fund. The Board also acknowledged Advisors’ commitment to reimburse Fund expenses to the extent that total annual operating expenses exceeded certain specified amounts. With respect to those Funds for which the Agreement was calculated by Advisors to be profitable to Advisors in 2019, the Board concluded that those profits were reasonable in light of various relevant factors.

Fees charged by other advisers

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

Economies of scale

The Board considered whether Advisors has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund, and whether any such economies are shared with the Funds. The Board also considered the extent to which the current fee rate schedule breakpoints for many actively-managed Funds that were currently profitable to Advisors affected Advisors’ fees. The Board considered, in connection with the supporting Broadridge reports, Advisors’ position that the maximum fee rate that could be charged to each Fund based on its level of assets under the Agreement is comparatively low in relation to peer groups of mutual funds. The Board also considered the contractual fee reductions and one-year voluntary advisory fee waivers agreed to by Advisors, as noted above. Based on all factors considered, the Board concluded that the Funds’ management fee rate schedules were reasonable in light of current economies of scale considerations and current asset levels.

108 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Fee and performance comparisons with other Advisors’ clients

The Board considered that Advisors and its affiliate, TIAA-CREF Investment Management, LLC, provide investment management services to other investment companies, including other mutual funds, foreign funds (UCITS), and separately managed accounts that may have similar investment strategies as certain of the Funds. In particular, the Board reviewed the management fee rates Advisors charges to separately managed accounts and a UCITS series that have similar mandates to the Core Impact Bond Fund (formerly known as the Social Choice Bond Fund) and the performance of such accounts/series. The Board also considered Advisors’ comments that, in the future, Advisors may manage client assets through additional funds and accounts with similar investment strategies. The Board also considered Advisors’ representation that, while the management fee rates charged to the Funds may differ from the management fee rates chargeable to these other funds and other accounts, this may be due in part to the fact that these other funds and accounts may: (1) involve less entrepreneurial risk on the part of Advisors; (2) be offered in different types of markets; (3) be provided with different types or levels of services; (4) have different regulatory burdens; and/or (5) target different investors.

Other benefits

The Board also considered additional “fall-out benefits” to Advisors and its affiliates arising from the Agreement. Such benefits include, among others, other fees paid by the Funds to Advisors or its affiliates for other services, such as distribution and administration, and investment-related benefits, such as economies of scale to the extent the Funds share investment resources and/or personnel with other clients of Advisors and the ability to incubate strategies within one or more Funds that could be subsequently utilized to manage other non-Fund products. Advisors and its affiliates may also benefit from the level of business and relationships the Funds have with certain service providers. Additionally, the Funds may be utilized as investment options for other products and businesses of Advisors and its affiliates, such as variable products, fund of funds and 529 education savings plans. Also, Advisors and its affiliates may benefit from their relationship with the Funds to the extent that this relationship results in potential investors viewing TIAA, of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and non-profit markets and as a single source for all their financial service needs.

Fund-by-fund synopsis of factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of each Fund. Because the Institutional Class generally has lower non-

management expenses than the other classes of these Funds, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class. References to “adjusted” relative gross performance means the performance of a Fund minus the impact of net asset value rounding and the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation, as applicable. All time periods referenced below are ended December 31, 2019. Under the Morningstar rating system, an Overall Morningstar Rating of 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2019. Statements below regarding a Fund’s “effective management fee rate” refer to the overall effective blended fee rate that applied to that Fund after taking into account any breakpoints in the management fee rate schedule for the Fund and any applicable fee waivers and/or expense reimbursements. For reference, one basis point equals 0.01%. Statements below regarding “net profit” or “net loss” refer to whether Advisors calculated that it earned a profit or incurred a loss for the services that it rendered to a Fund during 2019 under the Agreement.

Bond Index Fund

• The Fund’s annual contractual management fee rate is 0.10% of average daily net assets.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were in the 1st, 2nd and 1st quintiles, respectively, of both of the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”) and the universe of comparable funds selected by Broadridge for expense comparison purposes (“Expense Universe”).

• For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, differed by -6 basis points. The Fund’s tracking error was driven by transaction costs necessitated by significant growth and an overweight sampling bias towards larger issuers and more liquid bonds.

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

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

Core Bond Fund (formerly, the Bond Fund)

• The Fund’s annual contractual management fee rate starts at 0.30% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2019 asset level was 0.279% of average daily net assets.

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

• The Fund was in the 4th, 2nd, 2nd and 2nd quintiles of the group of comparable funds selected by Broadridge for performance comparison purposes (“Performance Group”) for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 2nd, 1st, 1st and 1st quintiles of the universe of comparable funds selected by Broadridge for

TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 109

Approval of investment management agreements (unaudited)

	performance comparison purposes (“Performance Universe”) for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors calculated that it earned a net profit with respect to its services to the Fund for the one-year period.

Core Impact Bond Fund (formerly, the Social Choice Bond Fund)

• The Fund’s annual contractual management fee rate starts at 0.35% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2019 asset level was 0.335% of average daily net assets.

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

• The Fund was in the 4th, 2nd and 1st quintiles of its Performance Group for the one-, three- and five-year periods, respectively. The Fund was in the 3rd, 1st and 1st quintiles of its Performance Universe for the one-, three- and five-year periods, respectively.

• The Fund received an Overall Morningstar Rating of 4 stars.

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

Core Plus Bond Fund (formerly, the Bond Plus Fund)

• The Fund’s annual contractual management fee rate starts at 0.30% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2019 asset level was 0.284% of average daily net assets.

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

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

• The Fund received an Overall Morningstar Rating of 4 stars.

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

5–15 Year Laddered Tax-Exempt Bond Fund

• The Fund’s annual contractual management fee rate starts at 0.25% of average daily net assets, which includes breakpoints that would reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2019 asset level was 0.25% of average daily net assets.

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

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

	Performance Universe for each of the one-, three-, five- and ten-year periods.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period.

Green Bond Fund

• The Fund’s annual contractual management fee rate starts at 0.40% of average daily net assets, which includes breakpoints that would reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2019 asset level was 0.40% of average daily net assets.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate ranked 1 out of 5 funds, 1 out of 5 funds and 2 out of 5 funds within its Expense Group, respectively. The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were in the 2nd, 1st and 1st quintiles of its Expense Universe, respectively.

• The Fund ranked 4 out of 5 funds and 3 out of 5 funds within its Performance Group for the one-year and since-inception periods, respectively. The Fund was in the 4th and 3rd quintiles for the one-year and since-inception periods, respectively

• The Fund does not have enough performance history to have received an Overall Morningstar Rating.

• Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period.

High-Yield Fund

• The Fund’s annual contractual management fee rate starts at 0.35% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. From May 1, 2019 through April 30, 2020, Advisors voluntarily agreed to reduce its management fee rate by 0.010%. The Fund’s effective management fee rate at its December 31, 2019 asset level was 0.338% of average daily net assets.

• Effective May 1, 2020, Advisors has voluntarily agreed to reduce its management fee rate by 0.015% through April 30, 2021.

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

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

• The Fund received an Overall Morningstar Rating of 4 stars.

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

Inflation-Linked Bond Fund

• The Fund’s annual contractual management fee rate starts at 0.25% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. From May 1, 2019 through April 30, 2020, Advisors voluntarily agreed to reduce its management fee rate by 0.020%. The Fund’s effective management fee rate at its

110 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

concluded

	December 31, 2019 asset level was 0.239% of average daily net assets.
•	Effective May 1, 2020, Advisors has voluntarily agreed to continue to reduce its management fee rate by 0.02% through April 30, 2021.
•	The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of its Expense Group. The Fund’s total expense ratio and contractual management fee rate were in the 1st quintile of its Expense Universe, while its actual management fee rate was in the 2nd quintile of its Expense Universe.
•	The Fund was in the 4th quintile and ranked 4 out of 5 funds, 4 out of 5 funds and 3 out of 4 funds within its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 4th, 3rd, 3rd and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	Advisors calculated that it earned a net profit with respect to its services to the Fund for the one-year period.

Money Market Fund

• The Fund’s annual contractual management fee rate is 0.10% of average daily net assets.

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

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

• Money market funds are not rated by Morningstar.

• Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period.

Short Duration Impact Bond Fund

• The Fund’s annual contractual management fee rate starts at 0.30% of average daily net assets, which includes breakpoints that would reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2019 asset level was 0.30% of average daily net assets.

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

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

• The Fund does not have enough performance history to have received an Overall Morningstar Rating.

• Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period.

Short-Term Bond Fund

• The Fund’s annual contractual management fee rate starts at 0.25% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2019 asset level was 0.244% of average daily net assets.

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

• The Fund was in the 5th, 4th, 3rd and 3rd quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 4th, 2nd, 2nd and 2nd quintiles of its Performance Universe for each of the one-, three-, five- and ten-year periods, respectively.

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

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

Short-Term Bond Index Fund

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

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

• For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the Bloomberg Barclays 1–3 Year Government/Credit Bond Index, differed by -6 basis points. The Fund’s tracking error was driven by transaction costs and an overweight sampling bias towards larger issuers and more liquid bonds.

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

• Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period.

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2020 Annual Report 111

Liquidity risk management program

Discussion of the operation and effectiveness of the Funds’ liquidity risk management program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), each series of the Trust covered by this Report (the “Funds”) has adopted and implemented a liquidity risk management program (the “Program”), which is reasonably designed to assess and manage the Funds’ liquidity risk. The Program consists of various provisions relating to assessing and managing Fund liquidity risk, as discussed further below. The Funds’ Board of Trustees (the “Board”) previously approved the designation of Advisors (the “Administrator”) as Program administrator. The Liquidity Monitoring and Analysis Team (the “LMAT”) carries out day-to-day Program management with oversight by the Liquidity Oversight Committee (the “LOSC”). Personnel from the Administrator and Nuveen Fund Advisors, LLC, an affiliate of the Administrator, comprise the LMAT and LOSC.

At a February 11, 2020 Board meeting, the Administrator provided the Board with a written report addressing the Program’s operation, adequacy, and effectiveness of implementation for the period from December 1, 2018 through November 30, 2019 (the “Review Period”), as required under the Liquidity Rule. The report noted that the Program has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to the Funds’ liquidity developments.

In accordance with the Program, the LMAT assesses each Fund’s liquidity risk no less frequently than annually based on various factors, such as (i) the Fund’s investment strategy and the liquidity of portfolio investments, (ii) cash flow projections, and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below). The classification is based on a determination of how long it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading, and investment-specific considerations, as well as market depth, and utilize third-party vendor data.

Any Fund that does not primarily hold highly liquid investments must, among other things, determine a minimum percentage of Fund net assets that must be invested in highly liquid investments (a “Highly Liquid Investment Minimum”). During the Review Period, each Fund primarily held highly liquid investments and therefore was exempt from the requirement to adopt a Highly Liquid Investment Minimum and to comply with the related requirements under the Liquidity Rule.

The Liquidity Rule also limits the Funds’ investments in illiquid investments. Specifically, the Liquidity Rule prohibits acquisition of illiquid investments if doing so would result in the Fund holding more than 15% of its net assets in illiquid investments and requires certain reporting anytime a Fund’s holdings of illiquid investments exceed 15% of net assets. During the Review Period, no Fund exceeded the 15% limit on illiquid investments.

112 2020 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

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Websites

TIAA.org
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800-842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday
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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, 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.

©2020 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206

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Item 2. Code of Conduct.

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

2(b) No response required.

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

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

2(e) Not applicable.

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

Item 3. Audit Committee Financial Expert.

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

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

Item 4. Principal Accountant Fees and Services.

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

The aggregate fees billed by PwC as disclosed below for the fiscal years ended March 31, 2020 and March 31, 2019 may not align with the figures reported and filed with the Securities and Exchange Commission in Form N-CEN or Form N-CSR for each period, respectively, (SEC File No. 811-09301) because the fees disclosed in this statement reflect fees updated after the date of that Form N-CEN or Form N-CSR for the relevant periods.

4(a) Audit Fees.

For the fiscal years ended March 31, 2019 and March 31, 2020, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $635,310 and $622,603, respectively.

4(b) Audit Related Fees.

For the fiscal years ended March 31, 2019 and March 31, 2020, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended March 31, 2019 and March 31, 2020, the Audit-Related Fees billed by PwC to Teachers Advisors, LLC (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c) Tax Fees.

For the fiscal years ended March 31, 2019 and March 31, 2020, PwC’s aggregate fees for tax services billed to the Registrant were $171,380 and $3,464, respectively.

For the fiscal years ended March 31, 2019 and March 31, 2020, the Tax Fees billed by PwC to the Fund Service Providers were $0 and $0, respectively.

4(d) All Other Fees.

For the fiscal years ended March 31, 2019 and March 31, 2020, PwC’s aggregate fees for all other services billed to the Registrant were $5,500 and $5,500, respectively.

For the fiscal years ended March 31, 2019 and March 31, 2020, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

The Registrant’s audit and compliance committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statements audit for the Registrant and certain of its affiliates, including approving the terms of the engagement, and (ii) preapprove the audit, audit-related, tax and other services to be provided by the independent auditor to the Registrant and certain of its affiliates and the fees to be charged for provision of such services from year to year.

4(e)(2) Services provided pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “de minimis exception”):

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2019 and March 31, 2020 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2019 and March 31, 2020 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2019 and March 31, 2020 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2019 and March 31, 2020 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2019 and March 31, 2020 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2019 and March 31, 2020 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

4(f) The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.

4(g) Non-Audit Fees for Related Entities.

For the fiscal years ended March 31, 2019 and March 31, 2020, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $257,500 and $329,750, respectively.

4(h) The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA-CREF FUNDS – Bond Index Fund

TIAA-CREF FUNDS

BOND INDEX FUND

SCHEDULE OF INVESTMENTS

March 31, 2020

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
BONDS - 98.7%
CORPORATE BONDS – 24.7%
AUTOMOBILES & COMPONENTS - 0.1%
$	250,000	Aptiv plc		4.250	%	01/15/26	$	254,627
	100,000	Aptiv plc		4.350		03/15/29		94,490
	100,000	Aptiv plc		4.400		10/01/46		76,991
	575,000	Aptiv plc		5.400		03/15/49		532,318
	200,000	BorgWarner, Inc		3.375		03/15/25		195,742
	200,000	BorgWarner, Inc		4.375		03/15/45		197,135
	600,000	Delphi Corp		4.150		03/15/24		586,726
	800,000	Ford Motor Co		7.450		07/16/31		576,000
	1,350,000	Ford Motor Co		4.750		01/15/43		766,125
	125,000	General Motors Co		4.875		10/02/23		111,366
	500,000	General Motors Co		4.200		10/01/27		408,028
	700,000	General Motors Co		5.000		10/01/28		613,777
	900,000	General Motors Co		6.600		04/01/36		783,265
	700,000	General Motors Co		5.150		04/01/38		506,683
	150,000	General Motors Co		6.250		10/02/43		119,123
	175,000	General Motors Co		5.200		04/01/45		138,705
	350,000	General Motors Co		6.750		04/01/46		279,857
	500,000	General Motors Co		5.400		04/01/48		364,498
	900,000	General Motors Co		5.950		04/01/49		665,546
	175,000	Harley-Davidson, Inc		3.500		07/28/25		164,007
	200,000	Harley-Davidson, Inc		4.625		07/28/45		186,229
	900,000	Honeywell International, Inc		1.850		11/01/21		900,294
	500,000	Honeywell International, Inc		3.350		12/01/23		528,289
	1,700,000	Honeywell International, Inc		2.500		11/01/26		1,724,492
	782,000	Honeywell International, Inc		3.812		11/21/47		860,943
	800,000	Lear Corp		3.800		09/15/27		732,947
	400,000	Lear Corp		4.250		05/15/29		355,871
	500,000	Lear Corp		3.500		05/30/30		433,392
	550,000	Lear Corp		5.250		05/15/49		477,917
	300,000	Magna International, Inc		3.625		06/15/24		312,177
	600,000	Magna International, Inc		4.150		10/01/25		657,467
	300,000	Toyota Motor Corp		3.183		07/20/21		304,971
	500,000	Toyota Motor Corp		2.157		07/02/22		496,916
	300,000	Toyota Motor Corp		3.419		07/20/23		307,954
	750,000	Toyota Motor Corp		2.358		07/02/24		749,828
	300,000	Toyota Motor Corp		3.669		07/20/28		311,171
	750,000	Toyota Motor Corp		2.760		07/02/29		755,821
		TOTAL AUTOMOBILES & COMPONENTS						17,531,688
BANKS - 4.1%
	350,000	Banco Bilbao Vizcaya Argentaria S.A.		3.000		10/20/20		347,648
	600,000	Banco Santander S.A.		3.500		04/11/22		593,475
	800,000	Banco Santander S.A.		3.125		02/23/23		793,093

1

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,200,000	Banco Santander S.A.		3.848	%	04/12/23	$	1,228,707
	800,000	Banco Santander S.A.		2.706		06/27/24		792,281
	400,000	Banco Santander S.A.		5.179		11/19/25		436,378
	600,000	Banco Santander S.A.		4.250		04/11/27		611,169
	675,000	Banco Santander S.A.		3.800		02/23/28		662,389
	1,800,000	Banco Santander S.A.		4.379		04/12/28		1,843,555
	600,000	Banco Santander S.A.		3.306		06/27/29		584,515
	850,000	Bancolombia S.A.		3.000		01/29/25		761,609
	1,750,000	Bank of America Corp		2.625		04/19/21		1,761,415
	3,000,000	Bank of America Corp		2.738		01/23/22		2,996,377
	3,000,000	Bank of America Corp		3.499		05/17/22		3,035,253
	350,000	Bank of America Corp		2.503		10/21/22		350,791
	2,225,000	Bank of America Corp		3.300		01/11/23		2,304,546
	1,150,000	Bank of America Corp		3.124		01/20/23		1,169,994
	775,000	Bank of America Corp		2.881		04/24/23		777,976
	1,200,000	Bank of America Corp		2.816		07/21/23		1,204,619
	3,718,000	Bank of America Corp		3.004		12/20/23		3,787,484
	3,500,000	Bank of America Corp		4.125		01/22/24		3,731,482
	1,750,000	Bank of America Corp		3.550		03/05/24		1,814,045
	1,500,000	Bank of America Corp		3.864		07/23/24		1,573,716
	1,475,000	Bank of America Corp		4.200		08/26/24		1,567,802
	10,300,000	Bank of America Corp		3.458		03/15/25		10,623,045
	3,550,000	Bank of America Corp		3.950		04/21/25		3,733,204
	3,000,000	Bank of America Corp		3.093		10/01/25		3,061,035
	725,000	Bank of America Corp		2.456		10/22/25		731,134
	4,000,000	Bank of America Corp		3.366		01/23/26		4,159,056
	3,000,000	Bank of America Corp		2.015		02/13/26		2,936,542
	7,800,000	Bank of America Corp		3.559		04/23/27		8,163,868
	2,000,000	Bank of America Corp		3.593		07/21/28		2,046,961
	5,690,000	Bank of America Corp		3.419		12/20/28		5,875,053
	1,250,000	Bank of America Corp		3.970		03/05/29		1,349,113
	1,400,000	Bank of America Corp		4.271		07/23/29		1,519,350
	3,075,000	Bank of America Corp		3.974		02/07/30		3,320,348
	1,675,000	Bank of America Corp		3.194		07/23/30		1,710,458
	1,050,000	Bank of America Corp		2.884		10/22/30		1,048,520
	4,000,000	Bank of America Corp		2.496		02/13/31		3,837,676
	1,500,000	Bank of America Corp		6.110		01/29/37		1,954,521
	4,500,000	Bank of America Corp		4.078		04/23/40		5,043,843
	1,500,000	Bank of America Corp		5.000		01/21/44		1,908,140
	2,800,000	Bank of America Corp		4.443		01/20/48		3,142,231
	3,000,000	Bank of America Corp		3.946		01/23/49		3,187,689
	1,250,000	Bank of America Corp		4.330		03/15/50		1,466,326
	1,500,000	Bank of America Corp		4.083		03/20/51		1,702,759
	550,000	Bank of America NA		3.335		01/25/23		549,579
	500,000	Bank of Nova Scotia		2.500		01/08/21		501,382
	200,000	Bank of Nova Scotia		4.375		01/13/21		202,786
	300,000	Bank of Nova Scotia		2.450		03/22/21		300,945
	2,000,000	Bank of Nova Scotia		3.125		04/20/21		2,021,028
	1,000,000	Bank of Nova Scotia		1.875		04/26/21		1,000,396
	250,000	Bank of Nova Scotia		2.800		07/21/21		252,755
	1,000,000	Bank of Nova Scotia		2.000		11/15/22		1,003,851
	375,000	Bank of Nova Scotia		2.375		01/18/23		377,278
	750,000	Bank of Nova Scotia		1.950		02/01/23		745,681
	750,000	Bank of Nova Scotia		2.200		02/03/25		747,848

2

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,550,000	Bank of Nova Scotia		4.500	%	12/16/25	$	1,592,804
	1,000,000	Bank of Nova Scotia		2.700		08/03/26		1,008,516
	1,500,000	Barclays Bank plc		2.650		01/11/21		1,495,248
	2,000,000	Barclays plc		3.200		08/10/21		1,979,827
	1,500,000	Barclays plc		3.684		01/10/23		1,503,829
	1,500,000	Barclays plc		4.610		02/15/23		1,526,156
	525,000	Barclays plc		4.338		05/16/24		506,489
	200,000	Barclays plc		4.375		09/11/24		207,212
	1,425,000	Barclays plc		3.650		03/16/25		1,392,902
	2,750,000	Barclays plc		3.932		05/07/25		2,639,116
	975,000	Barclays plc		4.375		01/12/26		980,184
	800,000	Barclays plc		5.200		05/12/26		817,225
	700,000	Barclays plc		4.337		01/10/28		712,146
	1,975,000	Barclays plc		4.836		05/09/28		2,037,056
	1,500,000	Barclays plc		4.972		05/16/29		1,618,260
	775,000	Barclays plc		5.250		08/17/45		854,197
	575,000	Barclays plc		4.950		01/10/47		629,145
	500,000	BBVA USA		3.500		06/11/21		497,320
	500,000	BBVA USA		2.875		06/29/22		487,387
	1,000,000	BBVA USA		2.500		08/27/24		974,948
	500,000	BBVA USA		3.875		04/10/25		473,353
	1,300,000	BPCE S.A.		2.650		02/03/21		1,288,713
	400,000	BPCE S.A.		2.750		12/02/21		397,000
	1,025,000	BPCE S.A.		4.000		04/15/24		1,063,143
	300,000	BPCE S.A.		3.375		12/02/26		298,711
	1,100,000	Canadian Imperial Bank of Commerce		2.700		02/02/21		1,104,349
	500,000	Canadian Imperial Bank of Commerce		2.550		06/16/22		508,256
	1,000,000	Canadian Imperial Bank of Commerce		2.606		07/22/23		1,008,312
	500,000	Canadian Imperial Bank of Commerce		3.500		09/13/23		528,593
	750,000	Canadian Imperial Bank of Commerce		3.100		04/02/24		775,229
	1,000,000	Canadian Imperial Bank of Commerce		2.250		01/28/25		988,331
	900,000	Capital One NA		2.950		07/23/21		902,515
	1,250,000	Capital One NA		2.250		09/13/21		1,225,487
	750,000	Capital One NA		2.650		08/08/22		742,684
	475,000	Capital One NA		2.150		09/06/22		463,090
	3,000,000	CitiBank NA		2.850		02/12/21		3,014,545
	500,000	CitiBank NA		3.400		07/23/21		507,638
	3,000,000	CitiBank NA		2.844		05/20/22		3,004,814
	2,000,000	CitiBank NA		3.650		01/23/24		2,094,979
	4,250,000	Citigroup, Inc		2.700		03/30/21		4,267,682
	1,250,000	Citigroup, Inc		2.350		08/02/21		1,248,783
	100,000	Citigroup, Inc		2.900		12/08/21		100,909
	3,000,000	Citigroup, Inc		4.500		01/14/22		3,120,465
	500,000	Citigroup, Inc		2.700		10/27/22		503,253
	425,000	Citigroup, Inc		2.312		11/04/22		422,491
	800,000	Citigroup, Inc		3.142		01/24/23		809,982
	4,600,000	Citigroup, Inc		3.500		05/15/23		4,738,418
	1,400,000	Citigroup, Inc		2.876		07/24/23		1,410,977
	1,500,000	Citigroup, Inc		4.044		06/01/24		1,584,244
	500,000	Citigroup, Inc		4.000		08/05/24		518,212
	7,500,000	Citigroup, Inc		3.352		04/24/25		7,722,696
	1,000,000	Citigroup, Inc		3.700		01/12/26		1,063,284
	750,000	Citigroup, Inc		4.600		03/09/26		806,320

3

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,000,000	Citigroup, Inc		3.400	%	05/01/26	$	1,071,198
	1,100,000	Citigroup, Inc		4.300		11/20/26		1,163,129
	1,500,000	Citigroup, Inc		4.450		09/29/27		1,572,836
	500,000	Citigroup, Inc		3.887		01/10/28		514,683
	1,000,000	Citigroup, Inc		3.668		07/24/28		1,036,200
	2,025,000	Citigroup, Inc		4.125		07/25/28		2,078,136
	3,000,000	Citigroup, Inc		3.520		10/27/28		3,003,919
	4,000,000	Citigroup, Inc		4.075		04/23/29		4,242,198
	1,750,000	Citigroup, Inc		3.980		03/20/30		1,870,763
	1,500,000	Citigroup, Inc		2.976		11/05/30		1,486,219
	5,000,000	Citigroup, Inc		2.666		01/29/31		4,851,476
	175,000	Citigroup, Inc		6.625		06/15/32		210,460
	750,000	Citigroup, Inc		3.878		01/24/39		742,894
	325,000	Citigroup, Inc		8.125		07/15/39		512,848
	350,000	Citigroup, Inc		5.875		01/30/42		469,587
	400,000	Citigroup, Inc		6.675		09/13/43		541,235
	125,000	Citigroup, Inc		5.300		05/06/44		151,692
	675,000	Citigroup, Inc		4.650		07/30/45		807,068
	3,075,000	Citigroup, Inc		4.750		05/18/46		3,521,083
	5,075,000	Citigroup, Inc		4.650		07/23/48		6,109,268
	300,000	Citizens Bank NA		2.250		10/30/20		300,677
	150,000	Citizens Bank NA		2.550		05/13/21		149,832
	925,000	Citizens Bank NA		3.250		02/14/22		937,129
	350,000	Citizens Bank NA		2.650		05/26/22		349,579
	500,000	Citizens Bank NA		3.700		03/29/23		512,167
	250,000	Citizens Bank NA		3.750		02/18/26		254,984
	100,000	Citizens Financial Group, Inc		2.375		07/28/21		100,770
	850,000	Citizens Financial Group, Inc		4.300		12/03/25		889,796
	500,000	Citizens Financial Group, Inc		2.850		07/27/26		487,673
	200,000	Citizens Financial Group, Inc		2.500		02/06/30		176,935
	500,000	Comerica Bank		2.500		07/23/24		495,694
	200,000	Comerica Bank		4.000		07/27/25		202,072
	625,000	Comerica, Inc		3.700		07/31/23		641,389
	550,000	Comerica, Inc		4.000		02/01/29		554,498
	800,000	Commonwealth Bank of Australia		2.550		03/15/21		800,896
	500,000	Cooperatieve Rabobank UA		4.500		01/11/21		508,494
	925,000	Cooperatieve Rabobank UA		2.750		01/10/22		930,700
	1,500,000	Cooperatieve Rabobank UA		3.875		02/08/22		1,547,535
	575,000	Cooperatieve Rabobank UA		3.950		11/09/22		578,351
	425,000	Cooperatieve Rabobank UA		4.625		12/01/23		439,495
	600,000	Cooperatieve Rabobank UA		4.375		08/04/25		614,638
	2,700,000	Cooperatieve Rabobank UA		3.750		07/21/26		2,601,648
	550,000	Cooperatieve Rabobank UA		5.250		05/24/41		757,652
	400,000	Cooperatieve Rabobank UA		5.750		12/01/43		495,488
	1,600,000	Cooperatieve Rabobank UA		5.250		08/04/45		1,944,112
	1,000,000	Cooperatieve Rabobank UA/NY		2.500		01/19/21		1,000,462
	1,000,000	Cooperatieve Rabobank UA/NY		3.125		04/26/21		1,007,336
	1,900,000	Cooperatieve Rabobank UA/NY		2.750		01/10/23		1,925,645
	2,050,000	Cooperatieve Rabobank UA/NY		3.375		05/21/25		2,176,786
	300,000	Discover Bank		3.200		08/09/21		298,582
	1,300,000	Discover Bank		3.350		02/06/23		1,305,396
	1,350,000	Discover Bank		4.200		08/08/23		1,433,391
	1,000,000	Discover Bank		2.450		09/12/24		958,067
	200,000	Discover Bank		4.250		03/13/26		200,390

4

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,125,000	Discover Bank		3.450	%	07/27/26	$	1,100,033
	300,000	Discover Bank		4.682		08/09/28		305,463
	350,000	Discover Bank		4.650		09/13/28		354,976
	325,000	Discover Bank		2.700		02/06/30		282,533
	400,000	Fifth Third Bancorp		2.875		07/27/20		397,957
	200,000	Fifth Third Bancorp		3.500		03/15/22		201,743
	750,000	Fifth Third Bancorp		2.600		06/15/22		741,100
	450,000	Fifth Third Bancorp		4.300		01/16/24		482,999
	675,000	Fifth Third Bancorp		3.650		01/25/24		701,930
	1,000,000	Fifth Third Bancorp		2.375		01/28/25		973,942
	500,000	Fifth Third Bancorp		3.950		03/14/28		525,838
	140,000	Fifth Third Bancorp		8.250		03/01/38		184,837
	300,000	Fifth Third Bank		2.250		06/14/21		298,530
	650,000	Fifth Third Bank		3.350		07/26/21		654,907
	200,000	Fifth Third Bank		2.875		10/01/21		201,742
	500,000	Fifth Third Bank		1.800		01/30/23		492,799
	300,000	Fifth Third Bank		3.950		07/28/25		325,832
	2,400,000	Fifth Third Bank		3.850		03/15/26		2,529,170
	1,000,000	Fifth Third Bank		2.250		02/01/27		946,301
	500,000	First Citizens BancShares, Inc		3.375		03/15/30		505,295
	200,000	First Horizon National Corp		3.500		12/15/20		198,002
	2,200,000	First Republic Bank		2.500		06/06/22		2,167,456
	500,000	First Republic Bank		1.912		02/12/24		479,540
	175,000	First Republic Bank		4.375		08/01/46		186,378
	550,000	FNB Corp		2.200		02/24/23		539,469
	750,000	HSBC Bank USA NA		4.875		08/24/20		755,556
	33,000	HSBC Bank USA NA		7.000		01/15/39		43,045
	1,400,000	HSBC Holdings plc		3.400		03/08/21		1,407,702
	725,000	HSBC Holdings plc		2.950		05/25/21		729,574
	1,375,000	HSBC Holdings plc		2.650		01/05/22		1,372,822
	450,000	HSBC Holdings plc		4.875		01/14/22		457,313
	650,000	HSBC Holdings plc		4.000		03/30/22		667,744
	3,625,000	HSBC Holdings plc		3.262		03/13/23		3,630,279
	2,275,000	HSBC Holdings plc		3.600		05/25/23		2,310,946
	600,000	HSBC Holdings plc		3.033		11/22/23		595,575
	2,625,000	HSBC Holdings plc		4.250		03/14/24		2,700,220
	2,325,000	HSBC Holdings plc		3.950		05/18/24		2,382,221
	2,500,000	HSBC Holdings plc		3.803		03/11/25		2,602,727
	450,000	HSBC Holdings plc		4.250		08/18/25		469,152
	2,000,000	HSBC Holdings plc		2.633		11/07/25		1,940,511
	1,875,000	HSBC Holdings plc		4.300		03/08/26		2,001,574
	2,475,000	HSBC Holdings plc		3.900		05/25/26		2,518,041
	1,100,000	HSBC Holdings plc		4.292		09/12/26		1,149,961
	450,000	HSBC Holdings plc		4.375		11/23/26		477,812
	3,925,000	HSBC Holdings plc		4.041		03/13/28		3,994,740
	2,775,000	HSBC Holdings plc		4.583		06/19/29		2,953,686
	4,000,000	HSBC Holdings plc		3.973		05/22/30		4,108,093
	300,000	HSBC Holdings plc		6.500		05/02/36		354,633
	2,700,000	HSBC Holdings plc		6.500		09/15/37		3,249,470
	200,000	HSBC Holdings plc		6.800		06/01/38		243,837
	550,000	HSBC Holdings plc		6.100		01/14/42		684,337
	1,175,000	HSBC Holdings plc		5.250		03/14/44		1,330,364
	1,250,000	HSBC USA, Inc		3.500		06/23/24		1,257,146

5

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	2,000,000	Huntington Bancshares, Inc		3.150	%	03/14/21	$	2,005,125
	400,000	Huntington Bancshares, Inc		2.300		01/14/22		396,384
	1,000,000	Huntington Bancshares, Inc		2.625		08/06/24		1,012,939
	500,000	Huntington Bancshares, Inc		4.000		05/15/25		523,459
	1,000,000	Huntington Bancshares, Inc		2.550		02/04/30		907,703
	300,000	Huntington National Bank		3.250		05/14/21		302,310
	300,000	Huntington National Bank		3.125		04/01/22		303,972
	375,000	Huntington National Bank		1.800		02/03/23		367,572
	1,300,000	Industrial & Commercial Bank of China Ltd		2.905		11/13/20		1,313,749
	300,000	Industrial & Commercial Bank of China Ltd		2.635		05/26/21		304,827
	250,000	Industrial & Commercial Bank of China Ltd		2.452		10/20/21		255,225
	4,750,000	Industrial & Commercial Bank of China Ltd		3.538		11/08/27		5,119,191
	750,000	ING Groep NV		3.150		03/29/22		753,381
	1,200,000	ING Groep NV		4.100		10/02/23		1,231,452
	575,000	ING Groep NV		3.550		04/09/24		577,860
	1,250,000	ING Groep NV		3.950		03/29/27		1,249,769
	500,000	ING Groep NV		4.550		10/02/28		531,324
	825,000	ING Groep NV		4.050		04/09/29		854,089
	2,000,000	JPMorgan Chase & Co		2.550		03/01/21		2,004,788
	1,000,000	JPMorgan Chase & Co		2.400		06/07/21		1,004,785
	325,000	JPMorgan Chase & Co		2.295		08/15/21		324,376
	500,000	JPMorgan Chase & Co		4.500		01/24/22		522,153
	800,000	JPMorgan Chase & Co		3.250		09/23/22		824,266
	3,150,000	JPMorgan Chase & Co		2.972		01/15/23		3,206,932
	3,075,000	JPMorgan Chase & Co		3.200		01/25/23		3,163,479
	7,100,000	JPMorgan Chase & Co		3.207		04/01/23		7,235,744
	500,000	JPMorgan Chase & Co		3.375		05/01/23		521,763
	625,000	JPMorgan Chase & Co		2.700		05/18/23		641,203
	475,000	JPMorgan Chase & Co		3.875		02/01/24		507,932
	4,400,000	JPMorgan Chase & Co		3.559		04/23/24		4,570,315
	1,525,000	JPMorgan Chase & Co		3.625		05/13/24		1,590,418
	1,575,000	JPMorgan Chase & Co		3.797		07/23/24		1,648,402
	2,675,000	JPMorgan Chase & Co		3.875		09/10/24		2,824,642
	975,000	JPMorgan Chase & Co		4.023		12/05/24		1,032,993
	625,000	JPMorgan Chase & Co		3.125		01/23/25		651,110
	1,200,000	JPMorgan Chase & Co		3.220		03/01/25		1,243,957
	2,125,000	JPMorgan Chase & Co		3.900		07/15/25		2,272,866
	2,000,000	JPMorgan Chase & Co		2.301		10/15/25		2,000,206
	2,000,000	JPMorgan Chase & Co		2.005		03/13/26		1,975,240
	3,125,000	JPMorgan Chase & Co		3.300		04/01/26		3,279,353
	1,450,000	JPMorgan Chase & Co		3.200		06/15/26		1,505,847
	1,000,000	JPMorgan Chase & Co		2.950		10/01/26		1,033,405
	1,350,000	JPMorgan Chase & Co		4.125		12/15/26		1,475,802
	2,450,000	JPMorgan Chase & Co		3.960		01/29/27		2,646,029
	250,000	JPMorgan Chase & Co		4.250		10/01/27		275,304
	325,000	JPMorgan Chase & Co		3.625		12/01/27		344,615
	1,375,000	JPMorgan Chase & Co		3.782		02/01/28		1,476,507
	425,000	JPMorgan Chase & Co		3.540		05/01/28		448,279
	4,600,000	JPMorgan Chase & Co		4.005		04/23/29		4,943,402
	2,050,000	JPMorgan Chase & Co		4.203		07/23/29		2,251,963
	1,750,000	JPMorgan Chase & Co		4.452		12/05/29		1,963,823
	4,500,000	JPMorgan Chase & Co		3.702		05/06/30		4,833,130
	5,050,000	JPMorgan Chase & Co		2.739		10/15/30		5,071,159
	1,000,000	JPMorgan Chase & Co		3.882		07/24/38		1,117,448

6

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	958,000	JPMorgan Chase & Co		5.500	%	10/15/40	$	1,311,563
	1,000,000	JPMorgan Chase & Co		5.625		08/16/43		1,348,318
	1,800,000	JPMorgan Chase & Co		4.950		06/01/45		2,316,630
	2,050,000	JPMorgan Chase & Co		4.260		02/22/48		2,463,021
	1,000,000	JPMorgan Chase & Co		4.032		07/24/48		1,158,862
	4,500,000	JPMorgan Chase & Co		3.964		11/15/48		5,214,149
	1,750,000	JPMorgan Chase & Co		3.897		01/23/49		2,023,655
	750,000	JPMorgan Chase & Co		6.000		N/A‡		750,000
	500,000	KeyBank NA		2.500		11/22/21		500,989
	500,000	KeyBank NA		3.300		02/01/22		511,076
	300,000	KeyBank NA		3.180		05/22/22		300,919
	300,000	KeyBank NA		2.400		06/09/22		300,925
	625,000	KeyBank NA		2.300		09/14/22		625,680
	425,000	KeyBank NA		1.250		03/10/23		416,219
	750,000	KeyBank NA		3.300		06/01/25		780,803
	300,000	KeyBank NA		3.400		05/20/26		312,576
	250,000	KeyBank NA		3.900		04/13/29		249,133
	1,200,000	KeyCorp		2.900		09/15/20		1,197,251
	200,000	KeyCorp		4.150		10/29/25		210,116
	850,000	KeyCorp		2.250		04/06/27		802,868
	500,000	KeyCorp		4.100		04/30/28		526,638
	1,000,000	KeyCorp		2.550		10/01/29		901,334
	1,000,000	Lloyds Bank plc		2.250		08/14/22		996,127
	575,000	Lloyds Banking Group plc		3.000		01/11/22		573,368
	1,000,000	Lloyds Banking Group plc		2.858		03/17/23		985,848
	1,175,000	Lloyds Banking Group plc		4.050		08/16/23		1,222,050
	1,175,000	Lloyds Banking Group plc		2.907		11/07/23		1,173,502
	1,800,000	Lloyds Banking Group plc		3.900		03/12/24		1,821,810
	2,750,000	Lloyds Banking Group plc		4.500		11/04/24		2,802,874
	1,375,000	Lloyds Banking Group plc		4.450		05/08/25		1,472,681
	325,000	Lloyds Banking Group plc		4.582		12/10/25		334,357
	1,500,000	Lloyds Banking Group plc		2.438		02/05/26		1,416,662
	225,000	Lloyds Banking Group plc		4.650		03/24/26		231,772
	500,000	Lloyds Banking Group plc		3.750		01/11/27		505,178
	2,700,000	Lloyds Banking Group plc		4.375		03/22/28		2,905,005
	700,000	Lloyds Banking Group plc		4.550		08/16/28		742,860
	1,825,000	Lloyds Banking Group plc		3.574		11/07/28		1,811,175
	1,150,000	Lloyds Banking Group plc		4.344		01/09/48		1,153,045
	300,000	M&T Bank Corp		3.550		07/26/23		315,739
	500,000	Manufacturers & Traders Trust Co		2.625		01/25/21		501,524
	500,000	Manufacturers & Traders Trust Co		2.500		05/18/22		483,873
	1,100,000	Manufacturers & Traders Trust Co		2.900		02/06/25		1,131,731
	710,000	Mitsubishi UFJ Financial Group, Inc		2.950		03/01/21		709,473
	1,300,000	Mitsubishi UFJ Financial Group, Inc		3.535		07/26/21		1,318,254
	276,000	Mitsubishi UFJ Financial Group, Inc		2.190		09/13/21		272,247
	400,000	Mitsubishi UFJ Financial Group, Inc		2.998		02/22/22		407,794
	1,375,000	Mitsubishi UFJ Financial Group, Inc		3.218		03/07/22		1,393,929
	1,000,000	Mitsubishi UFJ Financial Group, Inc		2.623		07/18/22		998,480
	975,000	Mitsubishi UFJ Financial Group, Inc		2.665		07/25/22		976,437
	1,925,000	Mitsubishi UFJ Financial Group, Inc		3.455		03/02/23		1,970,720
	1,175,000	Mitsubishi UFJ Financial Group, Inc		3.761		07/26/23		1,214,340
	900,000	Mitsubishi UFJ Financial Group, Inc		3.407		03/07/24		928,566
	1,000,000	Mitsubishi UFJ Financial Group, Inc		2.801		07/18/24		1,007,290

7

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	2,000,000	Mitsubishi UFJ Financial Group, Inc		2.193	%	02/25/25	$	1,980,264
	1,625,000	Mitsubishi UFJ Financial Group, Inc		3.777		03/02/25		1,715,033
	207,000	Mitsubishi UFJ Financial Group, Inc		3.850		03/01/26		211,160
	225,000	Mitsubishi UFJ Financial Group, Inc		2.757		09/13/26		226,597
	650,000	Mitsubishi UFJ Financial Group, Inc		3.677		02/22/27		678,182
	700,000	Mitsubishi UFJ Financial Group, Inc		3.287		07/25/27		725,996
	1,000,000	Mitsubishi UFJ Financial Group, Inc		3.961		03/02/28		1,040,006
	300,000	Mitsubishi UFJ Financial Group, Inc		4.050		09/11/28		334,381
	1,250,000	Mitsubishi UFJ Financial Group, Inc		3.741		03/07/29		1,327,076
	1,000,000	Mitsubishi UFJ Financial Group, Inc		3.195		07/18/29		1,012,172
	1,500,000	Mitsubishi UFJ Financial Group, Inc		2.559		02/25/30		1,441,647
	300,000	Mitsubishi UFJ Financial Group, Inc		4.286		07/26/38		326,058
	500,000	Mitsubishi UFJ Financial Group, Inc		4.153		03/07/39		546,353
	1,425,000	Mitsubishi UFJ Financial Group, Inc		3.751		07/18/39		1,404,633
	2,000,000	Mizuho Financial Group, Inc		2.601		09/11/22		1,999,890
	700,000	Mizuho Financial Group, Inc		3.549		03/05/23		717,765
	500,000	Mizuho Financial Group, Inc		2.555		09/13/25		493,867
	500,000	Mizuho Financial Group, Inc		2.226		05/25/26		490,023
	950,000	Mizuho Financial Group, Inc		2.839		09/13/26		923,463
	200,000	Mizuho Financial Group, Inc		3.663		02/28/27		201,347
	600,000	Mizuho Financial Group, Inc		3.170		09/11/27		601,433
	725,000	Mizuho Financial Group, Inc		4.018		03/05/28		784,736
	625,000	Mizuho Financial Group, Inc		4.254		09/11/29		632,432
	1,000,000	Mizuho Financial Group, Inc		3.153		07/16/30		954,919
	500,000	Mizuho Financial Group, Inc		2.869		09/13/30		475,097
	500,000	Mizuho Financial Group, Inc		2.591		05/25/31		474,408
	225,000	MUFG Americas Holdings Corp		3.500		06/18/22		229,295
	160,000	MUFG Americas Holdings Corp		3.000		02/10/25		147,239
	1,000,000	MUFG Union Bank NA		3.150		04/01/22		999,897
	1,000,000	MUFG Union Bank NA		2.100		12/09/22		987,082
	300,000	National Australia Bank Ltd		2.500		01/12/21		300,419
	300,000	National Australia Bank Ltd		2.625		01/14/21		300,604
	500,000	National Australia Bank Ltd		1.875		07/12/21		503,744
	500,000	National Australia Bank Ltd		3.700		11/04/21		508,289
	925,000	National Australia Bank Ltd		2.800		01/10/22		947,005
	450,000	National Australia Bank Ltd		2.500		05/22/22		454,166
	1,000,000	National Australia Bank Ltd		1.875		12/13/22		994,010
	625,000	National Australia Bank Ltd		3.000		01/20/23		637,241
	500,000	National Australia Bank Ltd		2.875		04/12/23		507,025
	300,000	National Australia Bank Ltd		3.375		01/14/26		316,381
	750,000	National Australia Bank Ltd		2.500		07/12/26		751,740
	1,000,000	National Bank of Canada		2.100		02/01/23		995,146
	350,000	Northern Trust Corp		2.375		08/02/22		361,262
	625,000	Northern Trust Corp		3.950		10/30/25		654,248
	500,000	Northern Trust Corp		3.650		08/03/28		498,867
	500,000	Northern Trust Corp		3.150		05/03/29		517,840
	100,000	Northern Trust Corp		3.375		05/08/32		96,913
	300,000	People’s United Bank NA		4.000		07/15/24		303,203
	100,000	People’s United Financial, Inc		3.650		12/06/22		102,645
	500,000	PNC Bank NA		2.500		01/22/21		500,716
	500,000	PNC Bank NA		2.150		04/29/21		500,108
	850,000	PNC Bank NA		2.550		12/09/21		856,822
	1,075,000	PNC Bank NA		2.625		02/17/22		1,087,295
	1,500,000	PNC Bank NA		2.232		07/22/22		1,503,771

8

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,750,000	PNC Bank NA		2.450	%	07/28/22	$	1,742,359
	1,025,000	PNC Bank NA		2.700		11/01/22		1,037,931
	1,000,000	PNC Bank NA		2.028		12/09/22		1,002,238
	750,000	PNC Bank NA		2.950		01/30/23		770,269
	800,000	PNC Bank NA		1.743		02/24/23		787,083
	1,375,000	PNC Bank NA		3.500		06/08/23		1,422,653
	250,000	PNC Bank NA		3.800		07/25/23		266,228
	600,000	PNC Bank NA		2.950		02/23/25		621,119
	550,000	PNC Bank NA		3.250		06/01/25		585,505
	500,000	PNC Bank NA		3.100		10/25/27		514,473
	500,000	PNC Bank NA		3.250		01/22/28		506,685
	903,000	PNC Bank NA		4.050		07/26/28		980,191
	475,000	PNC Bank NA		2.700		10/22/29		460,695
	425,000	PNC Financial Services Group, Inc		3.300		03/08/22		431,987
	500,000	PNC Financial Services Group, Inc		3.500		01/23/24		518,600
	300,000	PNC Financial Services Group, Inc		3.900		04/29/24		320,300
	500,000	PNC Financial Services Group, Inc		2.200		11/01/24		517,951
	1,500,000	PNC Financial Services Group, Inc		2.600		07/23/26		1,515,003
	300,000	PNC Financial Services Group, Inc		3.150		05/19/27		314,273
	1,575,000	PNC Financial Services Group, Inc		3.450		04/23/29		1,561,915
	1,000,000	PNC Financial Services Group, Inc		2.550		01/22/30		968,567
	150,000	PNC Financial Services Group, Inc (Step Bond)		2.854		11/09/22		153,877
	500,000	Regions Bank		2.750		04/01/21		493,740
	250,000	Regions Bank		3.374		08/13/21		250,379
	300,000	Regions Bank		6.450		06/26/37		381,763
	850,000	Regions Financial Corp		2.750		08/14/22		840,498
	2,075,000	Regions Financial Corp		3.800		08/14/23		2,100,738
	500,000	Royal Bank of Canada		2.100		10/14/20		498,899
	750,000	Royal Bank of Canada		2.300		03/22/21		750,501
	2,675,000	Royal Bank of Canada		3.200		04/30/21		2,706,570
	1,600,000	Royal Bank of Canada		2.750		02/01/22		1,635,942
	1,000,000	Royal Bank of Canada		2.800		04/29/22		1,012,437
	1,000,000	Royal Bank of Canada		1.950		01/17/23		989,885
	850,000	Royal Bank of Canada		3.700		10/05/23		894,936
	1,000,000	Royal Bank of Canada		2.550		07/16/24		1,018,367
	750,000	Royal Bank of Canada		2.250		11/01/24		757,523
	1,000,000	Royal Bank of Canada		4.650		01/27/26		1,045,763
	550,000	Royal Bank of Scotland Group plc		6.125		12/15/22		567,321
	4,000,000	Royal Bank of Scotland Group plc		3.498		05/15/23		3,949,175
	275,000	Royal Bank of Scotland Group plc		6.100		06/10/23		282,753
	1,275,000	Royal Bank of Scotland Group plc		3.875		09/12/23		1,287,925
	175,000	Royal Bank of Scotland Group plc		6.000		12/19/23		181,794
	175,000	Royal Bank of Scotland Group plc		5.125		05/28/24		176,724
	700,000	Royal Bank of Scotland Group plc		4.519		06/25/24		704,803
	750,000	Royal Bank of Scotland Group plc		4.269		03/22/25		770,596
	750,000	Royal Bank of Scotland Group plc		4.800		04/05/26		745,466
	1,000,000	Royal Bank of Scotland Group plc		4.892		05/18/29		1,059,326
	750,000	Royal Bank of Scotland Group plc		3.754		11/01/29		693,661
	3,000,000	Royal Bank of Scotland Group plc		5.076		01/27/30		3,260,798
	1,500,000	Royal Bank of Scotland Group plc		4.445		05/08/30		1,572,302
	1,200,000	Santander Holdings USA, Inc		3.400		01/18/23		1,185,496
	375,000	Santander Holdings USA, Inc		3.500		06/07/24		366,071
	775,000	Santander Holdings USA, Inc		4.500		07/17/25		790,800

9

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,850,000	Santander Holdings USA, Inc		3.244	%	10/05/26	$	1,651,836
	650,000	Santander Holdings USA, Inc		4.400		07/13/27		639,338
	600,000	Santander UK Group Holdings plc		2.875		10/16/20		599,764
	200,000	Santander UK Group Holdings plc		3.125		01/08/21		199,533
	1,775,000	Santander UK Group Holdings plc		3.571		01/10/23		1,765,314
	775,000	Santander UK Group Holdings plc		3.373		01/05/24		780,341
	725,000	Santander UK Group Holdings plc		4.796		11/15/24		759,754
	500,000	Santander UK Group Holdings plc		3.823		11/03/28		526,852
	1,200,000	Santander UK plc		2.125		11/03/20		1,193,116
	200,000	Santander UK plc		2.500		01/05/21		194,609
	750,000	Santander UK plc		3.400		06/01/21		751,270
	400,000	Santander UK plc		3.750		11/15/21		389,298
	775,000	Santander UK plc		4.000		03/13/24		797,543
	1,000,000	Santander UK plc		2.875		06/18/24		998,328
	350,000	Shinhan Bank Co Ltd		3.875		12/07/26		348,071
	500,000	Skandinaviska Enskilda Banken AB		2.625		03/15/21		500,236
	400,000	Skandinaviska Enskilda Banken AB		1.875		09/13/21		396,187
	900,000	Skandinaviska Enskilda Banken AB		2.800		03/11/22		884,229
	500,000	Sumitomo Mitsui Banking Corp		2.650		07/23/20		496,020
	300,000	Sumitomo Mitsui Banking Corp		2.450		10/20/20		296,445
	500,000	Sumitomo Mitsui Banking Corp		3.200		07/18/22		504,667
	800,000	Sumitomo Mitsui Banking Corp		3.000		01/18/23		809,731
	300,000	Sumitomo Mitsui Banking Corp		3.950		01/10/24		317,788
	500,000	Sumitomo Mitsui Banking Corp		3.400		07/11/24		519,721
	250,000	Sumitomo Mitsui Banking Corp		3.650		07/23/25		259,649
	500,000	Sumitomo Mitsui Financial Group, Inc		2.934		03/09/21		500,717
	1,250,000	Sumitomo Mitsui Financial Group, Inc		2.058		07/14/21		1,239,678
	425,000	Sumitomo Mitsui Financial Group, Inc		2.442		10/19/21		425,777
	425,000	Sumitomo Mitsui Financial Group, Inc		2.846		01/11/22		428,839
	925,000	Sumitomo Mitsui Financial Group, Inc		2.784		07/12/22		929,219
	1,650,000	Sumitomo Mitsui Financial Group, Inc		2.778		10/18/22		1,672,693
	1,725,000	Sumitomo Mitsui Financial Group, Inc		3.102		01/17/23		1,727,100
	900,000	Sumitomo Mitsui Financial Group, Inc		3.748		07/19/23		939,154
	1,300,000	Sumitomo Mitsui Financial Group, Inc		3.936		10/16/23		1,367,582
	1,000,000	Sumitomo Mitsui Financial Group, Inc		2.696		07/16/24		999,401
	1,000,000	Sumitomo Mitsui Financial Group, Inc		2.448		09/27/24		997,143
	1,500,000	Sumitomo Mitsui Financial Group, Inc		2.348		01/15/25		1,489,680
	1,300,000	Sumitomo Mitsui Financial Group, Inc		3.784		03/09/26		1,417,001
	900,000	Sumitomo Mitsui Financial Group, Inc		2.632		07/14/26		900,339
	700,000	Sumitomo Mitsui Financial Group, Inc		3.010		10/19/26		728,356
	725,000	Sumitomo Mitsui Financial Group, Inc		3.446		01/11/27		771,026
	775,000	Sumitomo Mitsui Financial Group, Inc		3.364		07/12/27		810,219
	500,000	Sumitomo Mitsui Financial Group, Inc		3.352		10/18/27		475,122
	675,000	Sumitomo Mitsui Financial Group, Inc		3.544		01/17/28		668,854
	750,000	Sumitomo Mitsui Financial Group, Inc		3.944		07/19/28		828,226
	500,000	Sumitomo Mitsui Financial Group, Inc		4.306		10/16/28		528,733
	1,500,000	Sumitomo Mitsui Financial Group, Inc		3.040		07/16/29		1,498,941
	500,000	Sumitomo Mitsui Financial Group, Inc		3.202		09/17/29		510,477
	1,000,000	Sumitomo Mitsui Financial Group, Inc		2.724		09/27/29		971,862
	1,500,000	Sumitomo Mitsui Financial Group, Inc		2.750		01/15/30		1,455,511
	750,000	Svenska Handelsbanken AB		2.450		03/30/21		753,054
	750,000	Svenska Handelsbanken AB		3.350		05/24/21		758,900
	1,000,000	Svenska Handelsbanken AB		1.875		09/07/21		978,067
	889,000	Svenska Handelsbanken AB		3.900		11/20/23		923,537

10

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,250,000	Synchrony Bank		3.650	%	05/24/21	$	1,234,466
	475,000	Synchrony Bank		3.000		06/15/22		471,341
	500,000	Synovus Bank		2.289		02/10/23		492,731
	300,000	Synovus Financial Corp		3.125		11/01/22		300,633
	1,000,000	Toronto-Dominion Bank		2.550		01/25/21		988,459
	900,000	Toronto-Dominion Bank		2.125		04/07/21		900,498
	1,525,000	Toronto-Dominion Bank		3.250		06/11/21		1,556,699
	2,000,000	Toronto-Dominion Bank		1.800		07/13/21		2,008,973
	750,000	Toronto-Dominion Bank		1.900		12/01/22		749,428
	500,000	Toronto-Dominion Bank		3.500		07/19/23		515,636
	1,525,000	Toronto-Dominion Bank		3.250		03/11/24		1,593,750
	1,250,000	Toronto-Dominion Bank		2.650		06/12/24		1,276,014
	1,000,000	Toronto-Dominion Bank		3.625		09/15/31		994,410
	300,000	Truist Bank		2.850		04/01/21		300,815
	300,000	Truist Bank		3.525		10/26/21		300,257
	1,100,000	Truist Bank		2.625		01/15/22		1,109,610
	750,000	Truist Bank		2.800		05/17/22		759,382
	1,450,000	Truist Bank		2.450		08/01/22		1,452,974
	300,000	Truist Bank		3.502		08/02/22		303,338
	500,000	Truist Bank		3.000		02/02/23		513,186
	750,000	Truist Bank		1.250		03/09/23		726,775
	1,000,000	Truist Bank		3.200		04/01/24		1,032,970
	500,000	Truist Bank		3.689		08/02/24		518,691
	750,000	Truist Bank		2.150		12/06/24		742,920
	1,000,000	Truist Bank		1.500		03/10/25		973,257
	500,000	Truist Bank		3.625		09/16/25		525,520
	200,000	Truist Bank		4.050		11/03/25		207,065
	375,000	Truist Bank		3.300		05/15/26		384,710
	500,000	Truist Bank		3.800		10/30/26		525,476
	750,000	Truist Bank		2.636		09/17/29		718,459
	475,000	Truist Bank		2.250		03/11/30		435,527
	300,000	Truist Financial Corp		2.150		02/01/21		299,647
	800,000	Truist Financial Corp		2.900		03/03/21		801,812
	500,000	Truist Financial Corp		2.050		05/10/21		499,208
	750,000	Truist Financial Corp		3.200		09/03/21		754,678
	225,000	Truist Financial Corp		2.700		01/27/22		226,229
	200,000	Truist Financial Corp		3.950		03/22/22		205,533
	1,150,000	Truist Financial Corp		2.750		04/01/22		1,157,344
	500,000	Truist Financial Corp		3.050		06/20/22		510,555
	750,000	Truist Financial Corp		2.200		03/16/23		751,404
	775,000	Truist Financial Corp		3.750		12/06/23		822,080
	1,000,000	Truist Financial Corp		2.500		08/01/24		988,888
	825,000	Truist Financial Corp		2.850		10/26/24		836,429
	900,000	Truist Financial Corp		4.000		05/01/25		948,066
	975,000	Truist Financial Corp		3.700		06/05/25		985,176
	500,000	Truist Financial Corp		3.875		03/19/29		507,157
	4,075,000	US Bancorp		2.625		01/24/22		4,126,893
	250,000	US Bancorp		3.000		03/15/22		254,968
	450,000	US Bancorp		2.950		07/15/22		458,905
	125,000	US Bancorp		3.700		01/30/24		132,001
	1,225,000	US Bancorp		3.375		02/05/24		1,300,937
	2,225,000	US Bancorp		3.600		09/11/24		2,284,259
	125,000	US Bancorp		3.950		11/17/25		135,684

11

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	750,000	US Bancorp		3.100	%	04/27/26	$	759,639
	700,000	US Bancorp		2.375		07/22/26		690,207
	1,175,000	US Bancorp		3.150		04/27/27		1,220,644
	750,000	US Bancorp		3.900		04/26/28		826,951
	600,000	US Bancorp		3.000		07/30/29		598,416
	250,000	US Bank NA		2.050		10/23/20		249,795
	1,000,000	US Bank NA		3.150		04/26/21		1,008,311
	325,000	US Bank NA		3.450		11/16/21		331,229
	1,400,000	US Bank NA		2.850		01/23/23		1,430,360
	1,250,000	US Bank NA		3.400		07/24/23		1,314,848
	750,000	US Bank NA		2.800		01/27/25		773,706
	125,000	Wachovia Corp		5.500		08/01/35		142,978
	200,000	Webster Financial Corp		4.100		03/25/29		210,022
	3,000,000	Wells Fargo Bank NA		2.600		01/15/21		3,013,088
	700,000	Wells Fargo Bank NA		3.325		07/23/21		701,145
	1,300,000	Wells Fargo Bank NA		3.625		10/22/21		1,335,548
	2,000,000	Wells Fargo Bank NA		2.897		05/27/22		2,010,513
	1,000,000	Wells Fargo Bank NA		2.082		09/09/22		995,271
	2,400,000	Wells Fargo Bank NA		3.550		08/14/23		2,514,924
	250,000	Wells Fargo Bank NA		6.600		01/15/38		350,753
	1,600,000	Western Union Co		3.600		03/15/22		1,620,630
	200,000	Western Union Co		4.250		06/09/23		212,471
	500,000	Western Union Co		2.850		01/10/25		497,658
	500,000	Westpac Banking Corp		2.650		01/25/21		501,791
	500,000	Westpac Banking Corp		2.100		05/13/21		499,281
	575,000	Westpac Banking Corp		2.000		08/19/21		573,199
	650,000	Westpac Banking Corp		2.800		01/11/22		656,110
	925,000	Westpac Banking Corp		2.500		06/28/22		925,213
	300,000	Westpac Banking Corp		2.750		01/11/23		305,255
	1,150,000	Westpac Banking Corp		3.650		05/15/23		1,199,168
	750,000	Westpac Banking Corp		3.300		02/26/24		770,881
	2,000,000	Westpac Banking Corp		2.350		02/19/25		2,016,710
	1,000,000	Westpac Banking Corp		2.850		05/13/26		1,033,556
	675,000	Westpac Banking Corp		2.700		08/19/26		681,805
	850,000	Westpac Banking Corp		3.350		03/08/27		860,273
	725,000	Westpac Banking Corp		3.400		01/25/28		781,582
	1,000,000	Westpac Banking Corp		2.894		02/04/30		959,449
	950,000	Westpac Banking Corp		4.322		11/23/31		963,554
	600,000	Westpac Banking Corp		4.110		07/24/34		582,258
	900,000	Westpac Banking Corp		4.421		07/24/39		878,896
	800,000	Zions Bancorp NA		3.350		03/04/22		784,389
	400,000	Zions Bancorp NA		3.250		10/29/29		339,354
		TOTAL BANKS						675,523,819
CAPITAL GOODS - 1.1%
	500,000	ABB Finance USA, Inc		2.875		05/08/22		503,921
	1,100,000	ABB Finance USA, Inc		3.375		04/03/23		1,143,495
	300,000	ABB Finance USA, Inc		3.800		04/03/28		319,195
	650,000	ABB Finance USA, Inc		4.375		05/08/42		663,071
	100,000	Agilent Technologies, Inc		3.200		10/01/22		100,454
	400,000	Agilent Technologies, Inc		3.875		07/15/23		412,614
	200,000	Agilent Technologies, Inc		3.050		09/22/26		210,358
	500,000	Agilent Technologies, Inc		2.750		09/15/29		484,183
	200,000	Air Lease Corp		2.500		03/01/21		183,947

12

TIAA-CREF FUNDS – Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	200,000		Air Lease Corp		3.875	%	04/01/21	$	182,983
	200,000		Air Lease Corp		3.375		06/01/21		179,928
	625,000		Air Lease Corp		3.500		01/15/22		569,582
	500,000		Air Lease Corp		3.750		02/01/22		462,616
	400,000		Air Lease Corp		2.625		07/01/22		342,993
	575,000		Air Lease Corp		2.250		01/15/23		480,343
	200,000		Air Lease Corp		2.750		01/15/23		169,488
	750,000		Air Lease Corp		3.875		07/03/23		678,240
	1,150,000		Air Lease Corp		3.000		09/15/23		926,918
	300,000		Air Lease Corp		4.250		02/01/24		255,053
	750,000		Air Lease Corp		2.300		02/01/25		572,002
	300,000		Air Lease Corp		3.250		03/01/25		235,721
	1,000,000		Air Lease Corp		3.750		06/01/26		863,063
	500,000		Air Lease Corp		3.625		04/01/27		419,244
	200,000		Air Lease Corp		3.625		12/01/27		166,626
	300,000		Air Lease Corp		4.625		10/01/28		243,152
	500,000		Air Lease Corp		3.250		10/01/29		400,575
	750,000		Air Lease Corp		3.000		02/01/30		542,256
	500,000		Aircastle Ltd		5.125		03/15/21		496,308
	200,000		Aircastle Ltd		4.400		09/25/23		193,341
	1,000,000		Aircastle Ltd		4.125		05/01/24		885,801
	500,000		Aircastle Ltd		4.250		06/15/26		428,715
	400,000		Applied Materials, Inc		4.300		06/15/21		412,139
	250,000		Applied Materials, Inc		3.900		10/01/25		263,513
	1,575,000		Applied Materials, Inc		3.300		04/01/27		1,677,019
	250,000		Applied Materials, Inc		5.100		10/01/35		336,806
	100,000		Applied Materials, Inc		5.850		06/15/41		142,330
	1,200,000		Applied Materials, Inc		4.350		04/01/47		1,532,538
	200,000		Arrow Electronics, Inc		3.500		04/01/22		198,803
	425,000		Arrow Electronics, Inc		3.250		09/08/24		401,803
	200,000		Arrow Electronics, Inc		4.000		04/01/25		193,135
	425,000		Arrow Electronics, Inc		3.875		01/12/28		407,479
	200,000		Avnet, Inc		3.750		12/01/21		203,826
	300,000		Avnet, Inc		4.875		12/01/22		312,389
	200,000		Avnet, Inc		4.625		04/15/26		199,251
	100,000		Carlisle Cos, Inc		3.750		11/15/22		101,149
	200,000		Carlisle Cos, Inc		3.500		12/01/24		193,030
	500,000		Carlisle Cos, Inc		3.750		12/01/27		517,598
	1,000,000		Carlisle Cos, Inc		2.750		03/01/30		873,892
	775,000	g	Carrier Global Corp		1.923		02/15/23		762,921
	2,000,000	g	Carrier Global Corp		2.242		02/15/25		1,953,142
	2,000,000	g	Carrier Global Corp		2.493		02/15/27		1,909,334
	1,100,000	g	Carrier Global Corp		2.722		02/15/30		1,012,102
	2,000,000	g	Carrier Global Corp		3.377		04/05/40		1,755,508
	900,000	g	Carrier Global Corp		3.577		04/05/50		802,379
	300,000		Caterpillar Financial Services Corp		2.900		03/15/21		302,470
	1,950,000		Caterpillar Financial Services Corp		2.950		02/26/22		1,986,477
	1,000,000		Caterpillar Financial Services Corp		1.900		09/06/22		995,855
	300,000		Caterpillar Financial Services Corp		3.450		05/15/23		313,796
	1,000,000		Caterpillar Financial Services Corp		2.850		05/17/24		1,020,212
	500,000		Caterpillar Financial Services Corp		2.400		08/09/26		486,575
	2,775,000		Caterpillar, Inc		3.400		05/15/24		2,912,084
	500,000		Caterpillar, Inc		2.600		09/19/29		492,990

13

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	225,000	Caterpillar, Inc		5.200	%	05/27/41	$	276,027
	2,363,000	Caterpillar, Inc		3.803		08/15/42		2,591,252
	300,000	Caterpillar, Inc		4.300		05/15/44		320,147
	750,000	Caterpillar, Inc		3.250		09/19/49		754,680
	1,300,000	CNH Industrial Capital LLC		3.875		10/15/21		1,292,986
	300,000	CNH Industrial Capital LLC		4.200		01/15/24		293,097
	500,000	CNH Industrial NV		3.850		11/15/27		481,921
	200,000	Crane Co		4.200		03/15/48		191,250
	300,000	CRH America, Inc		5.750		01/15/21		308,392
	200,000	Cummins, Inc		3.650		10/01/23		209,756
	200,000	Cummins, Inc		4.875		10/01/43		236,457
	200,000	Danaher Corp		3.350		09/15/25		209,094
	200,000	Danaher Corp		4.375		09/15/45		216,944
	350,000	Deere & Co		2.600		06/08/22		353,820
	218,000	Deere & Co		5.375		10/16/29		262,972
	1,025,000	Deere & Co		3.900		06/09/42		1,127,204
	500,000	Deere & Co		2.875		09/07/49		466,663
	825,000	Dover Corp		3.150		11/15/25		858,662
	100,000	Dover Corp		2.950		11/04/29		99,739
	100,000	Dover Corp		5.375		03/01/41		121,681
	2,200,000	Eaton Corp		2.750		11/02/22		2,223,307
	200,000	Eaton Corp		3.103		09/15/27		201,793
	150,000	Eaton Corp		4.000		11/02/32		155,222
	925,000	Eaton Corp		4.150		11/02/42		1,025,508
	200,000	Eaton Corp		3.915		09/15/47		211,775
	1,650,000	Embraer Netherlands Finance BV		5.400		02/01/27		1,453,666
	350,000	Emerson Electric Co		2.625		02/15/23		353,639
	200,000	Emerson Electric Co		3.150		06/01/25		203,912
	200,000	Emerson Electric Co		5.250		11/15/39		239,065
	200,000	FLIR Systems, Inc		3.125		06/15/21		200,206
	150,000	Flowserve Corp		3.500		09/15/22		149,360
	200,000	Flowserve Corp		4.000		11/15/23		199,913
	500,000	Fortive Corp		2.350		06/15/21		486,053
	875,000	Fortive Corp		3.150		06/15/26		876,827
	250,000	Fortive Corp		4.300		06/15/46		253,690
	1,325,000	General Dynamics Corp		3.000		05/11/21		1,338,872
	325,000	General Dynamics Corp		2.250		11/15/22		326,824
	825,000	General Dynamics Corp		3.375		05/15/23		864,607
	300,000	General Dynamics Corp		1.875		08/15/23		296,380
	1,200,000	General Dynamics Corp		2.375		11/15/24		1,233,181
	975,000	General Dynamics Corp		3.500		05/15/25		1,039,031
	750,000	General Dynamics Corp		3.750		05/15/28		798,100
	225,000	General Dynamics Corp		3.600		11/15/42		240,473
	532,000	General Electric Co		4.375		09/16/20		532,310
	772,000	General Electric Co		4.625		01/07/21		779,153
	86,000	General Electric Co		5.300		02/11/21		87,289
	200,000	General Electric Co		4.650		10/17/21		203,890
	919,000	General Electric Co		3.150		09/07/22		928,403
	2,350,000	General Electric Co		2.700		10/09/22		2,311,431
	300,000	General Electric Co		3.100		01/09/23		304,687
	250,000	General Electric Co		3.375		03/11/24		254,869
	5,503,000	General Electric Co		3.450		05/15/24		5,436,650
	1,102,000	General Electric Co		6.750		03/15/32		1,335,748
	250,000	General Electric Co		5.875		01/14/38		293,284

14

TIAA-CREF FUNDS – Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	100,000		General Electric Co		6.875	%	01/10/39	$	124,758
	2,875,000		General Electric Co		4.125		10/09/42		2,717,348
	500,000	g	Huntington Ingalls Industries, Inc		3.844		05/01/25		514,823
	400,000		Huntington Ingalls Industries, Inc		3.483		12/01/27		393,872
	500,000	g	Huntington Ingalls Industries, Inc		4.200		05/01/30		517,663
	100,000		IDEX Corp		4.500		12/15/20		101,594
	200,000		IDEX Corp		4.200		12/15/21		203,357
	1,000,000		Illinois Tool Works, Inc		2.650		11/15/26		1,011,186
	200,000		Illinois Tool Works, Inc		4.875		09/15/41		230,450
	1,000,000		Illinois Tool Works, Inc		3.900		09/01/42		1,077,125
	300,000		Ingersoll-Rand Global Holding Co Ltd		2.900		02/21/21		297,436
	300,000		Ingersoll-Rand Global Holding Co Ltd		4.250		06/15/23		326,143
	400,000		Ingersoll-Rand Global Holding Co Ltd		3.750		08/21/28		406,010
	200,000		Ingersoll-Rand Global Holding Co Ltd		5.750		06/15/43		251,975
	450,000		Ingersoll-Rand Global Holding Co Ltd		4.300		02/21/48		502,101
	600,000		Ingersoll-Rand Luxembourg Finance S.A.		3.550		11/01/24		621,006
	100,000		Ingersoll-Rand Luxembourg Finance S.A.		3.500		03/21/26		100,041
	1,000,000		Ingersoll-Rand Luxembourg Finance S.A.		3.800		03/21/29		1,011,043
	300,000		Ingersoll-Rand Luxembourg Finance S.A.		4.500		03/21/49		335,485
	200,000		John Deere Capital Corp		2.350		01/08/21		200,320
	1,175,000		John Deere Capital Corp		2.550		01/08/21		1,178,919
	400,000		John Deere Capital Corp		2.800		03/04/21		403,169
	500,000		John Deere Capital Corp		2.300		06/07/21		502,129
	300,000		John Deere Capital Corp		3.125		09/10/21		304,690
	200,000		John Deere Capital Corp		3.150		10/15/21		203,110
	600,000		John Deere Capital Corp		2.650		01/06/22		605,722
	500,000		John Deere Capital Corp		3.200		01/10/22		510,756
	2,700,000		John Deere Capital Corp		2.950		04/01/22		2,757,240
	200,000		John Deere Capital Corp		1.950		06/13/22		199,712
	400,000		John Deere Capital Corp		2.150		09/08/22		392,329
	200,000		John Deere Capital Corp		2.700		01/06/23		202,198
	1,425,000		John Deere Capital Corp		2.800		03/06/23		1,460,238
	250,000		John Deere Capital Corp		1.200		04/06/23		244,750
	300,000		John Deere Capital Corp		3.450		06/07/23		315,906
	200,000		John Deere Capital Corp		3.650		10/12/23		210,845
	750,000		John Deere Capital Corp		3.450		01/10/24		790,937
	500,000		John Deere Capital Corp		2.600		03/07/24		521,112
	850,000		John Deere Capital Corp		2.650		06/24/24		836,845
	500,000		John Deere Capital Corp		2.050		01/09/25		499,248
	125,000		John Deere Capital Corp		3.400		09/11/25		132,387
	500,000		John Deere Capital Corp		2.250		09/14/26		509,314
	250,000		John Deere Capital Corp		1.750		03/09/27		240,528
	200,000		John Deere Capital Corp		2.800		09/08/27		197,464
	200,000		John Deere Capital Corp		3.050		01/06/28		207,098
	500,000		John Deere Capital Corp		2.800		07/18/29		486,438
	500,000		John Deere Capital Corp		2.450		01/09/30		505,349
	474,000		Johnson Controls International plc		3.900		02/14/26		515,924
	207,000		Johnson Controls International plc		6.000		01/15/36		243,150
	35,000		Johnson Controls International plc		5.125		09/14/45		40,476
	300,000		Johnson Controls International plc		4.500		02/15/47		323,707
	280,000		Johnson Controls International plc (Step Bond)		3.625		07/02/24		280,973
	325,000		Johnson Controls International plc (Step Bond)		4.625		07/02/44		317,555
	72,000		Johnson Controls International plc (Step Bond)		4.950		07/02/64		83,933

15

TIAA-CREF FUNDS – Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	150,000		Kennametal, Inc		3.875	%	02/15/22	$	150,249
	200,000		Kennametal, Inc		4.625		06/15/28		202,217
	1,000,000		KLA Corp		3.300		03/01/50		952,972
	125,000		KLA-Tencor Corp		4.650		11/01/24		133,444
	300,000		KLA-Tencor Corp		4.100		03/15/29		326,912
	500,000		KLA-Tencor Corp		5.000		03/15/49		594,802
	1,000,000		Lam Research Corp		2.800		06/15/21		1,008,959
	200,000		Lam Research Corp		3.800		03/15/25		206,005
	150,000		Lam Research Corp		3.750		03/15/26		159,143
	275,000		Lam Research Corp		4.000		03/15/29		312,261
	825,000		Lam Research Corp		4.875		03/15/49		1,070,785
	100,000		Legrand France S.A.		8.500		02/15/25		134,735
	100,000		Lennox International, Inc		3.000		11/15/23		98,857
	500,000		Lockheed Martin Corp		3.100		01/15/23		507,097
	300,000		Lockheed Martin Corp		2.900		03/01/25		309,959
	2,200,000		Lockheed Martin Corp		3.550		01/15/26		2,379,142
	300,000		Lockheed Martin Corp		3.600		03/01/35		353,066
	500,000		Lockheed Martin Corp		4.500		05/15/36		573,074
	1,833,000		Lockheed Martin Corp		4.070		12/15/42		2,141,399
	275,000		Lockheed Martin Corp		3.800		03/01/45		298,925
	200,000		Lockheed Martin Corp		4.700		05/15/46		246,372
	1,894,000		Lockheed Martin Corp		4.090		09/15/52		2,296,455
	200,000		Mosaic Co		3.250		11/15/22		195,944
	1,000,000		Mosaic Co		4.250		11/15/23		947,242
	800,000		Mosaic Co		4.050		11/15/27		682,189
	300,000		Mosaic Co		5.450		11/15/33		291,101
	100,000		Mosaic Co		4.875		11/15/41		80,651
	600,000		Mosaic Co		5.625		11/15/43		530,043
	650,000		Northrop Grumman Corp		3.500		03/15/21		655,560
	400,000		Northrop Grumman Corp		3.250		08/01/23		409,927
	1,000,000		Northrop Grumman Corp		2.930		01/15/25		1,017,921
	300,000		Northrop Grumman Corp		3.200		02/01/27		314,142
	1,775,000		Northrop Grumman Corp		3.250		01/15/28		1,862,245
	425,000		Northrop Grumman Corp		4.400		05/01/30		489,460
	100,000		Northrop Grumman Corp		5.050		11/15/40		123,850
	700,000		Northrop Grumman Corp		4.750		06/01/43		839,713
	300,000		Northrop Grumman Corp		3.850		04/15/45		316,928
	2,450,000		Northrop Grumman Corp		4.030		10/15/47		2,790,952
	100,000		Oshkosh Corp		3.100		03/01/30		96,917
	1,000,000	g	Otis Worldwide Corp		2.056		04/05/25		977,519
	1,000,000	g	Otis Worldwide Corp		2.293		04/05/27		956,799
	525,000	g	Otis Worldwide Corp		2.565		02/15/30		508,480
	500,000	g	Otis Worldwide Corp		3.112		02/15/40		473,952
	450,000	g	Otis Worldwide Corp		3.362		02/15/50		437,586
	250,000		Parker-Hannifin Corp		3.500		09/15/22		252,978
	200,000		Parker-Hannifin Corp		2.700		06/14/24		199,186
	300,000		Parker-Hannifin Corp		3.300		11/21/24		309,036
	650,000		Parker-Hannifin Corp		3.250		03/01/27		654,889
	1,825,000		Parker-Hannifin Corp		3.250		06/14/29		1,841,556
	200,000		Parker-Hannifin Corp		4.200		11/21/34		207,710
	200,000		Parker-Hannifin Corp		4.450		11/21/44		210,491
	750,000		Parker-Hannifin Corp		4.100		03/01/47		767,962
	225,000		Parker-Hannifin Corp		4.000		06/14/49		234,331
	1,150,000		Precision Castparts Corp		2.500		01/15/23		1,157,618

16

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	775,000	Precision Castparts Corp		3.250	%	06/15/25	$	824,110
	400,000	Precision Castparts Corp		4.200		06/15/35		456,647
	100,000	Precision Castparts Corp		3.900		01/15/43		102,899
	3,875,000	Raytheon Co		2.500		12/15/22		3,964,848
	300,000	Raytheon Co		3.150		12/15/24		311,999
	200,000	Raytheon Co		7.200		08/15/27		245,596
	100,000	Raytheon Co		4.700		12/15/41		116,741
	150,000	Raytheon Co		4.200		12/15/44		168,517
	300,000	Reliance Steel & Aluminum Co		4.500		04/15/23		296,989
	400,000	Rockwell Automation, Inc		3.500		03/01/29		400,590
	400,000	Rockwell Automation, Inc		4.200		03/01/49		439,043
	625,000	Rockwell Collins, Inc		2.800		03/15/22		631,401
	500,000	Rockwell Collins, Inc		3.200		03/15/24		515,847
	1,325,000	Rockwell Collins, Inc		3.500		03/15/27		1,370,282
	125,000	Rockwell Collins, Inc		4.800		12/15/43		144,797
	700,000	Rockwell Collins, Inc		4.350		04/15/47		779,147
	200,000	Roper Technologies, Inc		3.000		12/15/20		200,064
	550,000	Roper Technologies, Inc		2.800		12/15/21		550,500
	500,000	Roper Technologies, Inc		3.650		09/15/23		514,037
	500,000	Roper Technologies, Inc		2.350		09/15/24		486,111
	1,100,000	Roper Technologies, Inc		3.800		12/15/26		1,130,995
	300,000	Roper Technologies, Inc		4.200		09/15/28		323,001
	500,000	Roper Technologies, Inc		2.950		09/15/29		496,821
	200,000	Snap-on, Inc		3.250		03/01/27		205,422
	200,000	Snap-on, Inc		4.100		03/01/48		221,218
	250,000	Spirit AeroSystems, Inc		3.950		06/15/23		216,774
	200,000	Spirit AeroSystems, Inc		3.850		06/15/26		173,064
	450,000	Spirit AeroSystems, Inc		4.600		06/15/28		386,950
	250,000	Stanley Black & Decker, Inc		3.400		12/01/21		248,502
	600,000	Stanley Black & Decker, Inc		2.900		11/01/22		599,968
	500,000	Stanley Black & Decker, Inc		3.400		03/01/26		521,153
	300,000	Stanley Black & Decker, Inc		4.250		11/15/28		320,105
	1,000,000	Stanley Black & Decker, Inc		2.300		03/15/30		963,838
	100,000	Stanley Black & Decker, Inc		5.200		09/01/40		114,281
	425,000	Stanley Black & Decker, Inc		4.850		11/15/48		453,153
	450,000	Stanley Black & Decker, Inc		4.000		03/15/60		427,098
	150,000	Textron, Inc		4.000		03/15/26		152,014
	500,000	Textron, Inc		3.650		03/15/27		490,018
	100,000	Textron, Inc		3.375		03/01/28		95,869
	750,000	Textron, Inc		3.900		09/17/29		733,647
	500,000	Textron, Inc		3.000		06/01/30		467,956
	250,000	Timken Co		3.875		09/01/24		259,228
	200,000	Timken Co		4.500		12/15/28		223,883
	100,000	Trimble, Inc		4.150		06/15/23		101,176
	625,000	Trimble, Inc		4.900		06/15/28		673,186
	200,000	Tupperware Brands Corp		4.750		06/01/21		122,990
	177,000	United Technologies Corp		3.650		08/16/23		186,102
	1,250,000	United Technologies Corp		3.950		08/16/25		1,367,680
	725,000	United Technologies Corp		3.125		05/04/27		740,392
	2,550,000	United Technologies Corp		4.125		11/16/28		2,814,955
	250,000	United Technologies Corp		6.125		07/15/38		361,597
	750,000	United Technologies Corp		4.450		11/16/38		859,442
	200,000	United Technologies Corp		5.700		04/15/40		257,389

17

TIAA-CREF FUNDS – Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,150,000		United Technologies Corp		4.500	%	06/01/42	$	2,496,760
	1,650,000		United Technologies Corp		4.150		05/15/45		1,832,561
	3,325,000		United Technologies Corp		4.625		11/16/48		3,934,736
	200,000		Valmont Industries, Inc		5.000		10/01/44		190,370
	200,000		Valmont Industries, Inc		5.250		10/01/54		196,706
	600,000		Wabtec Corp		4.400		03/15/24		596,177
	300,000		Wabtec Corp		3.450		11/15/26		276,730
	875,000		Wabtec Corp		4.950		09/15/28		804,772
	750,000		WW Grainger, Inc		1.850		02/15/25		750,835
	800,000		WW Grainger, Inc		4.600		06/15/45		955,765
	200,000		WW Grainger, Inc		3.750		05/15/46		179,924
	125,000		WW Grainger, Inc		4.200		05/15/47		141,228
	300,000		Xylem, Inc		4.875		10/01/21		308,670
	775,000		Xylem, Inc		3.250		11/01/26		820,382
	100,000		Xylem, Inc		4.375		11/01/46		106,873
			TOTAL CAPITAL GOODS						181,182,709
COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
	225,000	g	Daimler Finance North America LLC		3.650		02/22/24		218,832
	925,000		Daimler Finance North America LLC		8.500		01/18/31		1,231,615
	300,000		eBay, Inc		2.875		08/01/21		297,219
	175,000		eBay, Inc		3.800		03/09/22		177,490
	1,025,000		eBay, Inc		2.600		07/15/22		1,027,611
	375,000		eBay, Inc		2.750		01/30/23		367,755
	400,000		eBay, Inc		3.450		08/01/24		403,989
	750,000		eBay, Inc		1.900		03/11/25		706,617
	1,200,000		eBay, Inc		3.600		06/05/27		1,235,905
	750,000		eBay, Inc		2.700		03/11/30		679,015
	200,000		eBay, Inc		4.000		07/15/42		187,855
	675,000		Equifax, Inc		2.300		06/01/21		656,441
	200,000		Equifax, Inc		3.600		08/15/21		199,468
	200,000		Equifax, Inc		3.300		12/15/22		203,049
	200,000		Equifax, Inc		3.950		06/15/23		202,195
	750,000		Equifax, Inc		2.600		12/01/24		709,000
	300,000		Fluor Corp		3.500		12/15/24		208,180
	500,000		Fluor Corp		4.250		09/15/28		337,326
	200,000		Fortune Brands Home & Security, Inc		3.000		06/15/20		199,580
	600,000		Fortune Brands Home & Security, Inc		4.000		09/21/23		617,015
	200,000		Fortune Brands Home & Security, Inc		4.000		06/15/25		205,937
	1,000,000		Fortune Brands Home & Security, Inc		3.250		09/15/29		956,145
	900,000		Moody’s Corp		2.750		12/15/21		893,259
	200,000		Moody’s Corp		2.625		01/15/23		201,064
	500,000		Moody’s Corp		3.750		03/24/25		524,699
	1,200,000		Moody’s Corp		3.250		01/15/28		1,216,166
	300,000		Moody’s Corp		4.250		02/01/29		331,518
	200,000		Moody’s Corp		5.250		07/15/44		245,846
	300,000		Moody’s Corp		4.875		12/17/48		332,584
	100,000		Partners Healthcare System, Inc		3.765		07/01/48		110,235
	750,000		Partners Healthcare System, Inc		3.192		07/01/49		747,804
	100,000		Partners Healthcare System, Inc		4.117		07/01/55		116,471
	1,000,000		Partners Healthcare System, Inc		3.342		07/01/60		977,855
	725,000		RELX Capital, Inc		3.500		03/16/23		754,815
	625,000		RELX Capital, Inc		4.000		03/18/29		645,713
	580,000		Republic Services, Inc		5.250		11/15/21		613,808

18

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	250,000	Republic Services, Inc		3.550	%	06/01/22	$	256,474
	750,000	Republic Services, Inc		3.200		03/15/25		771,169
	900,000	Republic Services, Inc		2.900		07/01/26		909,702
	100,000	Republic Services, Inc		3.375		11/15/27		101,606
	500,000	Republic Services, Inc		2.300		03/01/30		477,423
	1,000,000	Republic Services, Inc		3.050		03/01/50		883,174
	300,000	Steelcase, Inc		5.125		01/18/29		361,238
	600,000	Thomson Reuters Corp		4.300		11/23/23		606,512
	1,200,000	Thomson Reuters Corp		3.350		05/15/26		1,200,869
	145,000	Thomson Reuters Corp		5.850		04/15/40		171,469
	200,000	Thomson Reuters Corp		5.650		11/23/43		224,535
	425,000	VEREIT Operating Partnership LP		4.875		06/01/26		409,421
	650,000	VEREIT Operating Partnership LP		3.950		08/15/27		617,698
	500,000	VEREIT Operating Partnership LP		3.100		12/15/29		432,225
	1,700,000	Visa, Inc		2.200		12/14/20		1,708,645
	450,000	Visa, Inc		2.150		09/15/22		460,265
	1,025,000	Visa, Inc		2.800		12/14/22		1,066,123
	3,725,000	Visa, Inc		3.150		12/14/25		4,057,915
	700,000	Visa, Inc		2.750		09/15/27		720,247
	475,000	Visa, Inc		2.050		04/15/30		474,311
	250,000	Visa, Inc		4.150		12/14/35		313,023
	150,000	Visa, Inc		2.700		04/15/40		148,896
	2,325,000	Visa, Inc		4.300		12/14/45		2,931,809
	1,125,000	Visa, Inc		3.650		09/15/47		1,280,923
	750,000	Waste Connections, Inc		3.500		05/01/29		759,617
	500,000	Waste Connections, Inc		2.600		02/01/30		466,108
	500,000	Waste Connections, Inc		3.050		04/01/50		445,859
	310,000	Waste Management, Inc		4.600		03/01/21		308,366
	850,000	Waste Management, Inc		2.900		09/15/22		853,575
	100,000	Waste Management, Inc		2.400		05/15/23		98,329
	1,000,000	Waste Management, Inc		3.500		05/15/24		1,038,878
	400,000	Waste Management, Inc		2.950		06/15/24		406,721
	1,000,000	Waste Management, Inc		3.200		06/15/26		1,040,736
	1,225,000	Waste Management, Inc		3.150		11/15/27		1,265,525
	500,000	Waste Management, Inc		3.450		06/15/29		535,061
	234,000	Waste Management, Inc		3.900		03/01/35		267,377
	200,000	Waste Management, Inc		4.000		07/15/39		217,272
	325,000	Waste Management, Inc		4.100		03/01/45		360,507
	900,000	Waste Management, Inc		4.150		07/15/49		1,034,992
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES						48,424,671
CONSUMER DURABLES & APPAREL - 0.1%
	300,000	Coach, Inc		3.000		07/15/22		290,019
	700,000	Coach, Inc		4.125		07/15/27		596,691
	200,000	DR Horton, Inc		2.550		12/01/20		197,218
	500,000	DR Horton, Inc		4.375		09/15/22		509,264
	750,000	DR Horton, Inc		2.500		10/15/24		700,706
	200,000	Hasbro, Inc		3.150		05/15/21		196,223
	750,000	Hasbro, Inc		3.550		11/19/26		715,650
	775,000	Hasbro, Inc		3.500		09/15/27		713,440
	1,000,000	Hasbro, Inc		3.900		11/19/29		900,670
	100,000	Hasbro, Inc		6.350		03/15/40		95,459
	200,000	Hasbro, Inc		5.100		05/15/44		166,870

19

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Leggett & Platt, Inc		3.400	%	08/15/22	$	208,142
	475,000	Leggett & Platt, Inc		3.500		11/15/27		459,674
	350,000	Leggett & Platt, Inc		4.400		03/15/29		361,317
	1,000,000	Masco Corp		4.450		04/01/25		1,021,445
	200,000	Masco Corp		3.500		11/15/27		184,997
	700,000	Masco Corp		4.500		05/15/47		610,335
	100,000	Mohawk Industries, Inc		3.850		02/01/23		101,666
	300,000	NIKE, Inc		2.250		05/01/23		303,298
	650,000	NIKE, Inc		2.375		11/01/26		661,216
	300,000	NIKE, Inc		3.625		05/01/43		327,733
	825,000	NIKE, Inc		3.875		11/01/45		975,372
	200,000	NIKE, Inc		3.375		11/01/46		207,692
	150,000	NVR, Inc		3.950		09/15/22		150,020
	200,000	Ralph Lauren Corp		2.625		08/18/20		200,191
	200,000	Ralph Lauren Corp		3.750		09/15/25		208,115
	150,000	Whirlpool Corp		4.700		06/01/22		157,497
	100,000	Whirlpool Corp		3.700		03/01/23		100,607
	100,000	Whirlpool Corp		4.000		03/01/24		101,182
	925,000	Whirlpool Corp		4.750		02/26/29		954,882
	200,000	Whirlpool Corp		4.500		06/01/46		190,971
		TOTAL CONSUMER DURABLES & APPAREL						12,568,562
CONSUMER SERVICES - 0.5%
	13,300,000	Anheuser-Busch Cos LLC		3.650		02/01/26		13,968,331
	3,150,000	Anheuser-Busch Cos LLC		4.700		02/01/36		3,290,536
	11,075,000	Anheuser-Busch Cos LLC		4.900		02/01/46		12,088,441
	300,000	Board of Trustees of The Leland Stanford Junior University		3.647		05/01/48		339,494
	100,000	Children’s Hospital Corp		4.115		01/01/47		122,783
	500,000	Choice Hotels International, Inc		3.700		12/01/29		400,000
	600,000	Cintas Corp No 2		2.900		04/01/22		599,986
	675,000	Cintas Corp No 2		3.700		04/01/27		691,974
	500,000	CommonSpirit Health		2.950		11/01/22		488,131
	750,000	CommonSpirit Health		2.760		10/01/24		749,233
	1,000,000	CommonSpirit Health		3.347		10/01/29		940,674
	300,000	CommonSpirit Health		4.350		11/01/42		294,014
	750,000	CommonSpirit Health		3.817		10/01/49		774,059
	715,000	CommonSpirit Health		4.187		10/01/49		672,516
	200,000	Darden Restaurants, Inc		3.850		05/01/27		183,406
	300,000	Darden Restaurants, Inc		4.550		02/15/48		233,664
	250,000	GLP Capital LP		3.350		09/01/24		221,250
	1,300,000	GLP Capital LP		5.250		06/01/25		1,202,500
	150,000	GLP Capital LP		5.375		04/15/26		132,960
	750,000	GLP Capital LP		5.750		06/01/28		662,775
	200,000	GLP Capital LP		5.300		01/15/29		171,040
	500,000	GLP Capital LP		4.000		01/15/30		420,400
	200,000	Hyatt Hotels Corp		3.375		07/15/23		184,334
	100,000	Hyatt Hotels Corp		4.850		03/15/26		98,855
	200,000	Hyatt Hotels Corp		4.375		09/15/28		182,732
	750,000	Johns Hopkins University		2.813		01/01/60		678,327
	1,000,000	Las Vegas Sands Corp		3.200		08/08/24		900,408
	500,000	Las Vegas Sands Corp		2.900		06/25/25		447,684
	625,000	Las Vegas Sands Corp		3.500		08/18/26		571,799
	750,000	Las Vegas Sands Corp		3.900		08/08/29		648,809

20

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Marriott International, Inc		3.375	%	10/15/20	$	192,582
	300,000	Marriott International, Inc		2.875		03/01/21		280,816
	200,000	Marriott International, Inc		3.125		10/15/21		179,515
	300,000	Marriott International, Inc		2.125		10/03/22		269,934
	300,000	Marriott International, Inc		4.150		12/01/23		274,810
	300,000	Marriott International, Inc		3.600		04/15/24		278,935
	1,250,000	Marriott International, Inc		4.000		04/15/28		1,156,606
	300,000	Marriott International, Inc		4.650		12/01/28		263,987
	750,000	Massachusetts Institute of Technology		5.600		07/01/11		1,227,662
	200,000	Massachusetts Institute of Technology		4.678		07/01/14		274,656
	300,000	Massachusetts Institute of Technology		3.885		07/01/16		345,610
	650,000	McDonald’s Corp		3.350		04/01/23		671,465
	150,000	McDonald’s Corp		1.450		09/01/25		142,507
	2,950,000	McDonald’s Corp		3.700		01/30/26		3,088,979
	300,000	McDonald’s Corp		3.500		03/01/27		312,283
	775,000	McDonald’s Corp		3.800		04/01/28		821,329
	1,250,000	McDonald’s Corp		2.625		09/01/29		1,204,299
	500,000	McDonald’s Corp		2.125		03/01/30		465,835
	2,225,000	McDonald’s Corp		4.700		12/09/35		2,514,208
	250,000	McDonald’s Corp		6.300		10/15/37		318,584
	100,000	McDonald’s Corp		6.300		03/01/38		137,021
	250,000	McDonald’s Corp		4.600		05/26/45		286,741
	1,275,000	McDonald’s Corp		4.875		12/09/45		1,493,297
	725,000	McDonald’s Corp		4.450		03/01/47		785,182
	625,000	McDonald’s Corp		4.450		09/01/48		695,367
	1,825,000	McDonald’s Corp		3.625		09/01/49		1,848,937
	200,000	Northwestern University		3.688		12/01/38		215,270
	200,000	Northwestern University		3.868		12/01/48		230,283
	200,000	Northwestern University		3.662		12/01/57		207,909
	750,000	President and Fellows of Harvard College		3.619		10/01/37		804,834
	200,000	President and Fellows of Harvard College		3.150		07/15/46		201,421
	200,000	President and Fellows of Harvard College		3.300		07/15/56		215,164
	1,250,000	Sands China Ltd		4.600		08/08/23		1,278,112
	1,300,000	Sands China Ltd		5.125		08/08/25		1,222,000
	1,100,000	Sands China Ltd		5.400		08/08/28		1,030,711
	200,000	Starbucks Corp		2.100		02/04/21		200,130
	200,000	Starbucks Corp		2.700		06/15/22		204,515
	525,000	Starbucks Corp		3.850		10/01/23		552,045
	175,000	Starbucks Corp		2.450		06/15/26		175,334
	500,000	Starbucks Corp		2.000		03/12/27		472,071
	750,000	Starbucks Corp		3.500		03/01/28		766,150
	650,000	Starbucks Corp		4.000		11/15/28		674,347
	750,000	Starbucks Corp		3.550		08/15/29		787,107
	500,000	Starbucks Corp		2.250		03/12/30		466,545
	200,000	Starbucks Corp		4.300		06/15/45		211,778
	200,000	Starbucks Corp		3.750		12/01/47		192,802
	650,000	Starbucks Corp		4.500		11/15/48		734,253
	1,000,000	Starbucks Corp		4.450		08/15/49		1,142,826
	500,000	Starbucks Corp		3.350		03/12/50		456,624
	200,000	Trinity Acquisition plc		3.500		09/15/21		192,799
	200,000	Trinity Acquisition plc		4.400		03/15/26		208,392
	500,000	Trustees of Boston College		3.129		07/01/52		522,855
	100,000	Trustees of Boston University		4.061		10/01/48		121,168

21

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Trustees of Dartmouth College		3.474	%	06/01/46	$	216,925
	500,000	Trustees of the University of Pennsylvania		3.610		02/15/19		506,137
	200,000	Wesleyan University		4.781		07/01/16		241,967
		TOTAL CONSUMER SERVICES						76,344,736
DIVERSIFIED FINANCIALS - 2.9%
	4,083,000	AerCap Ireland Capital DAC		5.000		10/01/21		3,662,622
	300,000	AerCap Ireland Capital DAC		4.450		12/16/21		267,408
	800,000	AerCap Ireland Capital DAC		3.950		02/01/22		696,895
	200,000	AerCap Ireland Capital DAC		3.300		01/23/23		165,999
	300,000	AerCap Ireland Capital DAC		4.125		07/03/23		254,828
	600,000	AerCap Ireland Capital DAC		4.875		01/16/24		514,149
	750,000	AerCap Ireland Capital DAC		2.875		08/14/24		604,680
	1,675,000	AerCap Ireland Capital DAC		3.500		01/15/25		1,423,050
	300,000	AerCap Ireland Capital DAC		4.450		10/01/25		264,171
	500,000	AerCap Ireland Capital DAC		4.450		04/03/26		428,736
	250,000	AerCap Ireland Capital DAC		3.650		07/21/27		193,748
	200,000	AerCap Ireland Capital DAC		3.875		01/23/28		152,501
	200,000	Affiliated Managers Group, Inc		4.250		02/15/24		213,803
	20,000	Ahold Finance USA LLC		6.875		05/01/29		27,743
	1,000,000	Ally Financial, Inc		4.125		02/13/22		981,980
	1,600,000	Ally Financial, Inc		5.125		09/30/24		1,559,184
	2,000,000	Ally Financial, Inc		8.000		11/01/31		2,299,000
	350,000	American Express Co		3.000		02/22/21		352,324
	1,000,000	American Express Co		3.375		05/17/21		1,011,569
	200,000	American Express Co		3.700		11/05/21		206,259
	1,050,000	American Express Co		2.500		08/01/22		1,068,147
	175,000	American Express Co		2.650		12/02/22		177,024
	5,000,000	American Express Co		3.400		02/27/23		5,179,602
	2,000,000	American Express Co		3.700		08/03/23		2,101,213
	750,000	American Express Co		3.000		10/30/24		773,732
	1,000,000	American Express Co		4.200		11/06/25		1,104,489
	1,000,000	American Express Co		3.125		05/20/26		1,036,298
	525,000	American Express Co		4.050		12/03/42		625,474
	1,050,000	American Express Credit Corp		2.700		03/03/22		1,058,586
	675,000	American Honda Finance Corp		2.650		02/12/21		674,889
	450,000	American Honda Finance Corp		1.650		07/12/21		444,752
	375,000	American Honda Finance Corp		1.700		09/09/21		368,864
	950,000	American Honda Finance Corp		3.375		12/10/21		955,927
	1,000,000	American Honda Finance Corp		1.950		05/20/22		985,177
	325,000	American Honda Finance Corp		2.050		01/10/23		320,057
	300,000	American Honda Finance Corp		3.450		07/14/23		303,713
	500,000	American Honda Finance Corp		3.625		10/10/23		511,970
	300,000	American Honda Finance Corp		3.550		01/12/24		309,109
	200,000	American Honda Finance Corp		2.900		02/16/24		201,119
	1,000,000	American Honda Finance Corp		2.400		06/27/24		986,073
	500,000	American Honda Finance Corp		2.150		09/10/24		488,100
	100,000	American Honda Finance Corp		2.300		09/09/26		95,774
	1,000,000	American Honda Finance Corp		2.350		01/08/27		944,969
	500,000	American Honda Finance Corp		3.500		02/15/28		495,526
	150,000	Ameriprise Financial, Inc		3.000		03/22/22		151,843
	875,000	Ameriprise Financial, Inc		4.000		10/15/23		929,127
	300,000	Ameriprise Financial, Inc		3.700		10/15/24		311,332
	125,000	Ameriprise Financial, Inc		3.000		04/02/25		124,471

22

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Ameriprise Financial, Inc		2.875	%	09/15/26	$	200,688
	200,000	Ares Capital Corp		3.625		01/19/22		186,281
	600,000	Ares Capital Corp		3.500		02/10/23		532,276
	850,000	Ares Capital Corp		4.200		06/10/24		753,595
	500,000	Ares Capital Corp		4.250		03/01/25		433,921
	500,000	Ares Capital Corp		3.250		07/15/25		396,902
	1,000,000	Australia & New Zealand Banking Group Ltd		3.300		05/17/21		1,009,179
	750,000	Australia & New Zealand Banking Group Ltd		2.300		06/01/21		753,622
	750,000	Australia & New Zealand Banking Group Ltd		2.550		11/23/21		752,010
	300,000	Australia & New Zealand Banking Group Ltd		2.625		05/19/22		304,348
	550,000	Australia & New Zealand Banking Group Ltd		2.625		11/09/22		558,657
	1,000,000	Australia & New Zealand Banking Group Ltd		2.050		11/21/22		1,001,488
	525,000	Australia & New Zealand Banking Group Ltd		3.700		11/16/25		548,620
	350,000	AXA Equitable Holdings, Inc		3.900		04/20/23		348,747
	1,375,000	AXA Equitable Holdings, Inc		4.350		04/20/28		1,338,022
	975,000	AXA Equitable Holdings, Inc		5.000		04/20/48		921,191
	975,000	Bank of Montreal		3.100		04/13/21		985,806
	1,000,000	Bank of Montreal		1.900		08/27/21		1,002,415
	1,500,000	Bank of Montreal		2.900		03/26/22		1,518,876
	850,000	Bank of Montreal		2.350		09/11/22		859,858
	1,000,000	Bank of Montreal		2.050		11/01/22		1,000,226
	350,000	Bank of Montreal		2.550		11/06/22		356,055
	1,425,000	Bank of Montreal		3.300		02/05/24		1,488,010
	1,000,000	Bank of Montreal		2.500		06/28/24		977,395
	750,000	Bank of Montreal		4.338		10/05/28		770,594
	425,000	Bank of Montreal		3.803		12/15/32		412,805
	750,000	Bank of Montreal		4.800		N/A‡		615,000
	675,000	Bank of New York Mellon Corp		2.500		04/15/21		674,605
	300,000	Bank of New York Mellon Corp		2.050		05/03/21		301,357
	500,000	Bank of New York Mellon Corp		3.550		09/23/21		510,353
	925,000	Bank of New York Mellon Corp		2.600		02/07/22		932,579
	375,000	Bank of New York Mellon Corp		1.950		08/23/22		377,029
	750,000	Bank of New York Mellon Corp		1.850		01/27/23		753,214
	2,625,000	Bank of New York Mellon Corp		2.950		01/29/23		2,683,485
	1,025,000	Bank of New York Mellon Corp		3.500		04/28/23		1,070,171
	825,000	Bank of New York Mellon Corp		2.200		08/16/23		832,151
	350,000	Bank of New York Mellon Corp		3.650		02/04/24		372,811
	800,000	Bank of New York Mellon Corp		3.250		09/11/24		832,500
	1,750,000	Bank of New York Mellon Corp		2.100		10/24/24		1,780,863
	500,000	Bank of New York Mellon Corp		3.000		02/24/25		526,755
	500,000	Bank of New York Mellon Corp		2.800		05/04/26		512,768
	500,000	Bank of New York Mellon Corp		2.450		08/17/26		501,705
	800,000	Bank of New York Mellon Corp		3.250		05/16/27		836,094
	1,000,000	Bank of New York Mellon Corp		3.400		01/29/28		1,037,456
	600,000	Bank of New York Mellon Corp		3.850		04/28/28		670,123
	400,000	Bank of New York Mellon Corp		3.300		08/23/29		409,977
	750,000	Berkshire Hathaway, Inc		2.200		03/15/21		755,207
	1,325,000	Berkshire Hathaway, Inc		2.750		03/15/23		1,379,142
	4,400,000	Berkshire Hathaway, Inc		3.125		03/15/26		4,714,358
	800,000	Berkshire Hathaway, Inc		4.500		02/11/43		988,080
	250,000	BGC Partners, Inc		5.375		07/24/23		249,755
	500,000	BGC Partners, Inc		3.750		10/01/24		447,274
	5,325,000	BlackRock, Inc		3.375		06/01/22		5,495,267

23

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	BlackRock, Inc		3.500	%	03/18/24	$	537,778
	850,000	BlackRock, Inc		3.250		04/30/29		897,726
	200,000	Block Financial LLC		5.500		11/01/22		201,083
	200,000	Block Financial LLC		5.250		10/01/25		202,462
	700,000	BNP Paribas S.A.		5.000		01/15/21		713,698
	675,000	BNP Paribas S.A.		3.250		03/03/23		689,479
	1,350,000	BNP Paribas S.A.		4.250		10/15/24		1,392,287
	200,000	Broadridge Financial Solutions, Inc		3.950		09/01/20		200,697
	350,000	Broadridge Financial Solutions, Inc		3.400		06/27/26		352,770
	1,000,000	Broadridge Financial Solutions, Inc		2.900		12/01/29		939,880
	300,000	Brookfield Asset Management, Inc		4.000		01/15/25		303,772
	1,000,000	Brookfield Finance LLC		3.450		04/15/50		800,305
	550,000	Brookfield Finance, Inc		4.000		04/01/24		555,881
	200,000	Brookfield Finance, Inc		4.250		06/02/26		209,775
	300,000	Brookfield Finance, Inc		3.900		01/25/28		308,048
	600,000	Brookfield Finance, Inc		4.850		03/29/29		637,181
	725,000	Brookfield Finance, Inc		4.700		09/20/47		681,577
	275,000	Capital One Bank USA NA		3.375		02/15/23		269,046
	1,500,000	Capital One Bank USA NA		2.280		01/28/26		1,358,369
	2,250,000	Capital One Financial Corp		3.050		03/09/22		2,246,560
	1,925,000	Capital One Financial Corp		3.200		01/30/23		1,902,600
	150,000	Capital One Financial Corp		3.500		06/15/23		149,112
	300,000	Capital One Financial Corp		3.900		01/29/24		300,845
	750,000	Capital One Financial Corp		3.300		10/30/24		738,719
	125,000	Capital One Financial Corp		3.200		02/05/25		122,584
	625,000	Capital One Financial Corp		4.250		04/30/25		640,440
	850,000	Capital One Financial Corp		4.200		10/29/25		847,013
	700,000	Capital One Financial Corp		3.750		07/28/26		660,892
	1,075,000	Capital One Financial Corp		3.750		03/09/27		1,052,327
	2,700,000	Capital One Financial Corp		3.800		01/31/28		2,668,496
	450,000	CBOE Holdings, Inc		3.650		01/12/27		471,569
	500,000	Celanese US Holdings LLC		4.625		11/15/22		486,678
	200,000	Celanese US Holdings LLC		3.500		05/08/24		189,377
	750,000	Charles Schwab Corp		3.250		05/21/21		755,527
	425,000	Charles Schwab Corp		2.650		01/25/23		431,122
	300,000	Charles Schwab Corp		3.550		02/01/24		315,084
	200,000	Charles Schwab Corp		3.000		03/10/25		206,643
	1,250,000	Charles Schwab Corp		3.850		05/21/25		1,327,059
	500,000	Charles Schwab Corp		3.200		03/02/27		506,363
	200,000	Charles Schwab Corp		3.200		01/25/28		202,571
	300,000	Charles Schwab Corp		4.000		02/01/29		319,501
	1,000,000	Charles Schwab Corp		3.250		05/22/29		988,997
	350,000	CME Group, Inc		3.000		09/15/22		355,119
	475,000	CME Group, Inc		3.000		03/15/25		490,193
	500,000	CME Group, Inc		3.750		06/15/28		558,007
	400,000	CME Group, Inc		5.300		09/15/43		537,571
	500,000	CME Group, Inc		4.150		06/15/48		635,801
	2,000,000	Credit Suisse AG.		2.100		11/12/21		1,990,933
	2,900,000	Credit Suisse AG.		3.625		09/09/24		3,063,261
	750,000	Credit Suisse Group Funding Guernsey Ltd		3.125		12/10/20		749,254
	2,650,000	Credit Suisse Group Funding Guernsey Ltd		3.450		04/16/21		2,666,763
	1,000,000	Credit Suisse Group Funding Guernsey Ltd		3.800		09/15/22		1,016,688
	1,275,000	Credit Suisse Group Funding Guernsey Ltd		3.800		06/09/23		1,304,004
	2,300,000	Credit Suisse Group Funding Guernsey Ltd		3.750		03/26/25		2,324,008

24

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	2,750,000	Credit Suisse Group Funding Guernsey Ltd		4.550	%	04/17/26	$	2,904,026
	1,250,000	Credit Suisse Group Funding Guernsey Ltd		4.875		05/15/45		1,515,132
	500,000	Deutsche Bank AG.		2.700		07/13/20		490,185
	2,300,000	Deutsche Bank AG.		3.125		01/13/21		2,250,528
	2,000,000	Deutsche Bank AG.		3.150		01/22/21		1,953,903
	500,000	Deutsche Bank AG.		4.250		02/04/21		480,141
	500,000	Deutsche Bank AG.		3.375		05/12/21		473,654
	1,675,000	Deutsche Bank AG.		5.000		02/14/22		1,651,819
	400,000	Deutsche Bank AG.		3.300		11/16/22		374,671
	750,000	Deutsche Bank AG.		3.950		02/27/23		744,947
	525,000	Deutsche Bank AG.		3.700		05/30/24		492,215
	1,000,000	Deutsche Bank AG.		3.961		11/26/25		924,961
	1,800,000	Deutsche Bank AG.		4.100		01/13/26		1,642,142
	2,575,000	Diageo Investment Corp		2.875		05/11/22		2,595,479
	100,000	Diageo Investment Corp		4.250		05/11/42		107,172
	100,000	Discover Financial Services		5.200		04/27/22		103,863
	700,000	Discover Financial Services		3.950		11/06/24		712,370
	200,000	Discover Financial Services		4.500		01/30/26		204,036
	350,000	Discover Financial Services		4.100		02/09/27		336,679
	475,000	E*TRADE Financial Corp		2.950		08/24/22		468,093
	200,000	E*TRADE Financial Corp		3.800		08/24/27		201,941
	300,000	E*TRADE Financial Corp		4.500		06/20/28		311,773
	300,000	Eaton Vance Corp		3.625		06/15/23		309,687
	200,000	Eaton Vance Corp		3.500		04/06/27		205,582
	150,000	Franklin Resources, Inc		2.800		09/15/22		147,325
	200,000	Franklin Resources, Inc		2.850		03/30/25		201,364
	750,000	FS KKR Capital Corp		4.125		02/01/25		609,995
	2,852,000	GE Capital International Funding Co		2.342		11/15/20		2,835,858
	5,768,000	GE Capital International Funding Co		3.373		11/15/25		5,797,883
	8,444,000	GE Capital International Funding Co		4.418		11/15/35		9,122,648
	2,000,000	General Motors Financial Co, Inc		3.550		04/09/21		1,916,331
	875,000	General Motors Financial Co, Inc		3.200		07/06/21		835,546
	575,000	General Motors Financial Co, Inc		4.200		11/06/21		546,687
	1,000,000	General Motors Financial Co, Inc		3.450		01/14/22		934,992
	2,700,000	General Motors Financial Co, Inc		3.450		04/10/22		2,493,731
	525,000	General Motors Financial Co, Inc		3.150		06/30/22		473,932
	850,000	General Motors Financial Co, Inc		3.550		07/08/22		785,289
	300,000	General Motors Financial Co, Inc		3.250		01/05/23		277,510
	1,125,000	General Motors Financial Co, Inc		3.700		05/09/23		1,011,848
	725,000	General Motors Financial Co, Inc		4.150		06/19/23		659,407
	650,000	General Motors Financial Co, Inc		5.100		01/17/24		598,613
	725,000	General Motors Financial Co, Inc		3.950		04/13/24		657,086
	1,500,000	General Motors Financial Co, Inc		3.500		11/07/24		1,319,997
	125,000	General Motors Financial Co, Inc		4.000		01/15/25		111,093
	1,000,000	General Motors Financial Co, Inc		2.900		02/26/25		864,311
	5,175,000	General Motors Financial Co, Inc		4.350		04/09/25		4,636,225
	450,000	General Motors Financial Co, Inc		4.300		07/13/25		413,288
	275,000	General Motors Financial Co, Inc		5.250		03/01/26		242,729
	525,000	General Motors Financial Co, Inc		4.000		10/06/26		446,192
	1,400,000	General Motors Financial Co, Inc		4.350		01/17/27		1,156,492
	1,100,000	General Motors Financial Co, Inc		3.850		01/05/28		883,409
	2,400,000	General Motors Financial Co, Inc		5.650		01/17/29		2,149,853
	500,000	Goldman Sachs BDC, Inc		3.750		02/10/25		463,541

25

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	Goldman Sachs Group, Inc		2.600	%	12/27/20	$	500,025
	1,300,000	Goldman Sachs Group, Inc		5.250		07/27/21		1,351,430
	675,000	Goldman Sachs Group, Inc		2.350		11/15/21		674,052
	5,625,000	Goldman Sachs Group, Inc		5.750		01/24/22		5,968,239
	1,350,000	Goldman Sachs Group, Inc		3.000		04/26/22		1,359,734
	2,275,000	Goldman Sachs Group, Inc		3.625		01/22/23		2,348,531
	5,425,000	Goldman Sachs Group, Inc		3.200		02/23/23		5,535,787
	2,575,000	Goldman Sachs Group, Inc		3.625		02/20/24		2,664,312
	2,025,000	Goldman Sachs Group, Inc		4.000		03/03/24		2,123,576
	425,000	Goldman Sachs Group, Inc		3.850		07/08/24		444,189
	600,000	Goldman Sachs Group, Inc		3.500		01/23/25		615,097
	250,000	Goldman Sachs Group, Inc		3.500		04/01/25		253,510
	1,100,000	Goldman Sachs Group, Inc		3.750		05/22/25		1,138,864
	2,375,000	Goldman Sachs Group, Inc		3.272		09/29/25		2,421,964
	575,000	Goldman Sachs Group, Inc		4.250		10/21/25		604,509
	1,125,000	Goldman Sachs Group, Inc		3.750		02/25/26		1,171,809
	425,000	Goldman Sachs Group, Inc		3.500		11/16/26		434,409
	125,000	Goldman Sachs Group, Inc		5.950		01/15/27		141,350
	3,950,000	Goldman Sachs Group, Inc		3.850		01/26/27		4,064,502
	4,475,000	Goldman Sachs Group, Inc		3.691		06/05/28		4,598,733
	8,525,000	Goldman Sachs Group, Inc		3.814		04/23/29		8,813,150
	550,000	Goldman Sachs Group, Inc		4.223		05/01/29		587,254
	2,500,000	Goldman Sachs Group, Inc		2.600		02/07/30		2,348,898
	900,000	Goldman Sachs Group, Inc		6.750		10/01/37		1,210,347
	925,000	Goldman Sachs Group, Inc		4.017		10/31/38		928,870
	4,525,000	Goldman Sachs Group, Inc		4.411		04/23/39		4,927,766
	2,475,000	Goldman Sachs Group, Inc		6.250		02/01/41		3,426,014
	1,225,000	Goldman Sachs Group, Inc		4.800		07/08/44		1,443,361
	1,650,000	Goldman Sachs Group, Inc		5.150		05/22/45		1,951,038
	200,000	Goldman Sachs Group, Inc		4.750		10/21/45		238,930
	500,000	IBM Credit LLC		1.800		01/20/21		497,251
	1,140,000	IBM Credit LLC		2.650		02/05/21		1,142,573
	500,000	Intercontinental Exchange, Inc		2.750		12/01/20		500,625
	300,000	Intercontinental Exchange, Inc		2.350		09/15/22		299,974
	300,000	Intercontinental Exchange, Inc		3.450		09/21/23		308,918
	350,000	Intercontinental Exchange, Inc		4.000		10/15/23		378,865
	825,000	Intercontinental Exchange, Inc		3.750		12/01/25		871,522
	1,000,000	Intercontinental Exchange, Inc		3.100		09/15/27		1,015,661
	500,000	Intercontinental Exchange, Inc		3.750		09/21/28		531,935
	575,000	Intercontinental Exchange, Inc		4.250		09/21/48		666,281
	600,000	International Lease Finance Corp		5.875		08/15/22		536,384
	125,000	Invesco Finance plc		3.125		11/30/22		124,839
	200,000	Invesco Finance plc		4.000		01/30/24		204,770
	800,000	Invesco Finance plc		3.750		01/15/26		860,138
	200,000	Invesco Finance plc		5.375		11/30/43		267,574
	300,000	Janus Capital Group, Inc		4.875		08/01/25		304,680
	500,000	Jefferies Group LLC		6.875		04/15/21		503,429
	1,000,000	Jefferies Group LLC		4.850		01/15/27		990,694
	600,000	Jefferies Group LLC		6.450		06/08/27		613,231
	1,000,000	Jefferies Group LLC		4.150		01/23/30		957,383
	150,000	Lazard Group LLC		3.750		02/13/25		147,960
	200,000	Lazard Group LLC		3.625		03/01/27		200,634
	325,000	Lazard Group LLC		4.500		09/19/28		326,148
	425,000	Lazard Group LLC		4.375		03/11/29		430,019

26

TIAA-CREF FUNDS – Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	400,000		Legg Mason, Inc		5.625	%	01/15/44	$	425,332
	125,000		Morgan Stanley		2.500		04/21/21		124,912
	1,200,000		Morgan Stanley		5.500		07/28/21		1,245,768
	1,675,000		Morgan Stanley		2.625		11/17/21		1,677,280
	4,275,000		Morgan Stanley		2.750		05/19/22		4,320,298
	2,850,000		Morgan Stanley		4.875		11/01/22		2,992,214
	5,025,000		Morgan Stanley		3.125		01/23/23		5,139,374
	475,000		Morgan Stanley		3.750		02/25/23		494,959
	3,175,000		Morgan Stanley		4.100		05/22/23		3,288,254
	5,350,000		Morgan Stanley		3.737		04/24/24		5,508,456
	1,525,000		Morgan Stanley		3.875		04/29/24		1,600,115
	4,092,000		Morgan Stanley		3.700		10/23/24		4,323,257
	1,025,000		Morgan Stanley		2.720		07/22/25		1,037,688
	500,000		Morgan Stanley		4.000		07/23/25		535,121
	950,000		Morgan Stanley		5.000		11/24/25		1,050,123
	575,000		Morgan Stanley		3.875		01/27/26		620,542
	500,000		Morgan Stanley		3.125		07/27/26		516,846
	400,000		Morgan Stanley		4.350		09/08/26		431,047
	2,750,000		Morgan Stanley		3.625		01/20/27		2,906,890
	1,975,000		Morgan Stanley		3.950		04/23/27		2,057,659
	1,575,000		Morgan Stanley		3.591		07/22/28		1,650,726
	4,850,000		Morgan Stanley		3.772		01/24/29		5,117,633
	3,475,000		Morgan Stanley		4.431		01/23/30		3,862,185
	5,000,000		Morgan Stanley		2.699		01/22/31		4,892,822
	500,000		Morgan Stanley		3.622		04/01/31		520,369
	150,000		Morgan Stanley		7.250		04/01/32		214,701
	725,000		Morgan Stanley		3.971		07/22/38		796,735
	2,675,000		Morgan Stanley		4.457		04/22/39		3,036,614
	275,000		Morgan Stanley		6.375		07/24/42		392,674
	175,000		Morgan Stanley		4.300		01/27/45		211,672
	3,200,000		Morgan Stanley		4.375		01/22/47		3,894,661
	250,000		NASDAQ, Inc		4.250		06/01/24		261,445
	400,000		NASDAQ, Inc		3.850		06/30/26		412,867
	500,000		National Rural Utilities Cooperative Finance Corp		2.300		11/01/20		500,203
	350,000		National Rural Utilities Cooperative Finance Corp		3.050		02/15/22		348,341
	500,000		National Rural Utilities Cooperative Finance Corp		2.400		04/25/22		489,020
	500,000		National Rural Utilities Cooperative Finance Corp		2.300		09/15/22		495,498
	200,000		National Rural Utilities Cooperative Finance Corp		2.700		02/15/23		201,833
	200,000		National Rural Utilities Cooperative Finance Corp		3.400		11/15/23		210,858
	300,000		National Rural Utilities Cooperative Finance Corp		2.950		02/07/24		314,872
	400,000		National Rural Utilities Cooperative Finance Corp		2.850		01/27/25		402,912
	200,000		National Rural Utilities Cooperative Finance Corp		3.250		11/01/25		218,420
	1,000,000		National Rural Utilities Cooperative Finance Corp		3.400		02/07/28		1,036,434
	200,000		National Rural Utilities Cooperative Finance Corp		3.900		11/01/28		195,003
	300,000		National Rural Utilities Cooperative Finance Corp		3.700		03/15/29		338,356
	1,000,000		National Rural Utilities Cooperative Finance Corp		2.400		03/15/30		998,595
	500,000		National Rural Utilities Cooperative Finance Corp		4.750		04/30/43		497,860
	200,000		National Rural Utilities Cooperative Finance Corp		5.250		04/20/46		189,927
	200,000		National Rural Utilities Cooperative Finance Corp		4.400		11/01/48		230,458
	550,000		National Rural Utilities Cooperative Finance Corp		4.300		03/15/49		639,335
	300,000	j	Navient Solutions LLC		0.000		10/03/22		289,048
	1,500,000		Nomura Holdings, Inc		2.648		01/16/25		1,468,252
	1,500,000		Nomura Holdings, Inc		3.103		01/16/30		1,410,860

27

TIAA-CREF FUNDS – Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,550,000		Oesterreichische Kontrollbank AG.		1.500	%	10/21/20	$	1,556,514
	375,000		Oesterreichische Kontrollbank AG.		2.875		09/07/21		386,882
	500,000		Oesterreichische Kontrollbank AG.		2.375		10/01/21		512,927
	750,000		Oesterreichische Kontrollbank AG.		2.625		01/31/22		776,789
	1,200,000		Oesterreichische Kontrollbank AG.		1.625		09/17/22		1,228,797
	750,000		Oesterreichische Kontrollbank AG.		2.875		03/13/23		796,641
	1,350,000		Oesterreichische Kontrollbank AG.		3.125		11/07/23		1,463,410
	1,500,000		Oesterreichische Kontrollbank AG.		1.500		02/12/25		1,554,958
	475,000		ORIX Corp		2.900		07/18/22		487,831
	500,000		ORIX Corp		4.050		01/16/24		520,222
	500,000		ORIX Corp		3.250		12/04/24		525,337
	200,000		ORIX Corp		3.700		07/18/27		211,311
	500,000		Owl Rock Capital Corp		4.000		03/30/25		385,599
	500,000		Owl Rock Capital Corp		3.750		07/22/25		414,832
	200,000		PACCAR Financial Corp		3.150		08/09/21		197,683
	300,000		PACCAR Financial Corp		2.850		03/01/22		298,620
	750,000		PACCAR Financial Corp		2.650		05/10/22		749,938
	200,000		PACCAR Financial Corp		2.000		09/26/22		196,960
	200,000		PACCAR Financial Corp		3.400		08/09/23		202,133
	300,000		PACCAR Financial Corp		2.150		08/15/24		291,521
	600,000		Raymond James Financial, Inc		3.625		09/15/26		606,350
	425,000		Raymond James Financial, Inc		4.950		07/15/46		489,531
	300,000		S&P Global, Inc		4.000		06/15/25		314,771
	2,150,000		S&P Global, Inc		4.400		02/15/26		2,385,874
	500,000		S&P Global, Inc		2.500		12/01/29		487,868
	200,000		S&P Global, Inc		4.500		05/15/48		239,688
	500,000		S&P Global, Inc		3.250		12/01/49		497,252
	1,600,000		Shire Acquisitions Investments Ireland DAC		2.400		09/23/21		1,594,012
	3,125,000		Shire Acquisitions Investments Ireland DAC		2.875		09/23/23		3,188,227
	1,400,000		Shire Acquisitions Investments Ireland DAC		3.200		09/23/26		1,431,817
	300,000		State Street Corp		4.375		03/07/21		305,139
	700,000		State Street Corp		1.950		05/19/21		696,834
	500,000		State Street Corp		2.653		05/15/23		492,287
	2,150,000		State Street Corp		3.100		05/15/23		2,214,523
	300,000		State Street Corp		3.776		12/03/24		316,702
	750,000		State Street Corp		3.300		12/16/24		788,622
	375,000		State Street Corp		3.550		08/18/25		394,400
	1,000,000		State Street Corp		2.354		11/01/25		989,753
	500,000	g	State Street Corp		2.901		03/30/26		511,905
	650,000		State Street Corp		2.650		05/19/26		659,867
	300,000		State Street Corp		4.141		12/03/29		327,060
	750,000		State Street Corp		2.400		01/24/30		732,383
	500,000		State Street Corp		3.031		11/01/34		482,544
	200,000		Stifel Financial Corp		3.500		12/01/20		196,021
	100,000		Stifel Financial Corp		4.250		07/18/24		101,738
	550,000		Synchrony Financial		2.850		07/25/22		523,945
	500,000		Synchrony Financial		4.375		03/19/24		495,170
	250,000		Synchrony Financial		4.250		08/15/24		240,705
	600,000		Synchrony Financial		4.500		07/23/25		587,073
	300,000		Synchrony Financial		3.700		08/04/26		273,322
	900,000		Synchrony Financial		3.950		12/01/27		800,434
	500,000		Synchrony Financial		5.150		03/19/29		495,190
	300,000		Syngenta Finance NV		3.125		03/28/22		261,996
	425,000		TD Ameritrade Holding Corp		2.950		04/01/22		425,145

28

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	TD Ameritrade Holding Corp		3.750	%	04/01/24	$	307,469
	350,000	TD Ameritrade Holding Corp		3.625		04/01/25		365,580
	525,000	TD Ameritrade Holding Corp		3.300		04/01/27		531,828
	500,000	TD Ameritrade Holding Corp		2.750		10/01/29		489,873
	500,000	Toyota Motor Credit Corp		3.050		01/08/21		502,022
	300,000	Toyota Motor Credit Corp		1.900		04/08/21		298,615
	500,000	Toyota Motor Credit Corp		3.400		09/15/21		508,475
	1,000,000	Toyota Motor Credit Corp		1.800		10/07/21		990,034
	1,750,000	Toyota Motor Credit Corp		2.600		01/11/22		1,754,166
	300,000	Toyota Motor Credit Corp		2.800		07/13/22		302,155
	500,000	Toyota Motor Credit Corp		2.150		09/08/22		497,221
	500,000	Toyota Motor Credit Corp		2.700		01/11/23		503,014
	500,000	Toyota Motor Credit Corp		3.450		09/20/23		518,813
	400,000	Toyota Motor Credit Corp		3.350		01/08/24		409,174
	1,000,000	Toyota Motor Credit Corp		2.000		10/07/24		971,273
	1,000,000	Toyota Motor Credit Corp		1.800		02/13/25		964,983
	1,500,000	Toyota Motor Credit Corp		3.400		04/14/25		1,547,587
	300,000	Toyota Motor Credit Corp		3.050		01/11/28		299,487
	400,000	Toyota Motor Credit Corp		3.650		01/08/29		414,583
	650,000	Toyota Motor Credit Corp		2.150		02/13/30		603,530
	225,000	Toyota Motor Credit Corp		3.375		04/01/30		227,635
	250,000	Unilever Capital Corp		4.250		02/10/21		255,305
	500,000	Unilever Capital Corp		2.750		03/22/21		505,689
	300,000	Unilever Capital Corp		1.375		07/28/21		300,311
	625,000	Unilever Capital Corp		3.000		03/07/22		645,830
	625,000	Unilever Capital Corp		2.200		05/05/22		616,049
	500,000	Unilever Capital Corp		3.125		03/22/23		531,052
	300,000	Unilever Capital Corp		3.250		03/07/24		316,860
	1,100,000	Unilever Capital Corp		2.600		05/05/24		1,125,905
	500,000	Unilever Capital Corp		3.375		03/22/25		532,941
	450,000	Unilever Capital Corp		3.100		07/30/25		478,456
	225,000	Unilever Capital Corp		2.000		07/28/26		224,465
	800,000	Unilever Capital Corp		2.900		05/05/27		848,107
	1,150,000	Unilever Capital Corp		3.500		03/22/28		1,254,752
	1,000,000	Unilever Capital Corp		2.125		09/06/29		1,020,986
	430,000	Unilever Capital Corp		5.900		11/15/32		563,175
	450,000	Wells Fargo & Co		2.550		12/07/20		451,080
	1,000,000	Wells Fargo & Co		3.000		01/22/21		1,009,225
	1,000,000	Wells Fargo & Co		2.500		03/04/21		1,000,723
	1,200,000	Wells Fargo & Co		4.600		04/01/21		1,226,055
	750,000	Wells Fargo & Co		2.100		07/26/21		748,949
	4,000,000	Wells Fargo & Co		3.500		03/08/22		4,076,849
	1,900,000	Wells Fargo & Co		2.625		07/22/22		1,922,190
	1,750,000	Wells Fargo & Co		3.069		01/24/23		1,778,768
	1,375,000	Wells Fargo & Co		3.450		02/13/23		1,413,713
	800,000	Wells Fargo & Co		4.125		08/15/23		824,759
	334,000	Wells Fargo & Co		4.480		01/16/24		351,259
	1,350,000	Wells Fargo & Co		3.750		01/24/24		1,429,199
	2,700,000	Wells Fargo & Co		3.300		09/09/24		2,810,319
	4,100,000	Wells Fargo & Co		3.000		02/19/25		4,231,565
	1,125,000	Wells Fargo & Co		3.550		09/29/25		1,186,547
	2,000,000	Wells Fargo & Co		2.406		10/30/25		1,970,753
	1,500,000	Wells Fargo & Co		2.164		02/11/26		1,462,999

29

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	3,350,000	Wells Fargo & Co		3.000	%	04/22/26	$	3,448,100
	1,250,000	Wells Fargo & Co		4.100		06/03/26		1,334,919
	2,575,000	Wells Fargo & Co		3.000		10/23/26		2,637,866
	1,500,000	Wells Fargo & Co		3.196		06/17/27		1,544,572
	1,200,000	Wells Fargo & Co		4.300		07/22/27		1,286,333
	3,625,000	Wells Fargo & Co		3.584		05/22/28		3,795,889
	6,175,000	Wells Fargo & Co		4.150		01/24/29		6,736,588
	3,950,000	Wells Fargo & Co		2.879		10/30/30		3,916,936
	3,000,000	Wells Fargo & Co		2.572		02/11/31		2,886,036
	264,000	Wells Fargo & Co		5.375		02/07/35		311,453
	1,050,000	Wells Fargo & Co		5.375		11/02/43		1,255,189
	1,468,000	Wells Fargo & Co		5.606		01/15/44		1,794,433
	475,000	Wells Fargo & Co		4.650		11/04/44		547,077
	1,500,000	Wells Fargo & Co		3.900		05/01/45		1,689,830
	950,000	Wells Fargo & Co		4.900		11/17/45		1,126,425
	3,250,000	Wells Fargo & Co		4.400		06/14/46		3,657,345
	1,975,000	Wells Fargo & Co		4.750		12/07/46		2,281,205
	500,000	Wells Fargo & Co		5.013		04/04/51		633,941
		TOTAL DIVERSIFIED FINANCIALS						477,523,945
ENERGY - 2.0%
	283,000	Apache Corp		3.250		04/15/22		217,859
	2,300,000	Apache Corp		4.375		10/15/28		1,229,710
	500,000	Apache Corp		4.250		01/15/30		264,419
	1,305,000	Apache Corp		5.100		09/01/40		576,839
	300,000	Apache Corp		5.250		02/01/42		135,596
	1,150,000	Apache Corp		4.750		04/15/43		509,261
	300,000	Apache Corp		4.250		01/15/44		130,647
	500,000	Apache Corp		5.350		07/01/49		251,771
	925,000	Baker Hughes a GE Co LLC		2.773		12/15/22		880,450
	875,000	Baker Hughes a GE Co LLC		3.337		12/15/27		802,393
	1,000,000	Baker Hughes a GE Co LLC		3.138		11/07/29		867,239
	800,000	Baker Hughes a GE Co LLC		5.125		09/15/40		717,680
	875,000	Baker Hughes a GE Co LLC		4.080		12/15/47		718,933
	200,000	Boardwalk Pipelines LP		3.375		02/01/23		171,799
	475,000	Boardwalk Pipelines LP		5.950		06/01/26		385,664
	450,000	Boardwalk Pipelines LP		4.450		07/15/27		337,632
	500,000	Boardwalk Pipelines LP		4.800		05/03/29		377,099
	150,000	BP Capital Markets America, Inc		4.742		03/11/21		152,165
	1,525,000	BP Capital Markets America, Inc		3.245		05/06/22		1,548,560
	175,000	BP Capital Markets America, Inc		2.520		09/19/22		173,663
	550,000	BP Capital Markets America, Inc		2.750		05/10/23		551,735
	800,000	BP Capital Markets America, Inc		3.790		02/06/24		828,984
	2,025,000	BP Capital Markets America, Inc		3.224		04/14/24		2,071,223
	700,000	BP Capital Markets America, Inc		3.796		09/21/25		719,288
	1,800,000	BP Capital Markets America, Inc		3.410		02/11/26		1,798,898
	150,000	BP Capital Markets America, Inc		3.119		05/04/26		151,714
	200,000	BP Capital Markets America, Inc		3.017		01/16/27		203,086
	500,000	BP Capital Markets America, Inc		3.588		04/14/27		529,408
	750,000	BP Capital Markets America, Inc		3.937		09/21/28		804,175
	1,300,000	BP Capital Markets America, Inc		4.234		11/06/28		1,410,915
	2,000,000	BP Capital Markets America, Inc		3.000		02/24/50		1,859,401
	550,000	BP Capital Markets plc		3.062		03/17/22		554,797
	1,225,000	BP Capital Markets plc		2.500		11/06/22		1,212,926

30

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	700,000	BP Capital Markets plc		3.994	%	09/26/23	$	733,230
	925,000	BP Capital Markets plc		3.814		02/10/24		936,470
	675,000	BP Capital Markets plc		3.535		11/04/24		712,387
	675,000	BP Capital Markets plc		3.506		03/17/25		702,578
	925,000	BP Capital Markets plc		3.279		09/19/27		931,190
	300,000	BP Capital Markets plc		3.723		11/28/28		314,775
	575,000	Burlington Resources Finance Co		7.200		08/15/31		692,560
	200,000	Burlington Resources Finance Co		7.400		12/01/31		259,691
	600,000	Canadian Natural Resources Ltd		2.950		01/15/23		519,767
	600,000	Canadian Natural Resources Ltd		3.800		04/15/24		513,164
	700,000	Canadian Natural Resources Ltd		3.900		02/01/25		591,187
	1,125,000	Canadian Natural Resources Ltd		3.850		06/01/27		890,786
	1,625,000	Canadian Natural Resources Ltd		6.250		03/15/38		1,260,186
	800,000	Canadian Natural Resources Ltd		4.950		06/01/47		574,523
	2,750,000	Chevron Corp		2.100		05/16/21		2,763,094
	400,000	Chevron Corp		2.411		03/03/22		402,994
	300,000	Chevron Corp		2.498		03/03/22		304,416
	1,050,000	Chevron Corp		2.355		12/05/22		1,064,088
	500,000	Chevron Corp		2.566		05/16/23		511,255
	400,000	Chevron Corp		3.191		06/24/23		417,397
	425,000	Chevron Corp		2.895		03/03/24		438,049
	400,000	Chevron Corp		3.326		11/17/25		424,873
	2,475,000	Chevron Corp		2.954		05/16/26		2,602,247
	500,000	Cimarex Energy Co		4.375		06/01/24		394,081
	525,000	Cimarex Energy Co		3.900		05/15/27		380,702
	300,000	Cimarex Energy Co		4.375		03/15/29		201,059
	300,000	Columbia Pipeline Group, Inc		3.300		06/01/20		298,782
	775,000	Columbia Pipeline Group, Inc		4.500		06/01/25		763,664
	300,000	Columbia Pipeline Group, Inc		5.800		06/01/45		316,008
	825,000	Concho Resources, Inc		3.750		10/01/27		700,291
	950,000	Concho Resources, Inc		4.300		08/15/28		868,565
	400,000	Concho Resources, Inc		4.875		10/01/47		308,403
	700,000	Concho Resources, Inc		4.850		08/15/48		568,712
	2,800,000	ConocoPhillips Co		4.950		03/15/26		2,996,951
	77,000	ConocoPhillips Co		4.150		11/15/34		83,543
	250,000	ConocoPhillips Co		5.900		05/15/38		297,805
	1,585,000	ConocoPhillips Co		6.500		02/01/39		2,000,520
	300,000	ConocoPhillips Co		4.300		11/15/44		281,889
	1,650,000	ConocoPhillips Co		5.950		03/15/46		1,966,642
	925,000	ConocoPhillips Holding Co		6.950		04/15/29		1,139,591
	987,000	Continental Resources, Inc		5.000		09/15/22		611,867
	400,000	Continental Resources, Inc		4.500		04/15/23		220,014
	2,325,000	Continental Resources, Inc		4.375		01/15/28		1,080,173
	885,000	Devon Energy Corp		5.600		07/15/41		544,980
	700,000	Devon Energy Corp		4.750		05/15/42		420,000
	1,100,000	Devon Energy Corp		5.000		06/15/45		703,766
	600,000	Diamondback Energy, Inc		2.875		12/01/24		419,165
	425,000	Diamondback Energy, Inc		3.250		12/01/26		299,930
	1,000,000	Diamondback Energy, Inc		3.500		12/01/29		705,212
	725,000	Ecopetrol S.A.		5.875		09/18/23		708,695
	1,000,000	Ecopetrol S.A.		4.125		01/16/25		931,510
	975,000	Ecopetrol S.A.		5.375		06/26/26		947,700
	200,000	Ecopetrol S.A.		7.375		09/18/43		201,740

31

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,725,000	Ecopetrol S.A.		5.875	%	05/28/45	$	1,528,367
	300,000	El Paso Corp		7.750		01/15/32		346,024
	300,000	Enable Midstream Partners LP		3.900		05/15/24		166,481
	200,000	Enable Midstream Partners LP		4.400		03/15/27		96,979
	1,250,000	Enable Midstream Partners LP		4.950		05/15/28		623,595
	500,000	Enable Midstream Partners LP		4.150		09/15/29		230,059
	100,000	Enable Midstream Partners LP		5.000		05/15/44		42,527
	1,200,000	Enbridge Energy Partners LP		5.875		10/15/25		1,182,804
	300,000	Enbridge Energy Partners LP		5.500		09/15/40		287,382
	200,000	Enbridge Energy Partners LP		7.375		10/15/45		220,127
	800,000	Enbridge, Inc		2.900		07/15/22		734,647
	300,000	Enbridge, Inc		4.000		10/01/23		285,502
	250,000	Enbridge, Inc		2.500		01/15/25		232,475
	100,000	Enbridge, Inc		4.250		12/01/26		101,847
	100,000	Enbridge, Inc		3.700		07/15/27		99,178
	500,000	Enbridge, Inc		3.125		11/15/29		462,078
	300,000	Enbridge, Inc		4.500		06/10/44		277,451
	925,000	Enbridge, Inc		5.500		12/01/46		950,869
	1,000,000	Enbridge, Inc		4.000		11/15/49		891,810
	500,000	Enbridge, Inc		6.250		03/01/78		375,000
	2,400,000	EnCana Corp		3.900		11/15/21		1,645,769
	2,350,000	EnCana Corp		6.500		08/15/34		1,103,826
	500,000	Energy Transfer Operating LP		4.650		06/01/21		487,097
	450,000	Energy Transfer Operating LP		5.200		02/01/22		423,465
	525,000	Energy Transfer Operating LP		3.600		02/01/23		466,728
	200,000	Energy Transfer Operating LP		4.200		09/15/23		174,691
	500,000	Energy Transfer Operating LP		4.900		02/01/24		447,477
	2,775,000	Energy Transfer Operating LP		4.500		04/15/24		2,475,386
	825,000	Energy Transfer Operating LP		4.050		03/15/25		721,383
	400,000	Energy Transfer Operating LP		2.900		05/15/25		337,755
	325,000	Energy Transfer Operating LP		4.750		01/15/26		287,176
	250,000	Energy Transfer Operating LP		4.200		04/15/27		202,489
	350,000	Energy Transfer Operating LP		4.950		06/15/28		289,762
	2,600,000	Energy Transfer Operating LP		5.250		04/15/29		2,201,644
	625,000	Energy Transfer Operating LP		3.750		05/15/30		489,528
	400,000	Energy Transfer Operating LP		4.900		03/15/35		314,712
	500,000	Energy Transfer Operating LP		5.800		06/15/38		433,780
	140,000	Energy Transfer Operating LP		7.500		07/01/38		148,186
	650,000	Energy Transfer Operating LP		6.500		02/01/42		585,985
	200,000	Energy Transfer Operating LP		5.150		02/01/43		150,765
	200,000	Energy Transfer Operating LP		5.950		10/01/43		173,269
	550,000	Energy Transfer Operating LP		5.150		03/15/45		425,688
	625,000	Energy Transfer Operating LP		6.125		12/15/45		518,968
	500,000	Energy Transfer Operating LP		5.300		04/15/47		380,576
	1,025,000	Energy Transfer Operating LP		6.000		06/15/48		860,640
	2,750,000	Energy Transfer Operating LP		6.250		04/15/49		2,327,353
	2,175,000	Energy Transfer Operating LP		5.000		05/15/50		1,678,931
	600,000	Enterprise Products Operating LLC		5.200		09/01/20		594,108
	900,000	Enterprise Products Operating LLC		2.800		02/15/21		898,756
	100,000	Enterprise Products Operating LLC		2.850		04/15/21		98,823
	300,000	Enterprise Products Operating LLC		3.500		02/01/22		295,943
	400,000	Enterprise Products Operating LLC		4.050		02/15/22		395,115
	250,000	Enterprise Products Operating LLC		3.350		03/15/23		245,307
	950,000	Enterprise Products Operating LLC		3.900		02/15/24		966,828

32

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	225,000	Enterprise Products Operating LLC		3.750	%	02/15/25	$	223,784
	450,000	Enterprise Products Operating LLC		3.700		02/15/26		449,138
	3,065,000	Enterprise Products Operating LLC		3.950		02/15/27		2,901,941
	725,000	Enterprise Products Operating LLC		4.150		10/16/28		735,562
	700,000	Enterprise Products Operating LLC		3.125		07/31/29		644,866
	475,000	Enterprise Products Operating LLC		2.800		01/31/30		431,595
	480,000	Enterprise Products Operating LLC		6.125		10/15/39		492,167
	175,000	Enterprise Products Operating LLC		5.950		02/01/41		189,994
	525,000	Enterprise Products Operating LLC		4.850		08/15/42		508,920
	325,000	Enterprise Products Operating LLC		4.450		02/15/43		307,346
	1,775,000	Enterprise Products Operating LLC		4.850		03/15/44		1,849,664
	775,000	Enterprise Products Operating LLC		5.100		02/15/45		775,228
	500,000	Enterprise Products Operating LLC		4.900		05/15/46		481,272
	675,000	Enterprise Products Operating LLC		4.250		02/15/48		630,413
	2,475,000	Enterprise Products Operating LLC		4.800		02/01/49		2,477,808
	950,000	Enterprise Products Operating LLC		4.200		01/31/50		889,536
	775,000	Enterprise Products Operating LLC		3.700		01/31/51		691,588
	200,000	Enterprise Products Operating LLC		4.950		10/15/54		204,785
	625,000	Enterprise Products Operating LLC		3.950		01/31/60		525,979
	200,000	Enterprise Products Operating LLC		4.875		08/16/77		137,360
	700,000	Enterprise Products Operating LLC		5.250		08/16/77		479,500
	400,000	Enterprise Products Operating LLC		5.375		02/15/78		280,000
	440,000	EOG Resources, Inc		4.100		02/01/21		442,499
	1,025,000	EOG Resources, Inc		2.625		03/15/23		1,004,728
	475,000	EOG Resources, Inc		4.150		01/15/26		486,276
	200,000	EOG Resources, Inc		3.900		04/01/35		201,518
	200,000	EOG Resources, Inc		5.100		01/15/36		187,995
	300,000	Equinor ASA		2.900		11/08/20		300,958
	500,000	Equinor ASA		2.750		11/10/21		505,337
	925,000	Equinor ASA		2.450		01/17/23		940,542
	475,000	Equinor ASA		2.650		01/15/24		482,742
	450,000	Equinor ASA		3.700		03/01/24		467,567
	500,000	Equinor ASA		3.250		11/10/24		489,192
	1,500,000	Equinor ASA		3.625		09/10/28		1,609,295
	200,000	Equinor ASA		5.100		08/17/40		238,054
	400,000	Equinor ASA		4.250		11/23/41		450,314
	300,000	Equinor ASA		3.950		05/15/43		310,571
	1,300,000	Equinor ASA		4.800		11/08/43		1,545,523
	750,000	Equinor ASA		3.250		11/18/49		738,555
	675,000	Exxon Mobil Corp		2.397		03/06/22		686,662
	350,000	Exxon Mobil Corp		1.902		08/16/22		354,406
	1,350,000	Exxon Mobil Corp		2.726		03/01/23		1,393,236
	175,000	Exxon Mobil Corp		3.176		03/15/24		184,060
	1,000,000	Exxon Mobil Corp		2.019		08/16/24		998,722
	850,000	Exxon Mobil Corp		2.709		03/06/25		888,699
	750,000	Exxon Mobil Corp		2.992		03/19/25		790,270
	4,177,000	Exxon Mobil Corp		3.043		03/01/26		4,414,949
	1,000,000	Exxon Mobil Corp		2.275		08/16/26		1,015,613
	750,000	Exxon Mobil Corp		3.294		03/19/27		815,080
	1,000,000	Exxon Mobil Corp		2.440		08/16/29		1,022,732
	750,000	Exxon Mobil Corp		3.482		03/19/30		831,088
	1,000,000	Exxon Mobil Corp		2.995		08/16/39		1,001,383
	750,000	Exxon Mobil Corp		4.227		03/19/40		868,608

33

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	Exxon Mobil Corp		3.567	%	03/06/45	$	541,173
	1,225,000	Exxon Mobil Corp		4.114		03/01/46		1,456,050
	1,400,000	Exxon Mobil Corp		3.095		08/16/49		1,419,915
	750,000	Exxon Mobil Corp		4.327		03/19/50		917,767
	200,000	Gulf South Pipeline Co LP		4.000		06/15/22		190,765
	7,000	Halliburton Co		3.500		08/01/23		6,596
	187,000	Halliburton Co		3.800		11/15/25		165,970
	1,000,000	Halliburton Co		2.920		03/01/30		780,001
	500,000	Halliburton Co		4.850		11/15/35		388,104
	125,000	Halliburton Co		6.700		09/15/38		109,024
	125,000	Halliburton Co		7.450		09/15/39		121,242
	750,000	Halliburton Co		4.750		08/01/43		578,076
	2,825,000	Halliburton Co		5.000		11/15/45		2,212,740
	200,000	Helmerich & Payne, Inc		4.650		03/15/25		208,537
	200,000	Hess Corp		3.500		07/15/24		158,824
	2,100,000	Hess Corp		4.300		04/01/27		1,553,306
	200,000	Hess Corp		6.000		01/15/40		144,143
	1,190,000	Hess Corp		5.600		02/15/41		813,343
	900,000	Hess Corp		5.800		04/01/47		590,801
	200,000	HollyFrontier Corp		5.875		04/01/26		173,399
	500,000	Husky Energy, Inc		4.000		04/15/24		419,425
	825,000	Husky Energy, Inc		4.400		04/15/29		585,165
	130,000	Husky Energy, Inc		6.800		09/15/37		106,968
	525,000	Kinder Morgan Energy Partners LP		3.950		09/01/22		520,190
	300,000	Kinder Morgan Energy Partners LP		4.150		02/01/24		299,306
	500,000	Kinder Morgan Energy Partners LP		4.250		09/01/24		486,684
	300,000	Kinder Morgan Energy Partners LP		6.950		01/15/38		312,291
	535,000	Kinder Morgan Energy Partners LP		6.500		09/01/39		524,059
	400,000	Kinder Morgan Energy Partners LP		4.700		11/01/42		370,726
	500,000	Kinder Morgan Energy Partners LP		5.000		03/01/43		471,948
	400,000	Kinder Morgan Energy Partners LP		5.500		03/01/44		399,889
	200,000	Kinder Morgan Energy Partners LP		5.400		09/01/44		198,777
	3,600,000	Kinder Morgan, Inc		3.150		01/15/23		3,565,093
	2,525,000	Kinder Morgan, Inc		4.300		06/01/25		2,577,085
	2,825,000	Kinder Morgan, Inc		4.300		03/01/28		2,772,649
	3,300,000	Kinder Morgan, Inc		5.300		12/01/34		3,181,035
	1,600,000	Kinder Morgan, Inc		5.550		06/01/45		1,642,628
	2,325,000	Kinder Morgan, Inc		5.200		03/01/48		2,455,831
	125,000	Magellan Midstream Partners LP		4.250		02/01/21		124,364
	900,000	Magellan Midstream Partners LP		5.000		03/01/26		889,887
	225,000	Magellan Midstream Partners LP		4.250		09/15/46		187,437
	425,000	Magellan Midstream Partners LP		4.200		10/03/47		374,543
	525,000	Magellan Midstream Partners LP		4.850		02/01/49		493,559
	500,000	Magellan Midstream Partners LP		3.950		03/01/50		426,383
	1,150,000	Marathon Oil Corp		2.800		11/01/22		880,224
	300,000	Marathon Oil Corp		3.850		06/01/25		216,184
	1,475,000	Marathon Oil Corp		4.400		07/15/27		984,762
	505,000	Marathon Oil Corp		6.600		10/01/37		345,472
	600,000	Marathon Oil Corp		5.200		06/01/45		380,248
	250,000	Marathon Petroleum Corp		3.400		12/15/20		247,670
	250,000	Marathon Petroleum Corp		5.125		03/01/21		242,390
	2,175,000	Marathon Petroleum Corp		3.625		09/15/24		1,928,616
	200,000	Marathon Petroleum Corp		3.800		04/01/28		180,223
	800,000	Marathon Petroleum Corp		6.500		03/01/41		742,442

34

TIAA-CREF FUNDS – Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	450,000		Marathon Petroleum Corp		4.750	%	09/15/44	$	342,486
	250,000		Marathon Petroleum Corp		5.850		12/15/45		210,866
	600,000		Marathon Petroleum Corp		4.500		04/01/48		460,035
	200,000		Marathon Petroleum Corp		5.000		09/15/54		153,261
	200,000	g	MPLX LP		3.500		12/01/22		191,429
	175,000		MPLX LP		3.375		03/15/23		161,790
	1,000,000	g	MPLX LP		6.375		05/01/24		950,386
	1,000,000		MPLX LP		4.875		12/01/24		875,457
	2,500,000		MPLX LP		4.875		06/01/25		2,058,779
	100,000		MPLX LP		4.125		03/01/27		85,278
	150,000	g	MPLX LP		4.250		12/01/27		129,768
	475,000		MPLX LP		4.000		03/15/28		422,146
	1,200,000		MPLX LP		4.800		02/15/29		1,057,754
	975,000		MPLX LP		4.500		04/15/38		762,028
	375,000		MPLX LP		5.200		03/01/47		299,217
	700,000	g	MPLX LP		5.200		12/01/47		585,932
	825,000		MPLX LP		4.700		04/15/48		638,658
	1,350,000		MPLX LP		5.500		02/15/49		1,139,734
	1,100,000		MPLX LP		4.900		04/15/58		741,302
	171,000		National Oilwell Varco, Inc		2.600		12/01/22		154,309
	500,000		National Oilwell Varco, Inc		3.600		12/01/29		373,654
	800,000		National Oilwell Varco, Inc		3.950		12/01/42		501,624
	935,000		Nexen, Inc		6.400		05/15/37		1,280,199
	750,000		Noble Energy, Inc		3.900		11/15/24		618,693
	1,250,000		Noble Energy, Inc		3.850		01/15/28		884,926
	1,000,000		Noble Energy, Inc		3.250		10/15/29		584,740
	875,000		Noble Energy, Inc		6.000		03/01/41		587,240
	450,000		Noble Energy, Inc		5.250		11/15/43		264,584
	175,000		Noble Energy, Inc		5.050		11/15/44		108,092
	200,000		Noble Energy, Inc		4.950		08/15/47		121,082
	1,000,000		Noble Energy, Inc		4.200		10/15/49		539,751
	125,000		Occidental Petroleum Corp		4.300		08/15/39		53,150
	175,000		ONEOK, Inc		2.750		09/01/24		142,895
	500,000		ONEOK, Inc		2.200		09/15/25		385,850
	1,300,000		ONEOK, Inc		4.000		07/13/27		1,070,100
	725,000		ONEOK, Inc		4.550		07/15/28		610,045
	325,000		ONEOK, Inc		4.350		03/15/29		264,986
	500,000		ONEOK, Inc		3.400		09/01/29		373,629
	500,000		ONEOK, Inc		3.100		03/15/30		375,913
	675,000		ONEOK, Inc		4.950		07/13/47		533,966
	1,350,000		ONEOK, Inc		5.200		07/15/48		1,059,753
	1,000,000		ONEOK, Inc		4.450		09/01/49		776,887
	500,000		ONEOK, Inc		4.500		03/15/50		376,465
	350,000		Patterson-UTI Energy, Inc		3.950		02/01/28		137,354
	500,000		Patterson-UTI Energy, Inc		5.150		11/15/29		187,380
	90,000		Petroleos Mexicanos		1.700		12/20/22		90,531
	90,000		Petroleos Mexicanos		2.000		12/20/22		91,080
	1,524,000		Petroleos Mexicanos		4.500		01/23/26		1,110,158
	500,000		Petroleos Mexicanos		6.875		08/04/26		380,000
	3,597,000	g	Petroleos Mexicanos		6.490		01/23/27		2,652,788
	6,150,000		Petroleos Mexicanos		6.500		03/13/27		4,551,615
	11,000,000		Petroleos Mexicanos		5.350		02/12/28		7,590,000
	2,550,000		Petroleos Mexicanos		6.500		01/23/29		1,842,375

35

TIAA-CREF FUNDS – Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	4,211,000	g	Petroleos Mexicanos		6.840	%	01/23/30	$	3,046,743
	1,535,000	g	Petroleos Mexicanos		5.950		01/28/31		1,055,466
	3,090,000		Petroleos Mexicanos		6.750		09/21/47		1,975,715
	2,299,000		Petroleos Mexicanos		6.350		02/12/48		1,436,875
	3,454,000	g	Petroleos Mexicanos		7.690		01/23/50		2,400,530
	4,641,000	g	Petroleos Mexicanos		6.950		01/28/60		3,096,475
	925,000		Phillips 66		4.300		04/01/22		928,345
	1,000,000		Phillips 66		3.900		03/15/28		988,716
	738,000		Phillips 66		4.650		11/15/34		687,379
	125,000		Phillips 66		5.875		05/01/42		124,189
	2,375,000		Phillips 66		4.875		11/15/44		2,412,693
	500,000		Phillips 66 Partners LP		2.450		12/15/24		439,890
	100,000		Phillips 66 Partners LP		3.550		10/01/26		90,258
	675,000		Phillips 66 Partners LP		3.750		03/01/28		630,918
	500,000		Phillips 66 Partners LP		3.150		12/15/29		409,753
	425,000		Phillips 66 Partners LP		4.680		02/15/45		347,995
	350,000		Phillips 66 Partners LP		4.900		10/01/46		295,216
	1,125,000		Pioneer Natural Resources Co		3.450		01/15/21		1,084,953
	200,000		Pioneer Natural Resources Co		4.450		01/15/26		197,977
	700,000		Plains All American Pipeline LP		5.000		02/01/21		682,887
	200,000		Plains All American Pipeline LP		2.850		01/31/23		174,108
	400,000		Plains All American Pipeline LP		3.850		10/15/23		352,113
	575,000		Plains All American Pipeline LP		3.600		11/01/24		472,873
	1,025,000		Plains All American Pipeline LP		4.650		10/15/25		829,622
	2,075,000		Plains All American Pipeline LP		4.500		12/15/26		1,676,726
	1,450,000		Plains All American Pipeline LP		3.550		12/15/29		990,657
	100,000		Plains All American Pipeline LP		6.650		01/15/37		80,548
	250,000		Plains All American Pipeline LP		5.150		06/01/42		165,462
	300,000		Plains All American Pipeline LP		4.700		06/15/44		197,579
	300,000		Plains All American Pipeline LP		4.900		02/15/45		202,512
	375,000		Regency Energy Partners LP		5.875		03/01/22		352,248
	2,250,000		Sabine Pass Liquefaction LLC		5.625		02/01/21		2,213,578
	175,000		Sabine Pass Liquefaction LLC		6.250		03/15/22		169,741
	675,000		Sabine Pass Liquefaction LLC		5.625		04/15/23		628,041
	690,000		Sabine Pass Liquefaction LLC		5.750		05/15/24		647,594
	1,775,000		Sabine Pass Liquefaction LLC		5.625		03/01/25		1,629,526
	275,000		Sabine Pass Liquefaction LLC		5.875		06/30/26		261,923
	2,675,000		Sabine Pass Liquefaction LLC		5.000		03/15/27		2,274,697
	550,000		Sabine Pass Liquefaction LLC		4.200		03/15/28		472,346
	1,000,000		Schlumberger Investment S.A.		3.650		12/01/23		993,189
	500,000		Shell International Finance BV		1.875		05/10/21		497,627
	950,000		Shell International Finance BV		1.750		09/12/21		945,332
	575,000		Shell International Finance BV		2.375		08/21/22		578,100
	500,000		Shell International Finance BV		2.250		01/06/23		501,422
	350,000		Shell International Finance BV		3.400		08/12/23		365,013
	5,075,000		Shell International Finance BV		3.250		05/11/25		5,324,706
	2,075,000		Shell International Finance BV		2.875		05/10/26		2,138,429
	925,000		Shell International Finance BV		2.500		09/12/26		940,416
	1,225,000		Shell International Finance BV		3.875		11/13/28		1,338,909
	1,500,000		Shell International Finance BV		2.375		11/07/29		1,491,045
	500,000		Shell International Finance BV		4.125		05/11/35		573,107
	350,000		Shell International Finance BV		6.375		12/15/38		499,487
	100,000		Shell International Finance BV		5.500		03/25/40		131,106
	1,200,000		Shell International Finance BV		4.550		08/12/43		1,406,288

36

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	2,025,000	Shell International Finance BV		4.375	%	05/11/45	$	2,342,167
	650,000	Shell International Finance BV		4.000		05/10/46		728,498
	3,180,000	Shell International Finance BV		3.750		09/12/46		3,405,363
	1,500,000	Shell International Finance BV		3.125		11/07/49		1,496,491
	200,000	Spectra Energy Partners LP		4.750		03/15/24		192,179
	400,000	Spectra Energy Partners LP		3.500		03/15/25		373,092
	1,100,000	Spectra Energy Partners LP		3.375		10/15/26		1,013,098
	200,000	Spectra Energy Partners LP		5.950		09/25/43		221,341
	600,000	Spectra Energy Partners LP		4.500		03/15/45		545,466
	1,775,000	Suncor Energy, Inc		3.600		12/01/24		1,718,115
	250,000	Suncor Energy, Inc		6.800		05/15/38		264,294
	1,625,000	Suncor Energy, Inc		6.500		06/15/38		1,667,680
	1,550,000	Suncor Energy, Inc		4.000		11/15/47		1,413,496
	200,000	Sunoco Logistics Partners Operations LP		4.400		04/01/21		199,363
	1,181,000	Sunoco Logistics Partners Operations LP		3.450		01/15/23		1,017,390
	300,000	Sunoco Logistics Partners Operations LP		4.250		04/01/24		264,682
	200,000	Sunoco Logistics Partners Operations LP		5.950		12/01/25		184,212
	400,000	Sunoco Logistics Partners Operations LP		3.900		07/15/26		336,987
	100,000	Sunoco Logistics Partners Operations LP		6.100		02/15/42		86,496
	300,000	Sunoco Logistics Partners Operations LP		5.300		04/01/44		249,788
	200,000	Sunoco Logistics Partners Operations LP		5.350		05/15/45		157,147
	1,225,000	Sunoco Logistics Partners Operations LP		5.400		10/01/47		972,628
	100,000	TechnipFMC plc		3.450		10/01/22		96,207
	300,000	Total Capital Canada Ltd		2.750		07/15/23		304,110
	300,000	Total Capital International S.A.		2.750		06/19/21		302,169
	500,000	Total Capital International S.A.		2.218		07/12/21		501,195
	1,150,000	Total Capital International S.A.		2.875		02/17/22		1,155,889
	1,675,000	Total Capital International S.A.		2.700		01/25/23		1,693,950
	750,000	Total Capital International S.A.		3.700		01/15/24		784,187
	450,000	Total Capital International S.A.		3.750		04/10/24		471,932
	500,000	Total Capital International S.A.		2.434		01/10/25		501,875
	900,000	Total Capital International S.A.		3.455		02/19/29		950,034
	1,300,000	Total Capital International S.A.		2.829		01/10/30		1,316,459
	500,000	Total Capital International S.A.		3.461		07/12/49		510,445
	100,000	Total Capital S.A.		4.125		01/28/21		101,943
	1,125,000	Total Capital S.A.		3.883		10/11/28		1,218,990
	600,000	TransCanada PipeLines Ltd		3.800		10/01/20		596,955
	325,000	TransCanada PipeLines Ltd		2.500		08/01/22		316,927
	1,225,000	TransCanada PipeLines Ltd		4.875		01/15/26		1,311,569
	1,925,000	TransCanada PipeLines Ltd		4.625		03/01/34		1,829,205
	100,000	TransCanada PipeLines Ltd		6.200		10/15/37		115,927
	500,000	TransCanada PipeLines Ltd		4.750		05/15/38		495,212
	200,000	TransCanada PipeLines Ltd		7.625		01/15/39		258,967
	125,000	TransCanada PipeLines Ltd		6.100		06/01/40		133,481
	1,200,000	TransCanada PipeLines Ltd		5.000		10/16/43		1,231,749
	750,000	TransCanada PipeLines Ltd		4.875		05/15/48		815,893
	1,425,000	TransCanada PipeLines Ltd		5.100		03/15/49		1,599,806
	5,525,000	Vale Overseas Ltd		6.250		08/10/26		5,967,111
	150,000	Vale Overseas Ltd		8.250		01/17/34		182,250
	1,164,000	Vale Overseas Ltd		6.875		11/21/36		1,292,634
	825,000	Valero Energy Corp		3.650		03/15/25		803,404
	675,000	Valero Energy Corp		3.400		09/15/26		605,678
	500,000	Valero Energy Corp		4.350		06/01/28		486,206

37

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	2,075,000	Valero Energy Corp		4.000	%	04/01/29	$	2,025,142
	455,000	Valero Energy Corp		7.500		04/15/32		527,240
	850,000	Valero Energy Corp		6.625		06/15/37		877,347
	300,000	Valero Energy Corp		4.900		03/15/45		310,767
	200,000	Valero Energy Partners LP		4.375		12/15/26		167,888
	300,000	Valero Energy Partners LP		4.500		03/15/28		270,487
	600,000	Williams Partners LP		4.000		11/15/21		569,189
	1,000,000	Williams Partners LP		3.600		03/15/22		969,250
	2,375,000	Williams Partners LP		3.350		08/15/22		2,272,603
	300,000	Williams Partners LP		4.500		11/15/23		281,292
	300,000	Williams Partners LP		4.300		03/04/24		272,592
	150,000	Williams Partners LP		3.900		01/15/25		134,500
	925,000	Williams Partners LP		4.000		09/15/25		812,119
	1,300,000	Williams Partners LP		3.750		06/15/27		1,191,858
	300,000	Williams Partners LP		6.300		04/15/40		302,810
	300,000	Williams Partners LP		5.800		11/15/43		295,480
	300,000	Williams Partners LP		5.400		03/04/44		264,989
	1,000,000	Williams Partners LP		4.900		01/15/45		875,804
	225,000	Williams Partners LP		5.100		09/15/45		213,734
	1,700,000	Williams Partners LP		4.850		03/01/48		1,586,859
		TOTAL ENERGY						336,306,901
FOOD & STAPLES RETAILING - 0.6%
	500,000	Costco Wholesale Corp		2.150		05/18/21		504,147
	200,000	Costco Wholesale Corp		2.250		02/15/22		202,468
	1,300,000	Costco Wholesale Corp		2.300		05/18/22		1,324,467
	400,000	Costco Wholesale Corp		2.750		05/18/24		419,891
	625,000	Costco Wholesale Corp		3.000		05/18/27		663,366
	1,222,000	CVS Health Corp		3.350		03/09/21		1,230,435
	1,025,000	CVS Health Corp		2.125		06/01/21		1,022,564
	900,000	CVS Health Corp		3.500		07/20/22		923,069
	925,000	CVS Health Corp		2.750		12/01/22		931,195
	425,000	CVS Health Corp		4.000		12/05/23		443,772
	900,000	CVS Health Corp		3.375		08/12/24		928,698
	250,000	CVS Health Corp		2.625		08/15/24		250,749
	5,075,000	CVS Health Corp		4.100		03/25/25		5,341,016
	1,969,000	CVS Health Corp		3.875		07/20/25		2,034,459
	2,550,000	CVS Health Corp		2.875		06/01/26		2,568,903
	1,250,000	CVS Health Corp		3.000		08/15/26		1,245,142
	5,550,000	CVS Health Corp		4.300		03/25/28		5,894,120
	275,000	CVS Health Corp		3.250		08/15/29		267,842
	4,100,000	CVS Health Corp		4.780		03/25/38		4,502,870
	400,000	CVS Health Corp		5.300		12/05/43		472,050
	1,800,000	CVS Health Corp		5.125		07/20/45		2,063,952
	8,525,000	CVS Health Corp		5.050		03/25/48		9,681,040
	69,000	Delhaize Group S.A.		5.700		10/01/40		88,080
	200,000	Kroger Co		2.950		11/01/21		202,090
	200,000	Kroger Co		3.400		04/15/22		204,701
	2,525,000	Kroger Co		2.800		08/01/22		2,560,043
	200,000	Kroger Co		3.850		08/01/23		213,754
	300,000	Kroger Co		4.000		02/01/24		315,661
	100,000	Kroger Co		3.500		02/01/26		105,588
	1,275,000	Kroger Co		2.650		10/15/26		1,297,867
	175,000	Kroger Co		3.700		08/01/27		187,550

38

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,150,000	Kroger Co		4.500	%	01/15/29	$	1,292,611
	100,000	Kroger Co		6.900		04/15/38		134,656
	250,000	Kroger Co		5.000		04/15/42		287,913
	300,000	Kroger Co		5.150		08/01/43		353,997
	300,000	Kroger Co		3.875		10/15/46		294,119
	900,000	Kroger Co		4.450		02/01/47		989,614
	700,000	Kroger Co		4.650		01/15/48		791,438
	300,000	Kroger Co		5.400		01/15/49		361,473
	500,000	Kroger Co		3.950		01/15/50		517,360
	125,000	SYSCO Corp		2.500		07/15/21		125,097
	250,000	SYSCO Corp		3.550		03/15/25		243,503
	500,000	SYSCO Corp		5.650		04/01/25		520,617
	125,000	SYSCO Corp		3.750		10/01/25		124,606
	350,000	SYSCO Corp		3.300		07/15/26		333,547
	1,000,000	SYSCO Corp		2.400		02/15/30		821,542
	500,000	SYSCO Corp		5.950		04/01/30		526,494
	500,000	SYSCO Corp		6.600		04/01/40		536,407
	300,000	SYSCO Corp		4.850		10/01/45		282,582
	500,000	SYSCO Corp		4.500		04/01/46		480,576
	250,000	SYSCO Corp		4.450		03/15/48		212,938
	550,000	SYSCO Corp		3.300		02/15/50		398,848
	500,000	SYSCO Corp		6.600		04/01/50		543,301
	275,000	Walgreen Co		3.100		09/15/22		275,482
	200,000	Walgreen Co		4.400		09/15/42		197,352
	800,000	Walgreens Boots Alliance, Inc		3.300		11/18/21		811,564
	375,000	Walgreens Boots Alliance, Inc		3.800		11/18/24		385,319
	3,275,000	Walgreens Boots Alliance, Inc		3.450		06/01/26		3,243,224
	1,400,000	Walgreens Boots Alliance, Inc		4.500		11/18/34		1,446,961
	400,000	Walgreens Boots Alliance, Inc		4.800		11/18/44		392,940
	525,000	Walgreens Boots Alliance, Inc		4.650		06/01/46		502,834
	2,550,000	Walmart, Inc		1.900		12/15/20		2,556,915
	2,100,000	Walmart, Inc		3.125		06/23/21		2,143,566
	675,000	Walmart, Inc		2.350		12/15/22		696,075
	1,475,000	Walmart, Inc		2.550		04/11/23		1,527,714
	1,100,000	Walmart, Inc		3.400		06/26/23		1,169,888
	1,250,000	Walmart, Inc		3.300		04/22/24		1,342,424
	1,725,000	Walmart, Inc		2.650		12/15/24		1,820,039
	1,000,000	Walmart, Inc		3.050		07/08/26		1,079,186
	4,100,000	Walmart, Inc		3.700		06/26/28		4,609,364
	175,000	Walmart, Inc		2.375		09/24/29		181,477
	375,000	Walmart, Inc		5.250		09/01/35		515,233
	725,000	Walmart, Inc		3.950		06/28/38		855,740
	4,725,000	Walmart, Inc		3.625		12/15/47		5,388,838
	1,850,000	Walmart, Inc		4.050		06/29/48		2,378,973
	1,900,000	Walmart, Inc		2.950		09/24/49		2,085,360
		TOTAL FOOD & STAPLES RETAILING						93,871,256
FOOD, BEVERAGE & TOBACCO - 1.0%
	1,800,000	Altria Group, Inc		4.750		05/05/21		1,821,823
	475,000	Altria Group, Inc		3.490		02/14/22		480,199
	1,075,000	Altria Group, Inc		2.850		08/09/22		1,079,944
	200,000	Altria Group, Inc		2.950		05/02/23		201,796
	250,000	Altria Group, Inc		4.000		01/31/24		255,824

39

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	700,000	Altria Group, Inc		3.800	%	02/14/24	$	709,608
	400,000	Altria Group, Inc		4.400		02/14/26		414,219
	700,000	Altria Group, Inc		2.625		09/16/26		668,504
	800,000	Altria Group, Inc		5.800		02/14/39		876,605
	925,000	Altria Group, Inc		4.250		08/09/42		920,061
	300,000	Altria Group, Inc		4.500		05/02/43		284,299
	775,000	Altria Group, Inc		5.375		01/31/44		859,647
	900,000	Altria Group, Inc		3.875		09/16/46		813,485
	1,875,000	Altria Group, Inc		5.950		02/14/49		2,181,514
	1,700,000	Altria Group, Inc		6.200		02/14/59		1,872,328
	775,000	Anheuser-Busch InBev Finance, Inc		3.300		02/01/23		797,476
	125,000	Anheuser-Busch InBev Finance, Inc		3.700		02/01/24		129,773
	1,125,000	Anheuser-Busch InBev Finance, Inc		4.625		02/01/44		1,181,064
	625,000	Anheuser-Busch InBev Worldwide, Inc		4.900		01/23/31		694,298
	1,700,000	Anheuser-Busch InBev Worldwide, Inc		4.375		04/15/38		1,713,022
	100,000	Anheuser-Busch InBev Worldwide, Inc		8.200		01/15/39		150,302
	2,675,000	Anheuser-Busch InBev Worldwide, Inc		5.450		01/23/39		3,114,155
	150,000	Anheuser-Busch InBev Worldwide, Inc		4.950		01/15/42		161,835
	425,000	Anheuser-Busch InBev Worldwide, Inc		4.600		04/15/48		450,214
	1,764,000	Anheuser-Busch InBev Worldwide, Inc		4.439		10/06/48		1,801,903
	2,025,000	Anheuser-Busch InBev Worldwide, Inc		5.550		01/23/49		2,383,149
	1,725,000	Anheuser-Busch InBev Worldwide, Inc		4.750		04/15/58		1,771,773
	2,150,000	Anheuser-Busch InBev Worldwide, Inc		5.800		01/23/59		2,633,512
	300,000	Archer-Daniels-Midland Co		3.375		03/15/22		306,653
	3,075,000	Archer-Daniels-Midland Co		2.500		08/11/26		3,101,162
	740,000	Archer-Daniels-Midland Co		4.016		04/16/43		819,215
	200,000	Archer-Daniels-Midland Co		3.750		09/15/47		224,872
	800,000	Archer-Daniels-Midland Co		4.500		03/15/49		966,248
	1,225,000	BAT Capital Corp		2.764		08/15/22		1,206,487
	1,450,000	BAT Capital Corp		3.222		08/15/24		1,456,387
	500,000	BAT Capital Corp		2.789		09/06/24		492,145
	3,525,000	BAT Capital Corp		3.557		08/15/27		3,319,964
	275,000	BAT Capital Corp		4.906		04/02/30		282,091
	1,400,000	BAT Capital Corp		4.390		08/15/37		1,297,128
	2,625,000	BAT Capital Corp		4.540		08/15/47		2,395,500
	900,000	BAT Capital Corp		4.758		09/06/49		848,601
	500,000	BAT Capital Corp		5.282		04/02/50		501,715
	200,000	Beam, Inc		3.250		05/15/22		200,102
	200,000	Brown-Forman Corp		3.500		04/15/25		213,217
	200,000	Brown-Forman Corp		4.000		04/15/38		203,886
	200,000	Brown-Forman Corp		4.500		07/15/45		231,013
	800,000	Bunge Ltd		3.500		11/24/20		806,630
	300,000	Bunge Ltd		3.000		09/25/22		296,486
	500,000	Bunge Ltd		4.350		03/15/24		517,972
	125,000	Bunge Ltd		3.250		08/15/26		124,907
	500,000	Bunge Ltd		3.750		09/25/27		456,781
	650,000	Campbell Soup Co		2.500		08/02/22		647,315
	215,000	Campbell Soup Co		3.650		03/15/23		218,990
	500,000	Campbell Soup Co		3.950		03/15/25		527,847
	725,000	Campbell Soup Co		4.150		03/15/28		782,500
	800,000	Campbell Soup Co		4.800		03/15/48		963,355
	300,000	Coca-Cola Bottling Co Consolidated		3.800		11/25/25		317,112
	1,800,000	Coca-Cola Co		1.550		09/01/21		1,801,451
	650,000	Coca-Cola Co		2.500		04/01/23		678,228

40

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	2,975,000	Coca-Cola Co		3.200	%	11/01/23	$	3,232,371
	800,000	Coca-Cola Co		1.750		09/06/24		814,419
	950,000	Coca-Cola Co		2.875		10/27/25		1,016,651
	300,000	Coca-Cola Co		2.550		06/01/26		314,619
	400,000	Coca-Cola Co		2.250		09/01/26		411,583
	600,000	Coca-Cola Co		2.125		09/06/29		600,225
	300,000	Coca-Cola Co		3.450		03/25/30		339,295
	125,000	Coca-Cola Co		4.200		03/25/50		163,775
	1,500,000	Coca-Cola Femsa SAB de C.V.		2.750		01/22/30		1,467,184
	200,000	Coca-Cola Femsa SAB de C.V.		5.250		11/26/43		231,439
	625,000	ConAgra Brands, Inc		3.800		10/22/21		629,870
	872,000	ConAgra Brands, Inc		3.200		01/25/23		860,733
	1,000,000	ConAgra Brands, Inc		4.300		05/01/24		1,038,283
	450,000	ConAgra Brands, Inc		4.600		11/01/25		476,451
	100,000	ConAgra Brands, Inc		7.000		10/01/28		120,339
	1,575,000	ConAgra Brands, Inc		4.850		11/01/28		1,687,930
	750,000	ConAgra Brands, Inc		5.300		11/01/38		816,277
	750,000	ConAgra Brands, Inc		5.400		11/01/48		844,830
	200,000	Constellation Brands, Inc		2.250		11/06/20		198,879
	300,000	Constellation Brands, Inc		2.700		05/09/22		293,750
	300,000	Constellation Brands, Inc		2.650		11/07/22		286,694
	1,250,000	Constellation Brands, Inc		3.200		02/15/23		1,246,743
	2,275,000	Constellation Brands, Inc		4.250		05/01/23		2,295,573
	100,000	Constellation Brands, Inc		4.400		11/15/25		100,882
	750,000	Constellation Brands, Inc		3.700		12/06/26		749,445
	300,000	Constellation Brands, Inc		3.500		05/09/27		281,649
	700,000	Constellation Brands, Inc		3.600		02/15/28		684,941
	300,000	Constellation Brands, Inc		4.650		11/15/28		300,144
	1,000,000	Constellation Brands, Inc		3.150		08/01/29		932,344
	300,000	Constellation Brands, Inc		4.100		02/15/48		273,882
	300,000	Constellation Brands, Inc		5.250		11/15/48		317,810
	1,725,000	Diageo Capital plc		2.625		04/29/23		1,741,132
	750,000	Diageo Capital plc		2.125		10/24/24		731,478
	425,000	Diageo Capital plc		3.875		05/18/28		444,439
	200,000	Diageo Capital plc		5.875		09/30/36		258,371
	400,000	Diageo Capital plc		3.875		04/29/43		409,800
	150,000	Flowers Foods, Inc		4.375		04/01/22		158,739
	100,000	Flowers Foods, Inc		3.500		10/01/26		108,218
	200,000	Fomento Economico Mexicano SAB de C.V.		2.875		05/10/23		198,969
	300,000	Fomento Economico Mexicano SAB de C.V.		4.375		05/10/43		318,013
	1,500,000	Fomento Economico Mexicano SAB de C.V.		3.500		01/16/50		1,397,509
	200,000	General Mills, Inc		3.150		12/15/21		202,555
	500,000	General Mills, Inc		2.600		10/12/22		505,150
	200,000	General Mills, Inc		3.700		10/17/23		203,564
	500,000	General Mills, Inc		3.650		02/15/24		517,190
	150,000	General Mills, Inc		4.000		04/17/25		161,640
	800,000	General Mills, Inc		3.200		02/10/27		842,385
	3,800,000	General Mills, Inc		4.200		04/17/28		4,197,622
	100,000	General Mills, Inc		2.875		04/15/30		99,800
	150,000	General Mills, Inc		5.400		06/15/40		184,198
	100,000	General Mills, Inc		4.150		02/15/43		101,191
	200,000	General Mills, Inc		4.700		04/17/48		234,896
	300,000	Hershey Co		3.100		05/15/21		299,490

41

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	Hershey Co		3.375	%	05/15/23	$	309,268
	300,000	Hershey Co		2.050		11/15/24		298,811
	500,000	Hershey Co		2.300		08/15/26		505,635
	300,000	Hershey Co		2.450		11/15/29		297,061
	300,000	Hershey Co		3.375		08/15/46		296,853
	300,000	Hershey Co		3.125		11/15/49		281,418
	100,000	Ingredion, Inc		4.625		11/01/20		100,061
	300,000	Ingredion, Inc		3.200		10/01/26		321,627
	275,000	JM Smucker Co		3.500		10/15/21		279,771
	300,000	JM Smucker Co		3.000		03/15/22		304,633
	1,475,000	JM Smucker Co		3.500		03/15/25		1,512,164
	200,000	JM Smucker Co		3.375		12/15/27		200,826
	150,000	JM Smucker Co		2.375		03/15/30		138,253
	300,000	JM Smucker Co		4.250		03/15/35		308,414
	300,000	JM Smucker Co		4.375		03/15/45		298,343
	400,000	JM Smucker Co		3.550		03/15/50		364,801
	417,000	Kellogg Co		2.650		12/01/23		419,870
	1,800,000	Kellogg Co		3.250		04/01/26		1,857,148
	200,000	Kellogg Co		3.400		11/15/27		206,529
	800,000	Kellogg Co		4.300		05/15/28		865,304
	150,000	Kellogg Co		4.500		04/01/46		167,854
	1,025,000	Keurig Dr Pepper, Inc		3.551		05/25/21		1,036,887
	1,600,000	Keurig Dr Pepper, Inc		4.057		05/25/23		1,666,290
	500,000	Keurig Dr Pepper, Inc		3.130		12/15/23		507,564
	275,000	Keurig Dr Pepper, Inc		4.417		05/25/25		293,100
	200,000	Keurig Dr Pepper, Inc		3.400		11/15/25		202,939
	200,000	Keurig Dr Pepper, Inc		2.550		09/15/26		186,971
	2,750,000	Keurig Dr Pepper, Inc		4.597		05/25/28		3,010,859
	500,000	Keurig Dr Pepper, Inc		4.420		12/15/46		560,000
	750,000	Keurig Dr Pepper, Inc		5.085		05/25/48		935,047
	400,000	McCormick & Co, Inc		2.700		08/15/22		401,035
	250,000	McCormick & Co, Inc		3.150		08/15/24		248,252
	250,000	McCormick & Co, Inc		3.400		08/15/27		256,661
	400,000	McCormick & Co, Inc		4.200		08/15/47		437,080
	925,000	Mead Johnson Nutrition Co		4.125		11/15/25		1,009,470
	350,000	Mead Johnson Nutrition Co		4.600		06/01/44		415,803
	800,000	Molson Coors Brewing Co		2.100		07/15/21		781,749
	900,000	Molson Coors Brewing Co		3.500		05/01/22		902,768
	1,025,000	Molson Coors Brewing Co		3.000		07/15/26		962,805
	525,000	Molson Coors Brewing Co		5.000		05/01/42		509,520
	1,550,000	Molson Coors Brewing Co		4.200		07/15/46		1,387,267
	500,000	Mondelez International, Inc		3.625		05/07/23		524,612
	300,000	Mondelez International, Inc		3.625		02/13/26		315,250
	500,000	Mondelez International, Inc		4.125		05/07/28		525,446
	500,000	Mondelez International, Inc		4.625		05/07/48		565,021
	300,000	PepsiCo, Inc		2.000		04/15/21		300,634
	200,000	PepsiCo, Inc		3.000		08/25/21		205,458
	1,375,000	PepsiCo, Inc		1.700		10/06/21		1,407,617
	400,000	PepsiCo, Inc		2.750		03/05/22		411,597
	600,000	PepsiCo, Inc		3.100		07/17/22		623,993
	700,000	PepsiCo, Inc		2.750		03/01/23		728,674
	1,425,000	PepsiCo, Inc		3.600		03/01/24		1,542,630
	750,000	PepsiCo, Inc		2.250		03/19/25		778,566
	525,000	PepsiCo, Inc		2.750		04/30/25		546,224

42

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	425,000	PepsiCo, Inc		3.500	%	07/17/25	$	454,681
	275,000	PepsiCo, Inc		2.850		02/24/26		289,930
	1,300,000	PepsiCo, Inc		2.375		10/06/26		1,352,605
	150,000	PepsiCo, Inc		2.625		03/19/27		156,704
	500,000	PepsiCo, Inc		2.750		03/19/30		534,294
	750,000	PepsiCo, Inc		3.500		03/19/40		843,196
	625,000	PepsiCo, Inc		4.000		03/05/42		687,192
	200,000	PepsiCo, Inc		3.600		08/13/42		207,654
	450,000	PepsiCo, Inc		4.600		07/17/45		540,165
	1,600,000	PepsiCo, Inc		4.450		04/14/46		2,091,540
	575,000	PepsiCo, Inc		3.450		10/06/46		646,359
	925,000	PepsiCo, Inc		4.000		05/02/47		1,110,448
	1,250,000	PepsiCo, Inc		3.375		07/29/49		1,403,911
	750,000	PepsiCo, Inc		2.875		10/15/49		778,366
	750,000	PepsiCo, Inc		3.625		03/19/50		890,027
	750,000	PepsiCo, Inc		3.875		03/19/60		942,530
	200,000	Philip Morris International, Inc		2.900		11/15/21		201,456
	300,000	Philip Morris International, Inc		2.625		02/18/22		304,271
	425,000	Philip Morris International, Inc		2.375		08/17/22		432,850
	375,000	Philip Morris International, Inc		2.500		08/22/22		379,725
	450,000	Philip Morris International, Inc		2.500		11/02/22		451,719
	500,000	Philip Morris International, Inc		2.625		03/06/23		490,512
	300,000	Philip Morris International, Inc		2.125		05/10/23		298,390
	300,000	Philip Morris International, Inc		3.600		11/15/23		312,535
	600,000	Philip Morris International, Inc		3.250		11/10/24		632,976
	500,000	Philip Morris International, Inc		3.375		08/11/25		520,474
	700,000	Philip Morris International, Inc		2.750		02/25/26		700,130
	1,300,000	Philip Morris International, Inc		3.125		08/17/27		1,345,189
	1,500,000	Philip Morris International, Inc		3.125		03/02/28		1,531,421
	1,450,000	Philip Morris International, Inc		3.375		08/15/29		1,528,965
	400,000	Philip Morris International, Inc		6.375		05/16/38		544,693
	225,000	Philip Morris International, Inc		4.375		11/15/41		256,848
	200,000	Philip Morris International, Inc		4.500		03/20/42		234,368
	275,000	Philip Morris International, Inc		3.875		08/21/42		292,708
	300,000	Philip Morris International, Inc		4.125		03/04/43		313,391
	200,000	Philip Morris International, Inc		4.875		11/15/43		241,250
	2,000,000	Philip Morris International, Inc		4.250		11/10/44		2,214,701
	270,000	Reynolds American, Inc		6.875		05/01/20		270,706
	375,000	Reynolds American, Inc		3.250		06/12/20		373,875
	2,500,000	Reynolds American, Inc		4.000		06/12/22		2,531,811
	200,000	Reynolds American, Inc		4.850		09/15/23		208,082
	550,000	Reynolds American, Inc		4.450		06/12/25		560,092
	750,000	Reynolds American, Inc		5.700		08/15/35		825,787
	65,000	Reynolds American, Inc		7.250		06/15/37		77,174
	200,000	Reynolds American, Inc		6.150		09/15/43		217,148
	1,775,000	Reynolds American, Inc		5.850		08/15/45		1,908,710
	150,000	Tyson Foods, Inc		2.250		08/23/21		150,826
	1,600,000	Tyson Foods, Inc		4.500		06/15/22		1,654,089
	100,000	Tyson Foods, Inc		3.900		09/28/23		106,335
	750,000	Tyson Foods, Inc		3.950		08/15/24		803,096
	500,000	Tyson Foods, Inc		4.000		03/01/26		528,911
	1,150,000	Tyson Foods, Inc		3.550		06/02/27		1,191,556
	500,000	Tyson Foods, Inc		4.350		03/01/29		548,478

43

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	Tyson Foods, Inc		5.150	%	08/15/44	$	591,955
	300,000	Tyson Foods, Inc		4.550		06/02/47		329,304
	1,700,000	Tyson Foods, Inc		5.100		09/28/48		2,109,202
		TOTAL FOOD, BEVERAGE & TOBACCO						167,641,395
HEALTH CARE EQUIPMENT & SERVICES - 0.9%
	500,000	Adventist Health System		2.952		03/01/29		479,859
	500,000	Adventist Health System		3.630		03/01/49		517,112
	200,000	Advocate Health & Hospitals Corp		3.829		08/15/28		219,657
	100,000	Advocate Health & Hospitals Corp		4.272		08/15/48		121,016
	600,000	Advocate Health & Hospitals Corp		3.387		10/15/49		623,218
	200,000	Allina Health System		3.887		04/15/49		213,359
	100,000	AmerisourceBergen Corp		3.500		11/15/21		100,750
	400,000	AmerisourceBergen Corp		3.400		05/15/24		408,420
	700,000	AmerisourceBergen Corp		3.250		03/01/25		708,321
	200,000	AmerisourceBergen Corp		3.450		12/15/27		200,897
	700,000	AmerisourceBergen Corp		4.300		12/15/47		728,047
	150,000	Anthem, Inc		3.700		08/15/21		151,813
	1,000,000	Anthem, Inc		3.125		05/15/22		1,017,129
	500,000	Anthem, Inc		3.300		01/15/23		506,840
	225,000	Anthem, Inc		3.500		08/15/24		230,894
	1,625,000	Anthem, Inc		3.350		12/01/24		1,654,789
	500,000	Anthem, Inc		2.375		01/15/25		493,371
	850,000	Anthem, Inc		3.650		12/01/27		877,768
	1,225,000	Anthem, Inc		4.101		03/01/28		1,318,805
	500,000	Anthem, Inc		2.875		09/15/29		486,798
	1,150,000	Anthem, Inc		4.625		05/15/42		1,279,126
	125,000	Anthem, Inc		4.650		01/15/43		140,989
	500,000	Anthem, Inc		5.100		01/15/44		592,949
	425,000	Anthem, Inc		4.650		08/15/44		471,083
	625,000	Anthem, Inc		4.375		12/01/47		672,773
	1,800,000	Anthem, Inc		4.550		03/01/48		2,036,990
	500,000	Anthem, Inc		3.700		09/15/49		499,949
	500,000	Ascension Health		2.532		11/15/29		517,375
	500,000	Ascension Health		3.106		11/15/39		508,614
	875,000	Ascension Health		3.945		11/15/46		1,016,180
	200,000	Ascension Health		4.847		11/15/53		248,486
	300,000	Baxter International, Inc		1.700		08/15/21		299,023
	475,000	Baxter International, Inc		2.600		08/15/26		466,396
	300,000	Baxter International, Inc		3.500		08/15/46		276,340
	290,000	Baylor Scott & White Holdings		4.185		11/15/45		347,164
	200,000	Baylor Scott & White Holdings		3.967		11/15/46		232,648
	1,450,000	Becton Dickinson & Co		2.894		06/06/22		1,451,194
	1,400,000	Becton Dickinson & Co		3.363		06/06/24		1,403,028
	601,000	Becton Dickinson & Co		3.734		12/15/24		616,177
	2,777,000	Becton Dickinson & Co		3.700		06/06/27		2,822,075
	391,000	Becton Dickinson & Co		4.685		12/15/44		411,355
	1,000,000	Becton Dickinson & Co		4.669		06/06/47		1,078,946
	100,000	Bio-Rad Laboratories, Inc		4.875		12/15/20		101,379
	300,000	Boston Scientific Corp		3.375		05/15/22		309,503
	500,000	Boston Scientific Corp		3.450		03/01/24		513,097
	1,155,000	Boston Scientific Corp		3.850		05/15/25		1,209,070
	500,000	Boston Scientific Corp		3.750		03/01/26		524,460
	700,000	Boston Scientific Corp		4.000		03/01/28		738,493

44

TIAA-CREF FUNDS – Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	275,000		Boston Scientific Corp		4.000	%	03/01/29	$	291,053
	700,000		Boston Scientific Corp		4.550		03/01/39		769,540
	775,000		Boston Scientific Corp		4.700		03/01/49		886,179
	100,000		Cardinal Health, Inc		4.625		12/15/20		100,900
	625,000		Cardinal Health, Inc		2.616		06/15/22		627,693
	100,000		Cardinal Health, Inc		3.200		06/15/22		101,558
	200,000		Cardinal Health, Inc		3.200		03/15/23		200,999
	650,000		Cardinal Health, Inc		3.079		06/15/24		643,714
	100,000		Cardinal Health, Inc		3.500		11/15/24		101,953
	200,000		Cardinal Health, Inc		3.750		09/15/25		205,802
	1,475,000		Cardinal Health, Inc		3.410		06/15/27		1,497,995
	100,000		Cardinal Health, Inc		4.600		03/15/43		100,922
	200,000		Cardinal Health, Inc		4.500		11/15/44		198,669
	200,000		Cardinal Health, Inc		4.900		09/15/45		210,233
	500,000		Cardinal Health, Inc		4.368		06/15/47		501,972
	200,000		CHRISTUS Health		4.341		07/01/28		227,903
	540,000		Cigna Corp		5.125		06/15/20		541,885
	500,000		Cigna Corp		3.200		09/17/20		500,720
	1,500,000		Cigna Corp		3.400		09/17/21		1,522,404
	525,000	g	Cigna Corp		3.900		02/15/22		536,619
	1,100,000	g	Cigna Corp		3.000		07/15/23		1,125,360
	1,147,000		Cigna Corp		3.750		07/15/23		1,180,590
	300,000	g	Cigna Corp		3.500		06/15/24		310,325
	900,000	g	Cigna Corp		3.250		04/15/25		918,651
	2,150,000		Cigna Corp		4.125		11/15/25		2,302,145
	150,000	g	Cigna Corp		4.500		02/25/26		161,966
	1,475,000	g	Cigna Corp		3.400		03/01/27		1,496,036
	300,000	g	Cigna Corp		3.050		10/15/27		298,432
	4,275,000		Cigna Corp		4.375		10/15/28		4,598,359
	250,000		Cigna Corp		2.400		03/15/30		236,483
	1,700,000		Cigna Corp		4.800		08/15/38		1,910,574
	225,000		Cigna Corp		3.200		03/15/40		206,068
	93,000	g	Cigna Corp		6.125		11/15/41		121,301
	975,000	g	Cigna Corp		4.800		07/15/46		1,158,217
	1,150,000	g	Cigna Corp		3.875		10/15/47		1,157,178
	2,450,000		Cigna Corp		4.900		12/15/48		2,961,304
	750,000		Cigna Corp		3.400		03/15/50		714,357
	600,000		City of Hope		4.378		08/15/48		717,586
	150,000		Covidien International Finance S.A.		3.200		06/15/22		155,072
	100,000		Dartmouth-Hitchcock Health		4.178		08/01/48		110,182
	200,000		Dignity Health		5.267		11/01/64		233,512
	400,000		Duke University Health System, Inc		3.920		06/01/47		454,991
	400,000		Edwards Lifesciences Corp		4.300		06/15/28		436,156
	200,000		Hackensack Meridian Health, Inc		4.211		07/01/48		231,639
	200,000		Hackensack Meridian Health, Inc		4.500		07/01/57		243,550
	685,000		Hartford HealthCare Corp		3.447		07/01/54		650,423
	2,500,000		HCA, Inc		5.000		03/15/24		2,588,836
	2,000,000		HCA, Inc		4.500		02/15/27		2,058,693
	225,000		HCA, Inc		5.125		06/15/39		232,390
	875,000		HCA, Inc		5.500		06/15/47		952,899
	2,500,000		HCA, Inc		5.250		06/15/49		2,668,665
	400,000		Hillenbrand, Inc		4.500		09/15/26		407,639
	200,000		Indiana University Health, Inc Obligated Group		3.970		11/01/48		226,892

45

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	350,000	Johns Hopkins Health System Corp		3.837	%	05/15/46	$	406,691
	100,000	Kaiser Foundation Hospitals		3.500		04/01/22		102,690
	500,000	Kaiser Foundation Hospitals		3.150		05/01/27		514,543
	100,000	Kaiser Foundation Hospitals		4.875		04/01/42		117,707
	1,265,000	Kaiser Foundation Hospitals		4.150		05/01/47		1,470,401
	1,000,000	Kaiser Foundation Hospitals		3.266		11/01/49		995,978
	200,000	Keysight Technologies, Inc		4.550		10/30/24		208,879
	600,000	Keysight Technologies, Inc		4.600		04/06/27		615,542
	500,000	Keysight Technologies, Inc		3.000		10/30/29		472,377
	1,500,000	Laboratory Corp of America Holdings		3.200		02/01/22		1,512,158
	200,000	Laboratory Corp of America Holdings		3.750		08/23/22		206,228
	700,000	Laboratory Corp of America Holdings		4.000		11/01/23		724,724
	200,000	Laboratory Corp of America Holdings		3.250		09/01/24		205,220
	500,000	Laboratory Corp of America Holdings		2.300		12/01/24		494,973
	100,000	Laboratory Corp of America Holdings		3.600		02/01/25		103,984
	300,000	Laboratory Corp of America Holdings		3.600		09/01/27		312,079
	500,000	Laboratory Corp of America Holdings		2.950		12/01/29		482,408
	800,000	Laboratory Corp of America Holdings		4.700		02/01/45		909,506
	200,000	Mayo Clinic		4.000		11/15/47		232,073
	200,000	Mayo Clinic		4.128		11/15/52		238,213
	300,000	McKesson Corp		3.650		11/30/20		302,157
	600,000	McKesson Corp		2.700		12/15/22		606,528
	200,000	McKesson Corp		2.850		03/15/23		203,066
	1,925,000	McKesson Corp		3.796		03/15/24		1,997,385
	500,000	McKesson Corp		3.950		02/16/28		525,834
	300,000	McKesson Corp		4.750		05/30/29		341,163
	200,000	McLaren Health Care Corp		4.386		05/15/48		233,812
	433,000	Medtronic, Inc		3.150		03/15/22		448,912
	2,059,000	Medtronic, Inc		3.500		03/15/25		2,217,772
	2,777,000	Medtronic, Inc		4.375		03/15/35		3,458,162
	1,074,000	Medtronic, Inc		4.625		03/15/45		1,420,488
	500,000	Memorial Health Services		3.447		11/01/49		512,016
	200,000	Memorial Sloan-Kettering Cancer Center		4.125		07/01/52		237,705
	500,000	Memorial Sloan-Kettering Cancer Center		4.200		07/01/55		603,912
	200,000	Mercy Health		4.302		07/01/28		233,657
	500,000	Montefiore Obligated Group		5.246		11/01/48		516,799
	750,000	Montefiore Obligated Group		4.287		09/01/50		645,779
	100,000	Mount Sinai Hospitals Group, Inc		3.981		07/01/48		104,760
	600,000	Mount Sinai Hospitals Group, Inc		3.737		07/01/49		615,281
	300,000	New York and Presbyterian Hospital		4.024		08/01/45		346,576
	150,000	New York and Presbyterian Hospital		4.063		08/01/56		179,154
	500,000	New York and Presbyterian Hospital		3.954		08/01/19		502,039
	140,000	Northwell Healthcare, Inc		3.979		11/01/46		144,427
	675,000	Northwell Healthcare, Inc		4.260		11/01/47		721,884
	500,000	Northwell Healthcare, Inc		3.809		11/01/49		498,799
	350,000	NYU Hospitals Center		5.750		07/01/43		450,131
	250,000	NYU Hospitals Center		4.368		07/01/47		267,057
	915,000	NYU Langone Hospitals		3.380		07/01/55		850,630
	100,000	Orlando Health Obligated Group		4.089		10/01/48		106,339
	200,000	PeaceHealth Obligated Group		4.787		11/15/48		251,833
	500,000	PerkinElmer, Inc		3.300		09/15/29		472,635
	200,000	Providence St. Joseph Health Obligated Group		2.746		10/01/26		213,539
	570,000	Providence St. Joseph Health Obligated Group		2.532		10/01/29		558,449
	100,000	Providence St. Joseph Health Obligated Group		3.744		10/01/47		106,510

46

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	350,000	Providence St. Joseph Health Obligated Group		3.930	%	10/01/48	$	385,529
	400,000	Quest Diagnostics, Inc		4.700		04/01/21		404,605
	125,000	Quest Diagnostics, Inc		3.500		03/30/25		127,904
	225,000	Quest Diagnostics, Inc		3.450		06/01/26		231,148
	500,000	Quest Diagnostics, Inc		4.200		06/30/29		545,026
	1,250,000	Quest Diagnostics, Inc		2.950		06/30/30		1,244,240
	300,000	Quest Diagnostics, Inc		4.700		03/30/45		330,850
	200,000	RWJ Barnabas Health, Inc		3.949		07/01/46		221,854
	300,000	SSM Health Care Corp		3.688		06/01/23		304,686
	400,000	SSM Health Care Corp		3.823		06/01/27		415,536
	500,000	Stanford Health Care		3.795		11/15/48		547,088
	850,000	Stryker Corp		2.625		03/15/21		851,173
	200,000	Stryker Corp		3.375		11/01/25		211,533
	1,600,000	Stryker Corp		3.500		03/15/26		1,668,806
	500,000	Stryker Corp		3.650		03/07/28		532,709
	200,000	Stryker Corp		4.100		04/01/43		217,595
	200,000	Stryker Corp		4.375		05/15/44		208,941
	550,000	Stryker Corp		4.625		03/15/46		648,224
	200,000	Sutter Health		3.695		08/15/28		210,066
	200,000	Sutter Health		4.091		08/15/48		213,963
	100,000	Texas Health Resources		4.330		11/15/55		115,423
	1,300,000	Thermo Fisher Scientific, Inc		3.000		04/15/23		1,333,437
	850,000	Thermo Fisher Scientific, Inc		4.150		02/01/24		911,598
	150,000	Thermo Fisher Scientific, Inc		3.650		12/15/25		155,470
	975,000	Thermo Fisher Scientific, Inc		2.950		09/19/26		986,830
	1,150,000	Thermo Fisher Scientific, Inc		3.200		08/15/27		1,177,734
	1,500,000	Thermo Fisher Scientific, Inc		2.600		10/01/29		1,447,436
	200,000	Thermo Fisher Scientific, Inc		5.300		02/01/44		246,430
	200,000	Thermo Fisher Scientific, Inc		4.100		08/15/47		208,057
	300,000	Trinity Health Corp		4.125		12/01/45		350,638
	185,000	Trinity Health Corp		3.434		12/01/48		193,560
	700,000	UnitedHealth Group, Inc		4.700		02/15/21		711,952
	300,000	UnitedHealth Group, Inc		2.125		03/15/21		300,277
	675,000	UnitedHealth Group, Inc		3.150		06/15/21		685,978
	500,000	UnitedHealth Group, Inc		2.875		12/15/21		510,412
	250,000	UnitedHealth Group, Inc		2.875		03/15/22		256,861
	800,000	UnitedHealth Group, Inc		3.350		07/15/22		827,895
	625,000	UnitedHealth Group, Inc		2.375		10/15/22		634,858
	325,000	UnitedHealth Group, Inc		2.750		02/15/23		333,586
	400,000	UnitedHealth Group, Inc		2.875		03/15/23		415,283
	1,650,000	UnitedHealth Group, Inc		3.500		02/15/24		1,755,715
	750,000	UnitedHealth Group, Inc		2.375		08/15/24		768,925
	450,000	UnitedHealth Group, Inc		3.750		07/15/25		488,143
	500,000	UnitedHealth Group, Inc		3.700		12/15/25		540,681
	1,475,000	UnitedHealth Group, Inc		3.100		03/15/26		1,558,592
	200,000	UnitedHealth Group, Inc		3.450		01/15/27		215,414
	300,000	UnitedHealth Group, Inc		3.375		04/15/27		320,839
	1,700,000	UnitedHealth Group, Inc		2.950		10/15/27		1,782,377
	2,375,000	UnitedHealth Group, Inc		3.850		06/15/28		2,648,073
	500,000	UnitedHealth Group, Inc		3.875		12/15/28		563,261
	1,000,000	UnitedHealth Group, Inc		2.875		08/15/29		1,053,879
	925,000	UnitedHealth Group, Inc		4.625		07/15/35		1,102,597
	150,000	UnitedHealth Group, Inc		5.800		03/15/36		195,556

47

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	365,000	UnitedHealth Group, Inc		6.625	%	11/15/37	$	510,654
	200,000	UnitedHealth Group, Inc		6.875		02/15/38		294,497
	275,000	UnitedHealth Group, Inc		3.500		08/15/39		295,757
	300,000	UnitedHealth Group, Inc		4.375		03/15/42		358,873
	350,000	UnitedHealth Group, Inc		3.950		10/15/42		391,998
	375,000	UnitedHealth Group, Inc		4.250		03/15/43		442,092
	1,500,000	UnitedHealth Group, Inc		4.750		07/15/45		1,912,557
	800,000	UnitedHealth Group, Inc		4.200		01/15/47		948,274
	300,000	UnitedHealth Group, Inc		4.250		04/15/47		356,479
	500,000	UnitedHealth Group, Inc		3.750		10/15/47		559,015
	1,700,000	UnitedHealth Group, Inc		4.250		06/15/48		2,013,336
	1,600,000	UnitedHealth Group, Inc		4.450		12/15/48		2,008,544
	1,000,000	UnitedHealth Group, Inc		3.700		08/15/49		1,112,795
	1,250,000	UnitedHealth Group, Inc		3.875		08/15/59		1,361,604
	750,000	Zimmer Biomet Holdings, Inc		3.150		04/01/22		749,918
	250,000	Zimmer Biomet Holdings, Inc		3.700		03/19/23		256,175
	2,575,000	Zimmer Biomet Holdings, Inc		3.550		04/01/25		2,592,315
	225,000	Zimmer Biomet Holdings, Inc		3.050		01/15/26		221,121
	300,000	Zimmer Biomet Holdings, Inc		3.550		03/20/30		299,854
		TOTAL HEALTH CARE EQUIPMENT & SERVICES						157,065,574
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	100,000	Clorox Co		3.800		11/15/21		98,524
	100,000	Clorox Co		3.050		09/15/22		103,370
	200,000	Clorox Co		3.500		12/15/24		216,428
	300,000	Clorox Co		3.100		10/01/27		312,822
	500,000	Clorox Co		3.900		05/15/28		550,664
	200,000	Colgate-Palmolive Co		2.300		05/03/22		203,236
	1,100,000	Colgate-Palmolive Co		2.250		11/15/22		1,095,880
	200,000	Colgate-Palmolive Co		1.950		02/01/23		202,939
	300,000	Colgate-Palmolive Co		3.250		03/15/24		312,339
	60,000	Colgate-Palmolive Co		6.450		06/16/28		74,158
	300,000	Colgate-Palmolive Co		4.000		08/15/45		344,581
	550,000	Colgate-Palmolive Co		3.700		08/01/47		629,617
	486,000	Ecolab, Inc		4.350		12/08/21		500,431
	300,000	Ecolab, Inc		2.375		08/10/22		305,550
	200,000	Ecolab, Inc		3.250		01/14/23		199,635
	750,000	Ecolab, Inc		2.700		11/01/26		764,027
	300,000	Ecolab, Inc		3.250		12/01/27		280,730
	575,000	Ecolab, Inc		4.800		03/24/30		654,597
	14,000	Ecolab, Inc		5.500		12/08/41		16,121
	710,000	Ecolab, Inc		3.950		12/01/47		739,401
	200,000	Estee Lauder Cos, Inc		2.350		08/15/22		201,649
	125,000	Estee Lauder Cos, Inc		2.000		12/01/24		124,520
	450,000	Estee Lauder Cos, Inc		3.150		03/15/27		461,183
	200,000	Estee Lauder Cos, Inc		2.375		12/01/29		194,019
	100,000	Estee Lauder Cos, Inc		6.000		05/15/37		127,115
	300,000	Estee Lauder Cos, Inc		4.375		06/15/45		337,368
	375,000	Estee Lauder Cos, Inc		4.150		03/15/47		404,292
	700,000	Estee Lauder Cos, Inc		3.125		12/01/49		679,852
	125,000	Kimberly-Clark Corp		2.400		03/01/22		125,950
	950,000	Kimberly-Clark Corp		3.050		08/15/25		1,017,142
	412,000	Kimberly-Clark Corp		3.950		11/01/28		471,400
	1,500,000	Kimberly-Clark Corp		3.200		04/25/29		1,611,844

48

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Kimberly-Clark Corp		6.625	%	08/01/37	$	292,364
	725,000	Kimberly-Clark Corp		3.200		07/30/46		674,647
	200,000	Kimberly-Clark Corp		3.900		05/04/47		221,739
	300,000	Kimberly-Clark Corp		2.875		02/07/50		291,181
	500,000	Procter & Gamble Co		1.850		02/02/21		504,326
	800,000	Procter & Gamble Co		2.300		02/06/22		818,099
	2,400,000	Procter & Gamble Co		2.150		08/11/22		2,449,012
	600,000	Procter & Gamble Co		3.100		08/15/23		634,837
	750,000	Procter & Gamble Co		2.700		02/02/26		799,610
	1,750,000	Procter & Gamble Co		2.450		11/03/26		1,847,329
	750,000	Procter & Gamble Co		2.850		08/11/27		819,672
	700,000	Procter & Gamble Co		3.500		10/25/47		755,941
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS						23,470,141
INSURANCE - 0.8%
	250,000	ACE INA Holdings, Inc		2.700		03/13/23		256,642
	700,000	ACE INA Holdings, Inc		3.150		03/15/25		729,896
	2,325,000	ACE INA Holdings, Inc		3.350		05/03/26		2,462,280
	150,000	ACE INA Holdings, Inc		4.150		03/13/43		163,881
	1,600,000	ACE INA Holdings, Inc		4.350		11/03/45		1,939,395
	500,000	Aegon NV		5.500		04/11/48		497,250
	1,175,000	Aetna, Inc		2.750		11/15/22		1,182,056
	1,125,000	Aetna, Inc		2.800		06/15/23		1,131,939
	325,000	Aetna, Inc		3.500		11/15/24		330,553
	440,000	Aetna, Inc		6.625		06/15/36		559,451
	350,000	Aetna, Inc		4.500		05/15/42		373,830
	500,000	Aetna, Inc		4.125		11/15/42		507,189
	1,050,000	Aetna, Inc		3.875		08/15/47		1,074,567
	600,000	Aflac, Inc		3.625		06/15/23		598,856
	525,000	Aflac, Inc		3.625		11/15/24		551,495
	200,000	Aflac, Inc		2.875		10/15/26		197,501
	375,000	Aflac, Inc		3.600		04/01/30		379,615
	200,000	Aflac, Inc		4.000		10/15/46		186,168
	500,000	Aflac, Inc		4.750		01/15/49		552,739
	300,000	Alleghany Corp		4.950		06/27/22		315,523
	200,000	Alleghany Corp		4.900		09/15/44		216,101
	300,000	Allied World Assurance Co Holdings Ltd		4.350		10/29/25		306,340
	1,250,000	Allstate Corp		3.150		06/15/23		1,269,411
	275,000	Allstate Corp		3.280		12/15/26		285,265
	600,000	Allstate Corp		4.500		06/15/43		716,298
	975,000	Allstate Corp		4.200		12/15/46		1,081,563
	250,000	Allstate Corp		3.850		08/10/49		275,252
	200,000	Allstate Corp		5.750		08/15/53		180,000
	300,000	American Financial Group, Inc		3.500		08/15/26		285,565
	325,000	American Financial Group, Inc		5.250		04/02/30		316,152
	400,000	American Financial Group, Inc		4.500		06/15/47		399,032
	300,000	American International Group, Inc		3.300		03/01/21		300,222
	1,925,000	American International Group, Inc		4.875		06/01/22		1,990,147
	600,000	American International Group, Inc		4.125		02/15/24		629,651
	750,000	American International Group, Inc		3.750		07/10/25		750,834
	1,125,000	American International Group, Inc		3.900		04/01/26		1,172,158
	825,000	American International Group, Inc		4.200		04/01/28		865,759
	2,600,000	American International Group, Inc		4.250		03/15/29		2,717,332

49

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,675,000	American International Group, Inc		3.875	%	01/15/35	$	1,641,969
	300,000	American International Group, Inc		4.700		07/10/35		311,690
	925,000	American International Group, Inc		6.250		05/01/36		1,102,087
	725,000	American International Group, Inc		4.500		07/16/44		741,060
	300,000	American International Group, Inc		4.800		07/10/45		319,104
	1,000,000	American International Group, Inc		4.750		04/01/48		1,056,701
	300,000	American International Group, Inc		5.750		04/01/48		262,560
	200,000	American International Group, Inc		4.375		01/15/55		194,751
	300,000	Aon Corp		2.200		11/15/22		298,530
	200,000	Aon Corp		4.500		12/15/28		222,332
	450,000	Aon Corp		3.750		05/02/29		474,705
	200,000	Aon Corp		6.250		09/30/40		267,434
	200,000	Aon plc		2.800		03/15/21		200,084
	200,000	Aon plc		4.000		11/27/23		210,125
	300,000	Aon plc		3.500		06/14/24		313,295
	2,450,000	Aon plc		3.875		12/15/25		2,595,084
	550,000	Aon plc		4.750		05/15/45		656,119
	1,050,000	Arch Capital Group Ltd		4.011		12/15/26		1,060,919
	200,000	Arch Capital Group Ltd		5.031		12/15/46		233,199
	300,000	Arch Capital Group US, Inc		5.144		11/01/43		369,884
	200,000	Aspen Insurance Holdings Ltd		4.650		11/15/23		194,771
	100,000	Assurant, Inc		4.000		03/15/23		103,166
	300,000	Assurant, Inc		4.200		09/27/23		318,686
	300,000	Assurant, Inc		4.900		03/27/28		339,516
	500,000	Assurant, Inc		3.700		02/22/30		488,580
	7,000	Assurant, Inc		6.750		02/15/34		9,317
	200,000	Assured Guaranty US Holdings, Inc		5.000		07/01/24		190,993
	675,000	Athene Holding Ltd		4.125		01/12/28		609,998
	500,000	Athene Holding Ltd		6.150		04/03/30		499,040
	770,000	AXA S.A.		8.600		12/15/30		1,024,177
	50,000	AXIS Specialty Finance LLC		5.875		06/01/20		50,354
	300,000	AXIS Specialty Finance LLC		3.900		07/15/29		310,846
	250,000	AXIS Specialty Finance LLC		4.900		01/15/40		211,250
	200,000	AXIS Specialty Finance plc		4.000		12/06/27		209,810
	275,000	Berkshire Hathaway Finance Corp		3.000		05/15/22		287,102
	100,000	Berkshire Hathaway Finance Corp		1.850		03/12/30		97,200
	300,000	Berkshire Hathaway Finance Corp		4.400		05/15/42		364,049
	2,175,000	Berkshire Hathaway Finance Corp		4.200		08/15/48		2,557,216
	1,725,000	Berkshire Hathaway Finance Corp		4.250		01/15/49		2,124,357
	1,475,000	Brighthouse Financial, Inc		3.700		06/22/27		1,279,883
	725,000	Brighthouse Financial, Inc		4.700		06/22/47		581,347
	500,000	Brown & Brown, Inc		4.500		03/15/29		538,851
	450,000	Chubb Corp		6.000		05/11/37		618,168
	1,225,000	Chubb INA Holdings, Inc		2.875		11/03/22		1,243,145
	200,000	Cincinnati Financial Corp		6.920		05/15/28		271,703
	500,000	CNA Financial Corp		5.750		08/15/21		512,338
	690,000	CNA Financial Corp		3.950		05/15/24		716,797
	200,000	CNA Financial Corp		4.500		03/01/26		208,504
	225,000	CNA Financial Corp		3.450		08/15/27		208,400
	100,000	CNA Financial Corp		3.900		05/01/29		99,764
	200,000	Enstar Group Ltd		4.500		03/10/22		199,442
	500,000	Enstar Group Ltd		4.950		06/01/29		471,378
	300,000	Everest Reinsurance Holdings, Inc		4.868		06/01/44		327,797
	400,000	Fairfax Financial Holdings Ltd		4.850		04/17/28		431,545

50

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	250,000	Fidelity National Financial, Inc		5.500	%	09/01/22	$	274,355
	300,000	Fidelity National Financial, Inc		4.500		08/15/28		344,391
	200,000	Hanover Insurance Group, Inc		4.500		04/15/26		208,928
	750,000	Hartford Financial Services Group, Inc		2.800		08/19/29		730,114
	400,000	Hartford Financial Services Group, Inc		4.300		04/15/43		415,177
	450,000	Hartford Financial Services Group, Inc		4.400		03/15/48		474,523
	450,000	Hartford Financial Services Group, Inc		3.600		08/19/49		422,214
	250,000	Humana, Inc		2.500		12/15/20		248,882
	100,000	Humana, Inc		3.150		12/01/22		99,765
	400,000	Humana, Inc		2.900		12/15/22		397,931
	300,000	Humana, Inc		3.850		10/01/24		305,134
	600,000	Humana, Inc		3.950		03/15/27		610,364
	175,000	Humana, Inc		3.125		08/15/29		165,418
	200,000	Humana, Inc		4.625		12/01/42		219,760
	300,000	Humana, Inc		4.950		10/01/44		340,938
	600,000	Humana, Inc		4.800		03/15/47		671,362
	500,000	Humana, Inc		3.950		08/15/49		493,766
	200,000	Kemper Corp		4.350		02/15/25		204,871
	400,000	Leucadia National Corp		5.500		10/18/23		403,654
	400,000	Lincoln National Corp		4.200		03/15/22		406,144
	625,000	Lincoln National Corp		4.000		09/01/23		625,111
	175,000	Lincoln National Corp		3.350		03/09/25		175,042
	600,000	Lincoln National Corp		3.625		12/12/26		626,721
	1,175,000	Lincoln National Corp		3.800		03/01/28		1,169,943
	650,000	Lincoln National Corp		3.050		01/15/30		604,137
	150,000	Lincoln National Corp		7.000		06/15/40		165,443
	250,000	Lincoln National Corp		4.350		03/01/48		228,772
	200,000	Loews Corp		2.625		05/15/23		199,860
	800,000	Loews Corp		3.750		04/01/26		830,368
	200,000	Loews Corp		4.125		05/15/43		194,749
	700,000	Manulife Financial Corp		4.150		03/04/26		717,674
	1,300,000	Manulife Financial Corp		4.061		02/24/32		1,253,694
	200,000	Manulife Financial Corp		5.375		03/04/46		239,170
	150,000	Markel Corp		4.900		07/01/22		150,660
	600,000	Markel Corp		3.500		11/01/27		547,240
	200,000	Markel Corp		3.350		09/17/29		188,817
	150,000	Markel Corp		5.000		04/05/46		166,789
	100,000	Markel Corp		4.300		11/01/47		93,214
	750,000	Markel Corp		5.000		05/20/49		814,509
	200,000	Markel Corp		4.150		09/17/50		180,861
	100,000	Marsh & McLennan Cos, Inc		3.500		12/29/20		100,741
	725,000	Marsh & McLennan Cos, Inc		3.875		03/15/24		759,293
	2,300,000	Marsh & McLennan Cos, Inc		3.500		03/10/25		2,383,705
	1,700,000	Marsh & McLennan Cos, Inc		4.375		03/15/29		1,888,414
	250,000	Marsh & McLennan Cos, Inc		4.750		03/15/39		294,524
	100,000	Marsh & McLennan Cos, Inc		4.350		01/30/47		103,913
	300,000	Marsh & McLennan Cos, Inc		4.200		03/01/48		332,629
	1,200,000	Marsh & McLennan Cos, Inc		4.900		03/15/49		1,534,513
	200,000	Mercury General Corp		4.400		03/15/27		216,895
	700,000	MetLife, Inc		3.048		12/15/22		711,562
	525,000	MetLife, Inc		4.368		09/15/23		553,080
	700,000	MetLife, Inc		3.600		04/10/24		737,020
	700,000	MetLife, Inc		3.600		11/13/25		732,080

51

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	675,000	MetLife, Inc		6.375	%	06/15/34	$	876,790
	1,530,000	MetLife, Inc		5.700		06/15/35		1,752,116
	130,000	MetLife, Inc		5.875		02/06/41		166,152
	450,000	MetLife, Inc		4.125		08/13/42		473,697
	750,000	MetLife, Inc		4.875		11/13/43		862,956
	500,000	MetLife, Inc		4.721		12/15/44		559,298
	800,000	MetLife, Inc		4.050		03/01/45		837,526
	1,650,000	MetLife, Inc		4.600		05/13/46		1,818,254
	200,000	Montpelier Re Holdings Ltd		4.700		10/15/22		209,014
	20,000	Nationwide Financial Services		6.750		05/15/37		21,100
	200,000	Old Republic International Corp		4.875		10/01/24		211,244
	100,000	Old Republic International Corp		3.875		08/26/26		102,653
	500,000	PartnerRe Finance B LLC		3.700		07/02/29		563,151
	100,000	Primerica, Inc		4.750		07/15/22		103,293
	100,000	Principal Financial Group, Inc		3.300		09/15/22		100,050
	150,000	Principal Financial Group, Inc		3.125		05/15/23		148,802
	200,000	Principal Financial Group, Inc		3.400		05/15/25		201,044
	850,000	Principal Financial Group, Inc		3.100		11/15/26		863,179
	100,000	Principal Financial Group, Inc		3.700		05/15/29		103,291
	100,000	Principal Financial Group, Inc		4.625		09/15/42		102,131
	200,000	Principal Financial Group, Inc		4.350		05/15/43		222,216
	300,000	Principal Financial Group, Inc		4.300		11/15/46		297,394
	200,000	Principal Financial Group, Inc		4.700		05/15/55		176,000
	650,000	Progressive Corp		2.450		01/15/27		650,343
	250,000	Progressive Corp		4.000		03/01/29		275,339
	100,000	Progressive Corp		3.200		03/26/30		108,638
	120,000	Progressive Corp		6.250		12/01/32		161,877
	300,000	Progressive Corp		4.350		04/25/44		335,742
	300,000	Progressive Corp		3.700		01/26/45		304,629
	950,000	Progressive Corp		4.125		04/15/47		1,116,781
	750,000	Progressive Corp		4.200		03/15/48		844,744
	100,000	Progressive Corp		3.950		03/26/50		115,405
	891,000	Prudential Financial, Inc		4.500		11/16/21		898,668
	200,000	Prudential Financial, Inc		1.500		03/10/26		187,713
	300,000	Prudential Financial, Inc		3.878		03/27/28		311,899
	500,000	Prudential Financial, Inc		2.100		03/10/30		459,657
	450,000	Prudential Financial, Inc		5.700		12/14/36		525,356
	500,000	Prudential Financial, Inc		3.000		03/10/40		453,933
	600,000	Prudential Financial, Inc		5.200		03/15/44		525,906
	1,700,000	Prudential Financial, Inc		4.600		05/15/44		1,780,172
	200,000	Prudential Financial, Inc		5.375		05/15/45		190,940
	2,300,000	Prudential Financial, Inc		4.500		09/15/47		1,794,000
	300,000	Prudential Financial, Inc		4.418		03/27/48		308,865
	2,400,000	Prudential Financial, Inc		5.700		09/15/48		2,220,000
	799,000	Prudential Financial, Inc		3.935		12/07/49		784,398
	450,000	Prudential Financial, Inc		4.350		02/25/50		462,395
	1,000,000	Prudential Financial, Inc		3.700		03/13/51		937,095
	100,000	Reinsurance Group of America, Inc		5.000		06/01/21		103,706
	250,000	Reinsurance Group of America, Inc		4.700		09/15/23		275,216
	750,000	Reinsurance Group of America, Inc		3.900		05/15/29		732,271
	200,000	RenaissanceRe Finance, Inc		3.700		04/01/25		214,654
	200,000	RenaissanceRe Finance, Inc		3.450		07/01/27		208,598
	300,000	RenaissanceRe Holdings Ltd		3.600		04/15/29		294,739
	250,000	Torchmark Corp		3.800		09/15/22		265,339

52

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	350,000	Torchmark Corp		4.550	%	09/15/28	$	362,532
	20,000	Transatlantic Holdings, Inc		8.000		11/30/39		29,621
	600,000	Travelers Cos, Inc		5.350		11/01/40		793,574
	200,000	Travelers Cos, Inc		4.600		08/01/43		240,053
	250,000	Travelers Cos, Inc		4.300		08/25/45		297,190
	400,000	Travelers Cos, Inc		3.750		05/15/46		442,973
	1,100,000	Travelers Cos, Inc		4.000		05/30/47		1,239,667
	500,000	Travelers Cos, Inc		4.050		03/07/48		571,143
	900,000	Travelers Cos, Inc		4.100		03/04/49		1,058,791
	100,000	Travelers Property Casualty Corp		6.375		03/15/33		135,686
	110,000	Unum Group		5.625		09/15/20		110,246
	200,000	Unum Group		4.000		03/15/24		197,606
	500,000	Unum Group		4.000		06/15/29		480,152
	300,000	Unum Group		5.750		08/15/42		292,060
	500,000	Unum Group		4.500		12/15/49		387,832
	200,000	Verisk Analytics, Inc		5.800		05/01/21		202,236
	500,000	Verisk Analytics, Inc		4.000		06/15/25		533,795
	850,000	Verisk Analytics, Inc		4.125		03/15/29		897,275
	300,000	Verisk Analytics, Inc		5.500		06/15/45		381,506
	200,000	Voya Financial, Inc		3.125		07/15/24		201,763
	550,000	Voya Financial, Inc		3.650		06/15/26		550,946
	200,000	Voya Financial, Inc		5.700		07/15/43		232,511
	200,000	Voya Financial, Inc		4.800		06/15/46		211,231
	200,000	Willis Group Holdings plc		5.750		03/15/21		204,943
	425,000	Willis North America, Inc		3.600		05/15/24		438,643
	500,000	Willis North America, Inc		4.500		09/15/28		548,932
	750,000	Willis North America, Inc		2.950		09/15/29		712,917
	300,000	Willis North America, Inc		5.050		09/15/48		369,647
	500,000	Willis North America, Inc		3.875		09/15/49		514,921
	165,000	WR Berkley Corp		5.375		09/15/20		165,290
	250,000	WR Berkley Corp		4.625		03/15/22		214,747
	200,000	WR Berkley Corp		4.750		08/01/44		233,305
	455,000	XLIT Ltd		4.450		03/31/25		469,977
	200,000	XLIT Ltd		5.250		12/15/43		226,280
	300,000	XLIT Ltd		5.500		03/31/45		347,465
		TOTAL INSURANCE						127,855,689
MATERIALS - 0.7%
	500,000	3M Co		3.000		09/14/21		511,597
	625,000	3M Co		2.750		03/01/22		629,239
	500,000	3M Co		1.750		02/14/23		501,766
	300,000	3M Co		2.250		03/15/23		312,015
	600,000	3M Co		3.250		02/14/24		635,140
	1,000,000	3M Co		2.000		02/14/25		1,029,155
	1,200,000	3M Co		3.000		08/07/25		1,259,962
	675,000	3M Co		2.875		10/15/27		717,799
	925,000	3M Co		3.625		09/14/28		1,012,039
	500,000	3M Co		3.375		03/01/29		535,005
	1,000,000	3M Co		2.375		08/26/29		1,004,743
	200,000	3M Co		3.125		09/19/46		181,744
	300,000	3M Co		3.625		10/15/47		301,638
	1,150,000	3M Co		4.000		09/14/48		1,328,466
	875,000	3M Co		3.250		08/26/49		885,990

53

TIAA-CREF FUNDS – Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	150,000		Air Products & Chemicals, Inc		3.000	%	11/03/21	$	151,759
	150,000		Air Products & Chemicals, Inc		2.750		02/03/23		151,893
	300,000		Air Products & Chemicals, Inc		3.350		07/31/24		311,818
	200,000		Airgas, Inc		3.650		07/15/24		218,646
	200,000		Albemarle Corp		4.150		12/01/24		206,378
	750,000	g	Albemarle Wodgina Pty Ltd		3.450		11/15/29		736,036
	750,000		ArcelorMittal		3.600		07/16/24		683,713
	2,000,000		ArcelorMittal		6.125		06/01/25		1,980,155
	1,000,000		ArcelorMittal		4.550		03/11/26		897,536
	500,000		ArcelorMittal		4.250		07/16/29		447,513
	300,000		Avery Dennison Corp		4.875		12/06/28		342,897
	500,000		Avery Dennison Corp		2.650		04/30/30		465,368
	100,000		Barrick Australian Finance Pty Ltd		5.950		10/15/39		123,239
	2,250,000		Barrick Gold Corp		5.250		04/01/42		2,657,356
	500,000		Barrick North America Finance LLC		5.750		05/01/43		641,116
	100,000	g	Bemis Co, Inc		3.100		09/15/26		94,754
	2,000,000		BHP Billiton Finance USA Ltd		2.875		02/24/22		1,922,078
	825,000		BHP Billiton Finance USA Ltd		4.125		02/24/42		986,576
	1,925,000		BHP Billiton Finance USA Ltd		5.000		09/30/43		2,529,343
	600,000		Braskem Finance Ltd		6.450		02/03/24		585,000
	200,000		Cabot Corp		3.700		07/15/22		202,955
	500,000		Cabot Corp		4.000		07/01/29		549,534
	400,000		Celulosa Arauco y Constitucion S.A.		4.500		08/01/24		376,000
	375,000		Celulosa Arauco y Constitucion S.A.		3.875		11/02/27		324,000
	200,000		Celulosa Arauco y Constitucion S.A.		5.500		11/02/47		156,000
	100,000		Church & Dwight Co, Inc		2.450		08/01/22		98,628
	250,000		Church & Dwight Co, Inc		2.875		10/01/22		245,988
	500,000		Church & Dwight Co, Inc		3.150		08/01/27		503,561
	100,000		Church & Dwight Co, Inc		3.950		08/01/47		90,589
	200,000		Domtar Corp		4.400		04/01/22		204,642
	500,000		Dow Chemical Co		3.150		05/15/24		492,462
	1,525,000		Dow Chemical Co		3.500		10/01/24		1,508,131
	200,000		Dow Chemical Co		4.550		11/30/25		212,215
	750,000		Dow Chemical Co		3.625		05/15/26		734,009
	300,000		Dow Chemical Co		4.800		11/30/28		323,650
	175,000		Dow Chemical Co		7.375		11/01/29		221,948
	1,400,000		Dow Chemical Co		4.250		10/01/34		1,378,133
	225,000		Dow Chemical Co		9.400		05/15/39		338,661
	275,000		Dow Chemical Co		5.250		11/15/41		278,316
	1,200,000		Dow Chemical Co		4.375		11/15/42		1,170,935
	400,000		Dow Chemical Co		4.625		10/01/44		370,095
	825,000		Dow Chemical Co		5.550		11/30/48		927,517
	750,000		Dow Chemical Co		4.800		05/15/49		775,268
	1,550,000		DowDuPont, Inc		4.205		11/15/23		1,626,367
	1,600,000		DowDuPont, Inc		4.493		11/15/25		1,720,738
	2,300,000		DowDuPont, Inc		4.725		11/15/28		2,522,861
	150,000		DowDuPont, Inc		5.319		11/15/38		168,647
	2,325,000		DowDuPont, Inc		5.419		11/15/48		2,561,256
	100,000		Eastman Chemical Co		3.500		12/01/21		102,955
	272,000		Eastman Chemical Co		3.600		08/15/22		275,721
	727,000		Eastman Chemical Co		3.800		03/15/25		735,604
	700,000		Eastman Chemical Co		4.500		12/01/28		738,487
	150,000		Eastman Chemical Co		4.800		09/01/42		172,297
	525,000		Eastman Chemical Co		4.650		10/15/44		564,149

54

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	Fibria Overseas Finance Ltd		4.000	%	01/14/25	$	462,500
	700,000	Fibria Overseas Finance Ltd		5.500		01/17/27		673,540
	100,000	FMC Corp		3.950		02/01/22		104,452
	200,000	FMC Corp		4.100		02/01/24		208,348
	500,000	FMC Corp		3.200		10/01/26		503,342
	500,000	FMC Corp		3.450		10/01/29		500,349
	500,000	FMC Corp		4.500		10/01/49		483,322
	300,000	Georgia-Pacific LLC		8.000		01/15/24		363,773
	750,000	Georgia-Pacific LLC		7.750		11/15/29		1,070,419
	100,000	Hexcel Corp		3.950		02/15/27		99,153
	100,000	Hubbell, Inc		3.625		11/15/22		99,007
	200,000	Hubbell, Inc		3.350		03/01/26		212,214
	500,000	Hubbell, Inc		3.150		08/15/27		528,260
	200,000	Hubbell, Inc		3.500		02/15/28		217,180
	600,000	Huntsman International LLC		4.500		05/01/29		511,521
	100,000	International Flavors & Fragrances, Inc		3.400		09/25/20		100,449
	300,000	International Flavors & Fragrances, Inc		3.200		05/01/23		314,724
	100,000	International Flavors & Fragrances, Inc		4.450		09/26/28		117,218
	200,000	International Flavors & Fragrances, Inc		4.375		06/01/47		189,244
	675,000	International Flavors & Fragrances, Inc		5.000		09/26/48		689,397
	1,175,000	International Paper Co		3.650		06/15/24		1,184,732
	1,875,000	International Paper Co		3.000		02/15/27		1,928,361
	450,000	International Paper Co		6.000		11/15/41		579,136
	525,000	International Paper Co		4.800		06/15/44		520,867
	300,000	International Paper Co		4.400		08/15/47		301,533
	2,425,000	International Paper Co		4.350		08/15/48		2,348,053
	1,000,000	Kinross Gold Corp		4.500		07/15/27		941,210
	150,000	Lubrizol Corp		6.500		10/01/34		229,418
	300,000	LYB International Finance BV		4.000		07/15/23		306,360
	1,000,000	LYB International Finance BV		3.500		03/02/27		977,800
	575,000	LYB International Finance BV		5.250		07/15/43		586,880
	550,000	LYB International Finance BV		4.875		03/15/44		593,878
	1,000,000	LYB International Finance III LLC		4.200		10/15/49		981,220
	300,000	LyondellBasell Industries NV		6.000		11/15/21		310,704
	1,300,000	LyondellBasell Industries NV		5.750		04/15/24		1,470,318
	475,000	LyondellBasell Industries NV		4.625		02/26/55		441,409
	200,000	Martin Marietta Materials, Inc		4.250		07/02/24		207,255
	200,000	Martin Marietta Materials, Inc		3.450		06/01/27		204,828
	325,000	Martin Marietta Materials, Inc		3.500		12/15/27		321,148
	250,000	Martin Marietta Materials, Inc		2.500		03/15/30		227,604
	450,000	Martin Marietta Materials, Inc		4.250		12/15/47		397,779
	150,000	Methanex Corp		4.250		12/01/24		115,376
	750,000	Methanex Corp		5.250		12/15/29		562,127
	100,000	Methanex Corp		5.650		12/01/44		60,548
	100,000	NewMarket Corp		4.100		12/15/22		107,598
	250,000	Newmont Corp		2.250		10/01/30		230,228
	33,000	Newmont Goldcorp Corp		3.700		03/15/23		33,154
	1,300,000	Newmont Goldcorp Corp		2.800		10/01/29		1,238,649
	298,000	Newmont Goldcorp Corp		5.875		04/01/35		430,491
	235,000	Newmont Goldcorp Corp		6.250		10/01/39		301,294
	975,000	Newmont Goldcorp Corp		4.875		03/15/42		1,156,928
	300,000	Newmont Goldcorp Corp		5.450		06/09/44		384,536
	800,000	Nucor Corp		4.125		09/15/22		801,502

55

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	425,000	Nucor Corp		3.950	%	05/01/28	$	418,694
	300,000	Nucor Corp		5.200		08/01/43		346,056
	700,000	Nucor Corp		4.400		05/01/48		775,590
	150,000	Nutrien Ltd		3.150		10/01/22		150,065
	200,000	Nutrien Ltd		3.500		06/01/23		204,419
	625,000	Nutrien Ltd		3.625		03/15/24		629,938
	425,000	Nutrien Ltd		3.375		03/15/25		432,793
	200,000	Nutrien Ltd		3.000		04/01/25		191,111
	700,000	Nutrien Ltd		4.000		12/15/26		687,253
	550,000	Nutrien Ltd		4.200		04/01/29		582,531
	200,000	Nutrien Ltd		4.125		03/15/35		193,491
	200,000	Nutrien Ltd		5.625		12/01/40		235,466
	100,000	Nutrien Ltd		6.125		01/15/41		123,358
	200,000	Nutrien Ltd		4.900		06/01/43		204,539
	725,000	Nutrien Ltd		5.250		01/15/45		797,994
	1,050,000	Nutrien Ltd		5.000		04/01/49		1,267,547
	500,000	Owens Corning		4.200		12/01/24		510,814
	300,000	Owens Corning		3.400		08/15/26		279,743
	500,000	Owens Corning		3.950		08/15/29		472,500
	525,000	Owens Corning		4.300		07/15/47		448,655
	350,000	Owens Corning		4.400		01/30/48		298,758
	250,000	Packaging Corp of America		4.500		11/01/23		270,781
	100,000	Packaging Corp of America		3.650		09/15/24		107,373
	550,000	Packaging Corp of America		3.400		12/15/27		551,927
	100,000	Packaging Corp of America		3.000		12/15/29		99,932
	500,000	Packaging Corp of America		4.050		12/15/49		496,007
	300,000	PPG Industries, Inc		3.600		11/15/20		298,244
	300,000	PPG Industries, Inc		3.200		03/15/23		307,689
	500,000	PPG Industries, Inc		2.400		08/15/24		498,560
	425,000	PPG Industries, Inc		3.750		03/15/28		469,503
	500,000	PPG Industries, Inc		2.800		08/15/29		496,483
	250,000	Praxair, Inc		2.200		08/15/22		251,134
	300,000	Praxair, Inc		2.650		02/05/25		308,866
	3,500,000	Praxair, Inc		3.200		01/30/26		3,704,739
	625,000	Praxair, Inc		3.550		11/07/42		600,954
	414,000	Rio Tinto Alcan, Inc		6.125		12/15/33		545,814
	3,250,000	Rio Tinto Finance USA Ltd		3.750		06/15/25		3,414,240
	350,000	Rio Tinto Finance USA Ltd		5.200		11/02/40		462,300
	1,400,000	Rio Tinto Finance USA plc		4.125		08/21/42		1,664,375
	200,000	Rohm & Haas Co		7.850		07/15/29		250,942
	300,000	RPM International, Inc		3.450		11/15/22		301,661
	100,000	RPM International, Inc		3.750		03/15/27		98,328
	300,000	RPM International, Inc		4.550		03/01/29		330,883
	100,000	RPM International, Inc		5.250		06/01/45		115,848
	200,000	RPM International, Inc		4.250		01/15/48		204,913
	1,500,000	SASOL Financing USA LLC		5.875		03/27/24		629,786
	550,000	SASOL Financing USA LLC		6.500		09/27/28		225,645
	225,000	Sherwin-Williams Co		4.200		01/15/22		229,697
	27,000	Sherwin-Williams Co		2.750		06/01/22		26,936
	200,000	Sherwin-Williams Co		3.450		08/01/25		206,712
	200,000	Sherwin-Williams Co		3.950		01/15/26		210,532
	925,000	Sherwin-Williams Co		3.450		06/01/27		948,191
	500,000	Sherwin-Williams Co		2.950		08/15/29		490,862
	500,000	Sherwin-Williams Co		2.300		05/15/30		469,727

56

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Sherwin-Williams Co		4.000	%	12/15/42	$	209,345
	900,000	Sherwin-Williams Co		4.500		06/01/47		977,890
	900,000	Sherwin-Williams Co		3.800		08/15/49		893,110
	500,000	Sherwin-Williams Co		3.300		05/15/50		468,562
	150,000	Sonoco Products Co		5.750		11/01/40		200,396
	200,000	Southern Copper Corp		5.375		04/16/20		199,001
	300,000	Southern Copper Corp		3.875		04/23/25		297,399
	100,000	Southern Copper Corp		7.500		07/27/35		118,040
	1,180,000	Southern Copper Corp		6.750		04/16/40		1,377,476
	1,500,000	Southern Copper Corp		5.875		04/23/45		1,583,839
	250,000	Steel Dynamics, Inc		2.800		12/15/24		232,928
	750,000	Steel Dynamics, Inc		3.450		04/15/30		679,495
	1,900,000	Suzano Austria GmbH		6.000		01/15/29		1,771,750
	1,675,000	Teck Resources Ltd		6.250		07/15/41		1,449,183
	750,000	Vulcan Materials Co		4.500		04/01/25		788,199
	100,000	Vulcan Materials Co		3.900		04/01/27		101,055
	475,000	Vulcan Materials Co		4.500		06/15/47		478,693
	200,000	Vulcan Materials Co		4.700		03/01/48		208,524
	500,000	Westlake Chemical Corp		3.600		08/15/26		455,552
	500,000	Westlake Chemical Corp		5.000		08/15/46		475,877
	200,000	Westlake Chemical Corp		4.375		11/15/47		162,184
	500,000	WestRock RKT LLC		4.900		03/01/22		509,158
	500,000	WestRock RKT LLC		4.000		03/01/23		485,132
	250,000	WRKCo, Inc		3.000		09/15/24		249,823
	425,000	WRKCo, Inc		3.750		03/15/25		427,314
	525,000	WRKCo, Inc		4.650		03/15/26		559,642
	300,000	WRKCo, Inc		3.375		09/15/27		273,834
	325,000	WRKCo, Inc		4.000		03/15/28		343,057
	240,000	WRKCo, Inc		3.900		06/01/28		246,436
	950,000	WRKCo, Inc		4.900		03/15/29		1,058,137
	685,000	WRKCo, Inc		4.200		06/01/32		712,806
	171,000	Yamana Gold, Inc		4.625		12/15/27		171,505
		TOTAL MATERIALS						124,289,368
MEDIA & ENTERTAINMENT - 0.9%
	825,000	Charter Communications Operating LLC		3.579		07/23/20		822,436
	1,135,000	Charter Communications Operating LLC		4.464		07/23/22		1,172,346
	225,000	Charter Communications Operating LLC		4.500		02/01/24		231,864
	3,650,000	Charter Communications Operating LLC		4.908		07/23/25		3,932,074
	950,000	Charter Communications Operating LLC		3.750		02/15/28		955,243
	2,750,000	Charter Communications Operating LLC		4.200		03/15/28		2,822,772
	750,000	Charter Communications Operating LLC		6.384		10/23/35		891,442
	1,500,000	Charter Communications Operating LLC		5.375		04/01/38		1,618,899
	1,550,000	Charter Communications Operating LLC		6.484		10/23/45		1,895,039
	1,400,000	Charter Communications Operating LLC		5.375		05/01/47		1,512,823
	1,375,000	Charter Communications Operating LLC		5.750		04/01/48		1,560,944
	1,600,000	Charter Communications Operating LLC		5.125		07/01/49		1,701,945
	2,500,000	Charter Communications Operating LLC		4.800		03/01/50		2,604,822
	250,000	Comcast Cable Communications Holdings, Inc		9.455		11/15/22		295,095
	150,000	Comcast Corp		1.625		01/15/22		150,354
	1,600,000	Comcast Corp		3.125		07/15/22		1,649,611
	1,000,000	Comcast Corp		2.850		01/15/23		1,029,574
	850,000	Comcast Corp		2.750		03/01/23		873,920

57

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	850,000	Comcast Corp		3.000	%	02/01/24	$	892,490
	325,000	Comcast Corp		3.600		03/01/24		347,782
	2,025,000	Comcast Corp		3.700		04/15/24		2,173,447
	850,000	Comcast Corp		3.375		02/15/25		906,468
	350,000	Comcast Corp		3.375		08/15/25		371,700
	1,550,000	Comcast Corp		3.950		10/15/25		1,706,544
	1,950,000	Comcast Corp		3.150		03/01/26		2,045,690
	1,025,000	Comcast Corp		2.350		01/15/27		1,021,141
	1,450,000	Comcast Corp		3.300		02/01/27		1,537,334
	900,000	Comcast Corp		3.150		02/15/28		941,666
	2,675,000	Comcast Corp		4.150		10/15/28		3,045,328
	3,300,000	Comcast Corp		4.250		10/15/30		3,869,051
	1,925,000	Comcast Corp		4.250		01/15/33		2,267,684
	150,000	Comcast Corp		7.050		03/15/33		212,660
	200,000	Comcast Corp		4.200		08/15/34		228,034
	500,000	Comcast Corp		4.400		08/15/35		605,626
	175,000	Comcast Corp		6.500		11/15/35		255,450
	3,475,000	Comcast Corp		3.200		07/15/36		3,668,533
	175,000	Comcast Corp		6.950		08/15/37		274,635
	3,150,000	Comcast Corp		3.900		03/01/38		3,541,042
	1,425,000	Comcast Corp		4.600		10/15/38		1,775,390
	1,000,000	Comcast Corp		3.250		11/01/39		1,055,327
	150,000	Comcast Corp		4.650		07/15/42		190,707
	175,000	Comcast Corp		4.750		03/01/44		221,178
	1,125,000	Comcast Corp		4.600		08/15/45		1,435,376
	1,275,000	Comcast Corp		3.400		07/15/46		1,379,668
	631,000	Comcast Corp		3.969		11/01/47		729,285
	1,500,000	Comcast Corp		4.000		03/01/48		1,730,021
	2,625,000	Comcast Corp		4.700		10/15/48		3,393,765
	1,407,000	Comcast Corp		3.999		11/01/49		1,662,051
	2,525,000	Comcast Corp		3.450		02/01/50		2,770,676
	3,600,000	Comcast Corp		4.950		10/15/58		4,971,805
	485,000	Cottage Health Obligated Group		3.304		11/01/49		494,516
	750,000	DH Europe Finance II Sarl		2.050		11/15/22		735,513
	750,000	DH Europe Finance II Sarl		2.200		11/15/24		728,698
	300,000	DH Europe Finance II Sarl		2.600		11/15/29		291,691
	550,000	DH Europe Finance II Sarl		3.250		11/15/39		536,341
	1,000,000	DH Europe Finance II Sarl		3.400		11/15/49		974,288
	200,000	Discovery Communications LLC		2.800		06/15/20		199,532
	500,000	Discovery Communications LLC		3.300		05/15/22		502,945
	200,000	Discovery Communications LLC		3.500		06/15/22		203,551
	450,000	Discovery Communications LLC		2.950		03/20/23		449,048
	900,000	Discovery Communications LLC		3.250		04/01/23		897,265
	300,000	Discovery Communications LLC		3.800		03/13/24		298,195
	200,000	Discovery Communications LLC		3.900		11/15/24		202,238
	350,000	Discovery Communications LLC		3.450		03/15/25		338,912
	200,000	Discovery Communications LLC		3.950		06/15/25		195,215
	500,000	Discovery Communications LLC		4.900		03/11/26		508,498
	2,275,000	Discovery Communications LLC		3.950		03/20/28		2,212,638
	1,000,000	Discovery Communications LLC		4.125		05/15/29		969,181
	225,000	Discovery Communications LLC		5.000		09/20/37		222,793
	100,000	Discovery Communications LLC		6.350		06/01/40		115,713
	100,000	Discovery Communications LLC		4.950		05/15/42		98,514
	125,000	Discovery Communications LLC		4.875		04/01/43		121,000

58

TIAA-CREF FUNDS – Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,400,000		Discovery Communications LLC		5.200	%	09/20/47	$	1,430,900
	1,400,000		Discovery Communications LLC		5.300		05/15/49		1,418,121
	150,000	h	Fox Corp		3.666		01/25/22		153,196
	500,000	h	Fox Corp		4.030		01/25/24		519,476
	2,250,000	h	Fox Corp		4.709		01/25/29		2,468,232
	500,000		Fox Corp		3.500		04/08/30		498,995
	1,500,000	h	Fox Corp		5.476		01/25/39		1,739,958
	650,000	h	Fox Corp		5.576		01/25/49		778,363
	550,000		Grupo Televisa SAB		6.625		03/18/25		605,466
	200,000		Grupo Televisa SAB		4.625		01/30/26		208,994
	1,100,000		Grupo Televisa SAB		5.000		05/13/45		1,104,189
	700,000		Grupo Televisa SAB		6.125		01/31/46		793,193
	500,000		Grupo Televisa SAB		5.250		05/24/49		514,627
	450,000		Interpublic Group of Cos, Inc		3.500		10/01/20		443,168
	450,000		Interpublic Group of Cos, Inc		3.750		10/01/21		454,262
	100,000		Interpublic Group of Cos, Inc		4.000		03/15/22		103,575
	200,000		Interpublic Group of Cos, Inc		4.200		04/15/24		207,244
	350,000		Interpublic Group of Cos, Inc		4.650		10/01/28		357,415
	500,000		Interpublic Group of Cos, Inc		4.750		03/30/30		496,994
	400,000		Interpublic Group of Cos, Inc		5.400		10/01/48		420,447
	135,000		MedStar Health, Inc		3.626		08/15/49		143,200
	275,000		NBC Universal Media LLC		2.875		01/15/23		282,968
	1,425,000		NBC Universal Media LLC		4.450		01/15/43		1,807,906
	700,000		Omnicom Group, Inc		3.625		05/01/22		711,642
	425,000		Omnicom Group, Inc		3.650		11/01/24		432,246
	1,050,000		Omnicom Group, Inc		3.600		04/15/26		1,048,032
	750,000		Omnicom Group, Inc		2.450		04/30/30		681,797
	325,000		Omnicom Group, Inc		4.200		06/01/30		335,137
	500,000		Spectrum Health System Obligated Group		3.487		07/15/49		515,921
	2,000,000		Time Warner Cable LLC		4.000		09/01/21		2,003,692
	1,075,000		Time Warner Cable LLC		6.550		05/01/37		1,207,037
	400,000		Time Warner Cable LLC		7.300		07/01/38		491,346
	500,000		Time Warner Cable LLC		6.750		06/15/39		566,716
	890,000		Time Warner Cable LLC		5.875		11/15/40		937,838
	475,000		Time Warner Cable LLC		5.500		09/01/41		496,683
	2,875,000		Time Warner Cable LLC		4.500		09/15/42		2,702,554
	325,000		Time Warner Entertainment Co LP		8.375		03/15/23		356,818
	300,000		Time Warner Entertainment Co LP		8.375		07/15/33		413,019
	200,000		Toledo Hospital		5.325		11/15/28		210,530
	450,000		Toledo Hospital		5.750		11/15/38		522,695
	200,000		Toledo Hospital		6.015		11/15/48		218,931
	445,000		ViacomCBS, Inc		4.300		02/15/21		464,525
	200,000		ViacomCBS, Inc		2.500		02/15/23		196,516
	500,000		ViacomCBS, Inc		2.900		06/01/23		476,094
	175,000		ViacomCBS, Inc		4.250		09/01/23		178,446
	2,248,000		ViacomCBS, Inc		3.875		04/01/24		2,240,312
	200,000		ViacomCBS, Inc		3.700		08/15/24		203,975
	300,000		ViacomCBS, Inc		3.500		01/15/25		287,718
	800,000		ViacomCBS, Inc		4.000		01/15/26		824,813
	650,000		ViacomCBS, Inc		2.900		01/15/27		627,692
	200,000		ViacomCBS, Inc		3.375		02/15/28		177,657
	1,300,000		ViacomCBS, Inc		3.700		06/01/28		1,232,346
	500,000		ViacomCBS, Inc		4.200		06/01/29		473,230

59

TIAA-CREF FUNDS – Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	500,000		ViacomCBS, Inc		7.875	%	07/30/30	$	616,372
	500,000		ViacomCBS, Inc		4.950		01/15/31		494,939
	150,000		ViacomCBS, Inc		6.875		04/30/36		169,099
	200,000		ViacomCBS, Inc		4.850		07/01/42		175,835
	2,179,000		ViacomCBS, Inc		4.375		03/15/43		1,933,243
	625,000		ViacomCBS, Inc		5.850		09/01/43		641,029
	200,000		ViacomCBS, Inc		4.900		08/15/44		189,708
	800,000		ViacomCBS, Inc		4.600		01/15/45		692,737
	300,000		Walt Disney Co		2.300		02/12/21		302,755
	850,000		Walt Disney Co		2.550		02/15/22		860,651
	100,000		Walt Disney Co		2.450		03/04/22		101,170
	750,000		Walt Disney Co		1.750		08/30/24		754,442
	875,000		Walt Disney Co		3.150		09/17/25		924,686
	700,000		Walt Disney Co		3.700		10/15/25		763,359
	500,000		Walt Disney Co		3.000		02/13/26		528,500
	475,000		Walt Disney Co		1.850		07/30/26		472,337
	1,500,000		Walt Disney Co		2.950		06/15/27		1,540,792
	425,000		Walt Disney Co		2.000		09/01/29		414,597
	500,000		Walt Disney Co		3.800		03/22/30		562,190
	229,000		Walt Disney Co		6.400		12/15/35		320,762
	325,000		Walt Disney Co		6.650		11/15/37		468,724
	1,425,000		Walt Disney Co		6.150		02/15/41		2,028,561
	100,000		Walt Disney Co		4.375		08/16/41		119,100
	200,000		Walt Disney Co		3.700		12/01/42		224,765
	225,000		Walt Disney Co		5.400		10/01/43		300,201
	1,275,000		Walt Disney Co		4.125		06/01/44		1,509,642
	500,000		Walt Disney Co		4.750		09/15/44		627,846
	300,000		Walt Disney Co		4.950		10/15/45		388,342
	100,000		Walt Disney Co		3.000		07/30/46		100,894
	700,000		Walt Disney Co		4.750		11/15/46		895,396
	1,600,000		Walt Disney Co		2.750		09/01/49		1,579,989
	375,000		Weibo Corp		3.500		07/05/24		374,943
	300,000		WPP Finance 2010		3.625		09/07/22		298,324
	1,500,000		WPP Finance 2010		3.750		09/19/24		1,524,742
			TOTAL MEDIA & ENTERTAINMENT						149,332,561
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.5%
	175,000		Abbott Laboratories		2.550		03/15/22		176,510
	200,000		Abbott Laboratories		3.400		11/30/23		210,120
	275,000		Abbott Laboratories		2.950		03/15/25		285,864
	1,708,000		Abbott Laboratories		3.750		11/30/26		1,906,730
	2,750,000		Abbott Laboratories		4.750		11/30/36		3,482,041
	3,450,000		Abbott Laboratories		4.900		11/30/46		4,714,547
	350,000		AbbVie, Inc		2.300		05/14/21		348,938
	1,200,000		AbbVie, Inc		3.375		11/14/21		1,223,197
	3,000,000	g	AbbVie, Inc		2.150		11/19/21		2,987,763
	625,000		AbbVie, Inc		2.900		11/06/22		632,215
	2,275,000		AbbVie, Inc		3.200		11/06/22		2,324,006
	3,000,000	g	AbbVie, Inc		2.300		11/21/22		2,997,240
	850,000		AbbVie, Inc		2.850		05/14/23		861,617
	1,850,000		AbbVie, Inc		3.750		11/14/23		1,916,637
	1,575,000		AbbVie, Inc		3.600		05/14/25		1,659,376
	4,150,000		AbbVie, Inc		3.200		05/14/26		4,299,633

60

TIAA-CREF FUNDS – Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	3,000,000	g	AbbVie, Inc		2.950	%	11/21/26	$	3,056,572
	675,000		AbbVie, Inc		4.250		11/14/28		730,007
	3,750,000	g	AbbVie, Inc		3.200		11/21/29		3,825,651
	1,925,000		AbbVie, Inc		4.500		05/14/35		2,214,535
	675,000		AbbVie, Inc		4.300		05/14/36		737,420
	3,300,000	g	AbbVie, Inc		4.050		11/21/39		3,460,782
	2,175,000		AbbVie, Inc		4.400		11/06/42		2,416,962
	925,000		AbbVie, Inc		4.700		05/14/45		1,039,175
	1,350,000		AbbVie, Inc		4.450		05/14/46		1,434,613
	1,150,000		AbbVie, Inc		4.875		11/14/48		1,341,482
	4,975,000	g	AbbVie, Inc		4.250		11/21/49		5,366,379
	3,500,000		Actavis Funding SCS		3.450		03/15/22		3,633,442
	2,250,000		Actavis Funding SCS		4.550		03/15/35		2,477,774
	125,000		Actavis Funding SCS		4.850		06/15/44		155,125
	1,310,000		Actavis Funding SCS		4.750		03/15/45		1,413,663
	2,350,000		Allergan Funding SCS		3.800		03/15/25		2,406,439
	1,425,000		Amgen, Inc		2.650		05/11/22		1,441,521
	1,175,000		Amgen, Inc		3.625		05/15/22		1,217,899
	2,475,000		Amgen, Inc		2.250		08/19/23		2,494,139
	950,000		Amgen, Inc		3.625		05/22/24		999,001
	500,000		Amgen, Inc		1.900		02/21/25		503,213
	775,000		Amgen, Inc		3.125		05/01/25		812,148
	1,225,000		Amgen, Inc		2.600		08/19/26		1,257,913
	750,000		Amgen, Inc		2.200		02/21/27		746,144
	775,000		Amgen, Inc		3.200		11/02/27		838,366
	1,000,000		Amgen, Inc		2.450		02/21/30		992,228
	575,000		Amgen, Inc		3.150		02/21/40		566,763
	250,000		Amgen, Inc		5.150		11/15/41		261,792
	2,675,000		Amgen, Inc		4.400		05/01/45		3,123,590
	2,128,000		Amgen, Inc		4.563		06/15/48		2,560,110
	575,000		Amgen, Inc		3.375		02/21/50		599,521
	2,447,000		Amgen, Inc		4.663		06/15/51		3,081,517
	725,000		AstraZeneca plc		2.375		06/12/22		730,370
	475,000		AstraZeneca plc		3.500		08/17/23		497,942
	350,000		AstraZeneca plc		3.375		11/16/25		368,414
	950,000		AstraZeneca plc		3.125		06/12/27		951,467
	1,700,000		AstraZeneca plc		4.000		01/17/29		1,932,726
	1,900,000		AstraZeneca plc		6.450		09/15/37		2,723,194
	625,000		AstraZeneca plc		4.000		09/18/42		703,684
	500,000		AstraZeneca plc		4.375		11/16/45		619,457
	750,000		AstraZeneca plc		4.375		08/17/48		921,150
	449,000		Baxalta, Inc		4.000		06/23/25		478,078
	149,000		Baxalta, Inc		5.250		06/23/45		187,034
	1,000,000		Biogen, Inc		2.900		09/15/20		1,002,902
	650,000		Biogen, Inc		3.625		09/15/22		667,417
	875,000		Biogen, Inc		4.050		09/15/25		925,308
	1,200,000		Biogen, Inc		5.200		09/15/45		1,552,618
	425,000	g	Bristol-Myers Squibb Co		2.875		08/15/20		426,490
	200,000	g	Bristol-Myers Squibb Co		3.950		10/15/20		201,964
	2,000,000	g	Bristol-Myers Squibb Co		2.550		05/14/21		2,023,372
	200,000	g	Bristol-Myers Squibb Co		2.250		08/15/21		201,141
	2,000,000	g	Bristol-Myers Squibb Co		2.600		05/16/22		2,040,745
	200,000		Bristol-Myers Squibb Co		2.000		08/01/22		201,525

61

TIAA-CREF FUNDS – Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	550,000	g	Bristol-Myers Squibb Co		3.250	%	08/15/22	$	570,936
	600,000	g	Bristol-Myers Squibb Co		2.750		02/15/23		620,194
	1,750,000	g	Bristol-Myers Squibb Co		3.250		02/20/23		1,837,225
	200,000		Bristol-Myers Squibb Co		3.250		11/01/23		208,684
	275,000	g	Bristol-Myers Squibb Co		3.625		05/15/24		290,578
	3,450,000	g	Bristol-Myers Squibb Co		2.900		07/26/24		3,656,257
	600,000	g	Bristol-Myers Squibb Co		3.875		08/15/25		650,987
	500,000		Bristol-Myers Squibb Co		3.250		02/27/27		527,490
	1,275,000	g	Bristol-Myers Squibb Co		3.900		02/20/28		1,419,629
	2,025,000	g	Bristol-Myers Squibb Co		3.400		07/26/29		2,225,277
	700,000	g	Bristol-Myers Squibb Co		4.125		06/15/39		844,650
	650,000		Bristol-Myers Squibb Co		3.250		08/01/42		670,044
	300,000	g	Bristol-Myers Squibb Co		5.250		08/15/43		409,450
	200,000		Bristol-Myers Squibb Co		4.500		03/01/44		238,743
	2,200,000	g	Bristol-Myers Squibb Co		5.000		08/15/45		2,951,323
	500,000	g	Bristol-Myers Squibb Co		4.350		11/15/47		628,041
	2,300,000	g	Bristol-Myers Squibb Co		4.550		02/20/48		2,915,529
	3,400,000	g	Bristol-Myers Squibb Co		4.250		10/26/49		4,260,902
	175,000		Eli Lilly & Co		2.350		05/15/22		178,407
	975,000		Eli Lilly & Co		2.750		06/01/25		1,007,631
	950,000		Eli Lilly & Co		3.100		05/15/27		977,411
	700,000		Eli Lilly & Co		3.375		03/15/29		755,141
	650,000		Eli Lilly & Co		3.875		03/15/39		760,934
	550,000		Eli Lilly & Co		3.700		03/01/45		618,965
	1,025,000		Eli Lilly & Co		3.950		03/15/49		1,288,188
	875,000		Eli Lilly & Co		4.150		03/15/59		1,034,362
	600,000		Gilead Sciences, Inc		4.500		04/01/21		608,199
	1,150,000		Gilead Sciences, Inc		4.400		12/01/21		1,187,498
	200,000		Gilead Sciences, Inc		1.950		03/01/22		197,277
	700,000		Gilead Sciences, Inc		3.250		09/01/22		715,889
	500,000		Gilead Sciences, Inc		2.500		09/01/23		499,186
	800,000		Gilead Sciences, Inc		3.700		04/01/24		839,095
	575,000		Gilead Sciences, Inc		3.500		02/01/25		615,947
	3,125,000		Gilead Sciences, Inc		3.650		03/01/26		3,405,929
	525,000		Gilead Sciences, Inc		2.950		03/01/27		543,306
	450,000		Gilead Sciences, Inc		4.600		09/01/35		577,140
	1,300,000		Gilead Sciences, Inc		4.000		09/01/36		1,471,896
	250,000		Gilead Sciences, Inc		5.650		12/01/41		341,017
	1,025,000		Gilead Sciences, Inc		4.800		04/01/44		1,317,877
	950,000		Gilead Sciences, Inc		4.500		02/01/45		1,156,980
	925,000		Gilead Sciences, Inc		4.750		03/01/46		1,182,889
	3,625,000		Gilead Sciences, Inc		4.150		03/01/47		4,430,990
	1,193,000		GlaxoSmithKline Capital plc		2.850		05/08/22		1,225,769
	500,000		GlaxoSmithKline Capital plc		2.875		06/01/22		511,609
	1,400,000		GlaxoSmithKline Capital plc		3.375		06/01/29		1,512,466
	900,000		GlaxoSmithKline Capital, Inc		2.800		03/18/23		929,773
	950,000		GlaxoSmithKline Capital, Inc		3.625		05/15/25		1,023,850
	925,000		GlaxoSmithKline Capital, Inc		3.875		05/15/28		1,035,392
	350,000		GlaxoSmithKline Capital, Inc		5.375		04/15/34		437,763
	1,243,000		GlaxoSmithKline Capital, Inc		6.375		05/15/38		1,840,494
	850,000		GlaxoSmithKline Capital, Inc		4.200		03/18/43		948,340
	250,000		Johnson & Johnson		1.650		03/01/21		250,948
	200,000		Johnson & Johnson		2.450		12/05/21		204,774
	300,000		Johnson & Johnson		2.050		03/01/23		306,711

62

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	950,000	Johnson & Johnson		3.375	%	12/05/23	$	1,016,452
	1,000,000	Johnson & Johnson		2.450		03/01/26		1,068,793
	1,000,000	Johnson & Johnson		4.375		12/05/33		1,309,945
	250,000	Johnson & Johnson		3.550		03/01/36		286,897
	450,000	Johnson & Johnson		3.625		03/03/37		515,856
	250,000	Johnson & Johnson		5.950		08/15/37		380,195
	675,000	Johnson & Johnson		3.400		01/15/38		780,991
	375,000	Johnson & Johnson		5.850		07/15/38		569,116
	300,000	Johnson & Johnson		4.500		12/05/43		410,227
	1,200,000	Johnson & Johnson		3.700		03/01/46		1,478,337
	1,625,000	Johnson & Johnson		3.750		03/03/47		2,023,673
	2,100,000	Johnson & Johnson		3.500		01/15/48		2,593,434
	2,200,000	Merck & Co, Inc		3.875		01/15/21		2,225,904
	750,000	Merck & Co, Inc		2.350		02/10/22		758,950
	200,000	Merck & Co, Inc		2.400		09/15/22		203,138
	1,300,000	Merck & Co, Inc		2.800		05/18/23		1,308,886
	1,450,000	Merck & Co, Inc		2.750		02/10/25		1,516,480
	1,475,000	Merck & Co, Inc		3.900		03/07/39		1,740,301
	100,000	Merck & Co, Inc		3.600		09/15/42		111,776
	925,000	Merck & Co, Inc		4.150		05/18/43		1,122,094
	1,825,000	Merck & Co, Inc		3.700		02/10/45		2,150,967
	1,600,000	Merck & Co, Inc		4.000		03/07/49		2,019,097
	10,000	Mylan NV		3.750		12/15/20		9,939
	1,175,000	Mylan NV		3.150		06/15/21		1,164,174
	2,800,000	Mylan NV		3.950		06/15/26		2,796,428
	750,000	Mylan NV		5.250		06/15/46		716,521
	500,000	Mylan, Inc		4.550		04/15/28		489,502
	700,000	Mylan, Inc		5.200		04/15/48		628,345
	725,000	Novartis Capital Corp		2.400		09/21/22		744,538
	2,300,000	Novartis Capital Corp		3.400		05/06/24		2,472,288
	725,000	Novartis Capital Corp		3.000		11/20/25		769,227
	1,000,000	Novartis Capital Corp		2.000		02/14/27		1,009,769
	1,300,000	Novartis Capital Corp		3.100		05/17/27		1,399,168
	1,000,000	Novartis Capital Corp		2.200		08/14/30		1,015,986
	400,000	Novartis Capital Corp		3.700		09/21/42		471,306
	1,025,000	Novartis Capital Corp		4.400		05/06/44		1,357,488
	1,000,000	Novartis Capital Corp		4.000		11/20/45		1,271,021
	1,500,000	Novartis Capital Corp		2.750		08/14/50		1,559,590
	100,000	Perrigo Co plc		4.000		11/15/23		103,761
	100,000	Perrigo Co plc		5.300		11/15/43		115,161
	200,000	Perrigo Finance Unlimited Co		3.900		12/15/24		196,384
	200,000	Perrigo Finance Unlimited Co		4.375		03/15/26		206,639
	221,000	Perrigo Finance Unlimited Co		4.900		12/15/44		249,347
	500,000	Pfizer, Inc		1.950		06/03/21		503,549
	500,000	Pfizer, Inc		3.000		09/15/21		512,829
	200,000	Pfizer, Inc		2.200		12/15/21		200,763
	1,075,000	Pfizer, Inc		3.000		06/15/23		1,096,925
	1,175,000	Pfizer, Inc		3.400		05/15/24		1,226,445
	350,000	Pfizer, Inc		2.750		06/03/26		367,943
	2,850,000	Pfizer, Inc		3.000		12/15/26		3,067,854
	950,000	Pfizer, Inc		3.600		09/15/28		1,061,970
	1,550,000	Pfizer, Inc		3.450		03/15/29		1,713,477
	425,000	Pfizer, Inc		4.000		12/15/36		486,281

63

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	Pfizer, Inc		4.100	%	09/15/38	$	590,129
	875,000	Pfizer, Inc		3.900		03/15/39		989,773
	350,000	Pfizer, Inc		7.200		03/15/39		561,304
	625,000	Pfizer, Inc		4.300		06/15/43		723,187
	1,100,000	Pfizer, Inc		4.400		05/15/44		1,347,204
	1,875,000	Pfizer, Inc		4.125		12/15/46		2,315,550
	1,200,000	Pfizer, Inc		4.200		09/15/48		1,487,597
	2,100,000	Pfizer, Inc		4.000		03/15/49		2,569,533
	1,750,000	Sanofi		3.375		06/19/23		1,845,932
	500,000	Sanofi		3.625		06/19/28		554,648
	825,000	Takeda Pharmaceutical Co Ltd		4.000		11/26/21		835,586
	1,000,000	Takeda Pharmaceutical Co Ltd		4.400		11/26/23		1,052,484
	2,100,000	Takeda Pharmaceutical Co Ltd		5.000		11/26/28		2,396,233
	175,000	Watson Pharmaceuticals, Inc		3.250		10/01/22		175,446
	1,000,000	Wyeth LLC		6.450		02/01/24		1,162,199
	150,000	Wyeth LLC		6.500		02/01/34		216,968
	275,000	Wyeth LLC		5.950		04/01/37		390,086
	100,000	Zoetis, Inc		3.450		11/13/20		99,019
	500,000	Zoetis, Inc		3.250		08/20/21		506,752
	1,000,000	Zoetis, Inc		3.250		02/01/23		1,022,230
	300,000	Zoetis, Inc		4.500		11/13/25		312,106
	425,000	Zoetis, Inc		3.000		09/12/27		428,477
	500,000	Zoetis, Inc		3.900		08/20/28		520,112
	900,000	Zoetis, Inc		4.700		02/01/43		1,013,111
	650,000	Zoetis, Inc		3.950		09/12/47		643,370
	200,000	Zoetis, Inc		4.450		08/20/48		222,512
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						246,012,975
REAL ESTATE - 0.8%
	100,000	Alexandria Real Estate Equities, Inc		3.900		06/15/23		100,655
	1,250,000	Alexandria Real Estate Equities, Inc		4.000		01/15/24		1,277,083
	100,000	Alexandria Real Estate Equities, Inc		3.450		04/30/25		103,700
	200,000	Alexandria Real Estate Equities, Inc		4.300		01/15/26		206,327
	500,000	Alexandria Real Estate Equities, Inc		3.800		04/15/26		501,680
	200,000	Alexandria Real Estate Equities, Inc		4.500		07/30/29		209,434
	425,000	Alexandria Real Estate Equities, Inc		2.750		12/15/29		372,797
	100,000	Alexandria Real Estate Equities, Inc		4.700		07/01/30		106,000
	275,000	Alexandria Real Estate Equities, Inc		3.375		08/15/31		267,369
	500,000	Alexandria Real Estate Equities, Inc		4.850		04/15/49		528,384
	700,000	Alexandria Real Estate Equities, Inc		4.000		02/01/50		634,096
	100,000	American Campus Communities Operating Partnership LP		3.750		04/15/23		100,833
	1,300,000	American Campus Communities Operating Partnership LP		4.125		07/01/24		1,349,610
	500,000	American Campus Communities Operating Partnership LP		3.300		07/15/26		493,201
	200,000	American Campus Communities Operating Partnership LP		3.625		11/15/27		199,535
	500,000	American Campus Communities Operating Partnership LP		2.850		02/01/30		468,222
	500,000	American Homes 4 Rent LP		4.900		02/15/29		487,218
	1,150,000	American Tower Corp		3.300		02/15/21		1,149,785
	200,000	American Tower Corp		3.450		09/15/21		201,016
	725,000	American Tower Corp		2.250		01/15/22		707,675

64

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	American Tower Corp		4.700	%	03/15/22	$	203,081
	800,000	American Tower Corp		3.500		01/31/23		805,678
	450,000	American Tower Corp		5.000		02/15/24		476,362
	350,000	American Tower Corp		3.375		05/15/24		351,610
	750,000	American Tower Corp		2.400		03/15/25		739,006
	525,000	American Tower Corp		4.000		06/01/25		539,303
	200,000	American Tower Corp		4.400		02/15/26		210,611
	425,000	American Tower Corp		3.375		10/15/26		425,072
	750,000	American Tower Corp		2.750		01/15/27		725,861
	500,000	American Tower Corp		3.125		01/15/27		490,917
	150,000	American Tower Corp		3.550		07/15/27		150,328
	500,000	American Tower Corp		3.600		01/15/28		499,685
	350,000	American Tower Corp		3.950		03/15/29		364,173
	750,000	American Tower Corp		2.900		01/15/30		729,839
	225,000	AvalonBay Communities, Inc		2.950		09/15/22		215,596
	200,000	AvalonBay Communities, Inc		3.500		11/15/24		204,996
	200,000	AvalonBay Communities, Inc		2.950		05/11/26		199,835
	100,000	AvalonBay Communities, Inc		2.900		10/15/26		101,138
	1,200,000	AvalonBay Communities, Inc		3.350		05/15/27		1,206,664
	200,000	AvalonBay Communities, Inc		3.200		01/15/28		198,885
	750,000	AvalonBay Communities, Inc		3.300		06/01/29		748,406
	750,000	AvalonBay Communities, Inc		2.300		03/01/30		697,040
	400,000	AvalonBay Communities, Inc		4.150		07/01/47		423,663
	200,000	AvalonBay Communities, Inc		4.350		04/15/48		211,371
	1,175,000	Boston Properties LP		4.125		05/15/21		1,183,373
	275,000	Boston Properties LP		3.850		02/01/23		277,877
	425,000	Boston Properties LP		3.125		09/01/23		432,931
	200,000	Boston Properties LP		3.800		02/01/24		210,317
	1,500,000	Boston Properties LP		3.200		01/15/25		1,547,470
	275,000	Boston Properties LP		3.650		02/01/26		292,569
	700,000	Boston Properties LP		2.750		10/01/26		670,040
	550,000	Boston Properties LP		4.500		12/01/28		604,860
	550,000	Boston Properties LP		3.400		06/21/29		571,026
	750,000	Boston Properties LP		2.900		03/15/30		690,610
	100,000	Brandywine Operating Partnership LP		3.950		02/15/23		103,304
	500,000	Brandywine Operating Partnership LP		4.100		10/01/24		497,517
	100,000	Brandywine Operating Partnership LP		3.950		11/15/27		93,821
	500,000	Brandywine Operating Partnership LP		4.550		10/01/29		517,836
	150,000	Brixmor Operating Partnership LP		3.875		08/15/22		144,059
	350,000	Brixmor Operating Partnership LP		3.250		09/15/23		333,030
	900,000	Brixmor Operating Partnership LP		3.650		06/15/24		837,096
	200,000	Brixmor Operating Partnership LP		3.850		02/01/25		197,367
	225,000	Brixmor Operating Partnership LP		4.125		06/15/26		234,805
	300,000	Brixmor Operating Partnership LP		3.900		03/15/27		298,654
	600,000	Brixmor Operating Partnership LP		4.125		05/15/29		615,132
	200,000	Camden Property Trust		2.950		12/15/22		200,582
	100,000	Camden Property Trust		4.100		10/15/28		104,909
	325,000	Camden Property Trust		3.150		07/01/29		320,319
	500,000	Camden Property Trust		3.350		11/01/49		425,365
	500,000	CBRE Services, Inc		4.875		03/01/26		532,153
	1,225,000	CC Holdings GS V LLC		3.849		04/15/23		1,230,376
	400,000	Columbia Property Trust Operating Partnership LP		3.650		08/15/26		355,617
	200,000	Corporate Office Properties LP		3.700		06/15/21		202,717

65

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	Corporate Office Properties LP		5.000	%	07/01/25	$	315,792
	350,000	Crown Castle International Corp		3.400		02/15/21		352,355
	800,000	Crown Castle International Corp		2.250		09/01/21		788,796
	150,000	Crown Castle International Corp		4.875		04/15/22		157,474
	200,000	Crown Castle International Corp		5.250		01/15/23		212,113
	1,375,000	Crown Castle International Corp		3.150		07/15/23		1,380,015
	500,000	Crown Castle International Corp		3.200		09/01/24		498,521
	975,000	Crown Castle International Corp		4.450		02/15/26		1,018,175
	250,000	Crown Castle International Corp		3.700		06/15/26		253,103
	100,000	Crown Castle International Corp		4.000		03/01/27		103,062
	525,000	Crown Castle International Corp		3.650		09/01/27		523,064
	775,000	Crown Castle International Corp		3.800		02/15/28		776,316
	300,000	Crown Castle International Corp		4.300		02/15/29		311,084
	500,000	Crown Castle International Corp		3.100		11/15/29		479,513
	275,000	Crown Castle International Corp		3.300		07/01/30		272,742
	200,000	Crown Castle International Corp		4.750		05/15/47		218,366
	300,000	Crown Castle International Corp		5.200		02/15/49		338,419
	500,000	Crown Castle International Corp		4.000		11/15/49		470,587
	200,000	Crown Castle International Corp		4.150		07/01/50		197,800
	100,000	CubeSmart LP		4.375		12/15/23		106,724
	200,000	CubeSmart LP		3.125		09/01/26		198,500
	100,000	CubeSmart LP		4.375		02/15/29		103,959
	250,000	CubeSmart LP		3.000		02/15/30		233,032
	150,000	DDR Corp		4.250		02/01/26		152,810
	700,000	Digital Realty Trust LP		3.950		07/01/22		716,292
	300,000	Digital Realty Trust LP		3.625		10/01/22		306,060
	800,000	Digital Realty Trust LP		2.750		02/01/23		795,402
	200,000	Digital Realty Trust LP		4.750		10/01/25		208,650
	475,000	Digital Realty Trust LP		3.700		08/15/27		459,029
	300,000	Digital Realty Trust LP		4.450		07/15/28		319,508
	1,000,000	Digital Realty Trust LP		3.600		07/01/29		975,746
	100,000	Duke Realty LP		3.875		10/15/22		103,620
	100,000	Duke Realty LP		3.750		12/01/24		103,134
	100,000	Duke Realty LP		3.250		06/30/26		99,974
	1,000,000	Duke Realty LP		3.375		12/15/27		1,022,678
	100,000	Duke Realty LP		4.000		09/15/28		103,700
	225,000	Duke Realty LP		2.875		11/15/29		216,379
	500,000	Duke Realty LP		3.050		03/01/50		402,851
	700,000	EPR Properties		4.750		12/15/26		636,290
	200,000	EPR Properties		4.500		06/01/27		179,368
	1,000,000	EPR Properties		3.750		08/15/29		748,467
	1,000,000	Equinix, Inc		2.625		11/18/24		933,790
	650,000	Equinix, Inc		2.900		11/18/26		595,280
	1,000,000	Equinix, Inc		3.200		11/18/29		926,010
	200,000	ERP Operating LP		4.625		12/15/21		204,395
	700,000	ERP Operating LP		3.375		06/01/25		725,005
	200,000	ERP Operating LP		2.850		11/01/26		202,339
	1,150,000	ERP Operating LP		3.250		08/01/27		1,146,264
	500,000	ERP Operating LP		3.500		03/01/28		508,325
	200,000	ERP Operating LP		4.150		12/01/28		215,606
	750,000	ERP Operating LP		3.000		07/01/29		734,664
	300,000	ERP Operating LP		2.500		02/15/30		278,656
	425,000	ERP Operating LP		4.500		07/01/44		462,805
	100,000	ERP Operating LP		4.000		08/01/47		99,910

66

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	100,000	Essex Portfolio LP		3.625	%	08/15/22	$	99,088
	100,000	Essex Portfolio LP		3.250		05/01/23		98,079
	400,000	Essex Portfolio LP		3.500		04/01/25		401,424
	100,000	Essex Portfolio LP		3.375		04/15/26		100,950
	200,000	Essex Portfolio LP		3.625		05/01/27		203,197
	900,000	Essex Portfolio LP		4.000		03/01/29		922,175
	325,000	Essex Portfolio LP		3.000		01/15/30		308,076
	400,000	Essex Portfolio LP		2.650		03/15/32		355,392
	300,000	Essex Portfolio LP		4.500		03/15/48		316,841
	200,000	Federal Realty Investment Trust		3.950		01/15/24		199,931
	250,000	Federal Realty Investment Trust		3.250		07/15/27		246,700
	1,300,000	Federal Realty Investment Trust		3.200		06/15/29		1,261,943
	200,000	Federal Realty Investment Trust		4.500		12/01/44		219,620
	100,000	Healthcare Realty Trust, Inc		3.625		01/15/28		100,286
	100,000	Healthcare Realty Trust, Inc		2.400		03/15/30		88,785
	100,000	Healthcare Trust of America Holdings LP		3.700		04/15/23		96,729
	800,000	Healthcare Trust of America Holdings LP		3.500		08/01/26		791,164
	500,000	Healthcare Trust of America Holdings LP		3.100		02/15/30		447,155
	200,000	Healthpeak Properties, Inc		4.200		03/01/24		202,086
	1,750,000	Healthpeak Properties, Inc		3.875		08/15/24		1,783,691
	250,000	Healthpeak Properties, Inc		4.000		06/01/25		255,490
	100,000	Healthpeak Properties, Inc		3.250		07/15/26		99,949
	600,000	Healthpeak Properties, Inc		3.500		07/15/29		586,914
	1,000,000	Healthpeak Properties, Inc		3.000		01/15/30		938,310
	30,000	Healthpeak Properties, Inc		6.750		02/01/41		37,515
	100,000	Highwoods Realty LP		3.875		03/01/27		99,644
	150,000	Highwoods Realty LP		4.125		03/15/28		161,288
	250,000	Highwoods Realty LP		4.200		04/15/29		255,890
	500,000	Highwoods Realty LP		3.050		02/15/30		452,048
	400,000	Hospitality Properties Trust		4.250		02/15/21		380,327
	100,000	Hospitality Properties Trust		5.000		08/15/22		71,546
	300,000	Hospitality Properties Trust		4.500		06/15/23		225,338
	700,000	Hospitality Properties Trust		4.650		03/15/24		512,623
	500,000	Hospitality Properties Trust		4.350		10/01/24		367,078
	500,000	Hospitality Properties Trust		4.750		10/01/26		379,285
	100,000	Hospitality Properties Trust		4.950		02/15/27		75,817
	300,000	Hospitality Properties Trust		3.950		01/15/28		223,029
	500,000	Hospitality Properties Trust		4.950		10/01/29		433,438
	300,000	Hospitality Properties Trust		4.375		02/15/30		227,427
	600,000	Host Hotels & Resorts LP		3.750		10/15/23		526,639
	700,000	Host Hotels & Resorts LP		3.875		04/01/24		659,693
	200,000	Host Hotels & Resorts LP		4.000		06/15/25		185,987
	100,000	Host Hotels & Resorts LP		4.500		02/01/26		93,487
	500,000	Host Hotels & Resorts LP		3.375		12/15/29		421,636
	100,000	Hudson Pacific Properties LP		3.950		11/01/27		95,280
	100,000	Hudson Pacific Properties LP		4.650		04/01/29		102,623
	750,000	Hudson Pacific Properties LP		3.250		01/15/30		694,387
	250,000	Kilroy Realty LP		3.800		01/15/23		254,454
	125,000	Kilroy Realty LP		3.450		12/15/24		122,671
	250,000	Kilroy Realty LP		4.750		12/15/28		260,682
	200,000	Kilroy Realty LP		4.250		08/15/29		205,488
	750,000	Kilroy Realty LP		3.050		02/15/30		687,400
	200,000	Kimco Realty Corp		3.200		05/01/21		196,784

67

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	100,000	Kimco Realty Corp		3.400	%	11/01/22	$	98,921
	300,000	Kimco Realty Corp		3.125		06/01/23		287,716
	200,000	Kimco Realty Corp		2.700		03/01/24		198,236
	1,175,000	Kimco Realty Corp		3.300		02/01/25		1,182,516
	625,000	Kimco Realty Corp		2.800		10/01/26		609,738
	200,000	Kimco Realty Corp		3.800		04/01/27		198,407
	200,000	Kimco Realty Corp		4.250		04/01/45		181,242
	175,000	Kimco Realty Corp		4.125		12/01/46		152,452
	100,000	Kimco Realty Corp		4.450		09/01/47		90,404
	500,000	Kimco Realty Corp		3.700		10/01/49		407,633
	200,000	Life Storage LP		3.875		12/15/27		179,854
	500,000	Life Storage LP		4.000		06/15/29		508,207
	200,000	Mid-America Apartments LP		4.300		10/15/23		198,866
	100,000	Mid-America Apartments LP		4.000		11/15/25		104,109
	750,000	Mid-America Apartments LP		3.600		06/01/27		754,779
	200,000	Mid-America Apartments LP		4.200		06/15/28		207,798
	625,000	Mid-America Apartments LP		3.950		03/15/29		637,477
	175,000	Mid-America Apartments LP		2.750		03/15/30		162,050
	2,550,000	National Retail Properties, Inc		3.500		10/15/27		2,519,790
	300,000	National Retail Properties, Inc		2.500		04/15/30		267,223
	500,000	National Retail Properties, Inc		3.100		04/15/50		389,307
	1,200,000	OMEGA Healthcare Investors, Inc		4.375		08/01/23		1,192,824
	200,000	OMEGA Healthcare Investors, Inc		4.500		04/01/27		197,724
	825,000	OMEGA Healthcare Investors, Inc		4.750		01/15/28		883,670
	500,000	OMEGA Healthcare Investors, Inc		3.625		10/01/29		437,862
	200,000	Physicians Realty LP		4.300		03/15/27		186,437
	200,000	Physicians Realty LP		3.950		01/15/28		189,765
	200,000	Piedmont Operating Partnership LP		3.400		06/01/23		200,607
	200,000	Piedmont Operating Partnership LP		4.450		03/15/24		202,778
	150,000	ProLogis LP		4.250		08/15/23		158,074
	700,000	ProLogis LP		3.750		11/01/25		742,925
	100,000	ProLogis LP		3.250		10/01/26		102,191
	500,000	ProLogis LP		2.125		04/15/27		475,821
	1,200,000	ProLogis LP		3.875		09/15/28		1,241,995
	100,000	ProLogis LP		4.375		02/01/29		112,288
	500,000	ProLogis LP		2.250		04/15/30		457,443
	100,000	ProLogis LP		4.375		09/15/48		104,343
	500,000	ProLogis LP		3.000		04/15/50		432,036
	200,000	Public Storage		2.370		09/15/22		197,578
	200,000	Public Storage		3.094		09/15/27		186,815
	500,000	Public Storage		3.385		05/01/29		501,739
	200,000	Rayonier, Inc		3.750		04/01/22		192,332
	850,000	Realty Income Corp		3.250		10/15/22		853,282
	500,000	Realty Income Corp		4.650		08/01/23		524,657
	200,000	Realty Income Corp		3.875		04/15/25		204,553
	200,000	Realty Income Corp		4.125		10/15/26		207,302
	200,000	Realty Income Corp		3.000		01/15/27		189,605
	1,000,000	Realty Income Corp		3.650		01/15/28		991,239
	500,000	Realty Income Corp		3.250		06/15/29		481,383
	300,000	Realty Income Corp		4.650		03/15/47		316,773
	200,000	Regency Centers Corp		3.750		11/15/22		196,000
	375,000	Regency Centers LP		3.600		02/01/27		377,666
	125,000	Regency Centers LP		4.125		03/15/28		126,134
	425,000	Regency Centers LP		2.950		09/15/29		400,668

68

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Regency Centers LP		4.400	%	02/01/47	$	204,953
	300,000	Regency Centers LP		4.650		03/15/49		320,571
	300,000	Sabra Health Care LP		4.800		06/01/24		304,500
	300,000	Sabra Health Care LP		5.125		08/15/26		283,759
	200,000	Select Income REIT		4.150		02/01/22		203,097
	500,000	Select Income REIT		4.250		05/15/24		483,763
	200,000	Select Income REIT		4.500		02/01/25		195,720
	300,000	Simon Property Group LP		2.500		07/15/21		295,883
	2,850,000	Simon Property Group LP		2.350		01/30/22		2,802,166
	200,000	Simon Property Group LP		2.625		06/15/22		196,929
	1,300,000	Simon Property Group LP		2.750		06/01/23		1,281,215
	500,000	Simon Property Group LP		2.000		09/13/24		479,861
	450,000	Simon Property Group LP		3.375		10/01/24		448,255
	300,000	Simon Property Group LP		3.500		09/01/25		302,242
	625,000	Simon Property Group LP		3.300		01/15/26		633,984
	350,000	Simon Property Group LP		3.250		11/30/26		345,262
	200,000	Simon Property Group LP		3.375		06/15/27		197,214
	300,000	Simon Property Group LP		3.375		12/01/27		297,287
	1,750,000	Simon Property Group LP		2.450		09/13/29		1,615,985
	1,500,000	Simon Property Group LP		4.250		10/01/44		1,410,812
	300,000	Simon Property Group LP		4.250		11/30/46		270,532
	500,000	Simon Property Group LP		3.250		09/13/49		402,790
	200,000	SITE Centers Corp		4.700		06/01/27		206,900
	200,000	SL Green Operating Partnership LP		3.250		10/15/22		198,997
	200,000	SL Green Realty Corp		4.500		12/01/22		205,386
	525,000	Sovran Acquisition LP		3.500		07/01/26		500,565
	300,000	Spirit Realty LP		3.200		01/15/27		272,791
	500,000	Spirit Realty LP		4.000		07/15/29		489,109
	300,000	Spirit Realty LP		3.400		01/15/30		258,057
	500,000	STORE Capital Corp		4.625		03/15/29		504,940
	100,000	Tanger Properties LP		3.125		09/01/26		97,119
	250,000	Tanger Properties LP		3.875		07/15/27		242,924
	200,000	UDR, Inc		4.000		10/01/25		211,307
	200,000	UDR, Inc		3.500		07/01/27		194,305
	200,000	UDR, Inc		3.500		01/15/28		204,240
	600,000	UDR, Inc		3.200		01/15/30		591,101
	750,000	UDR, Inc		3.000		08/15/31		717,592
	300,000	UDR, Inc		3.100		11/01/34		273,454
	850,000	Ventas Realty LP		3.250		08/15/22		855,589
	200,000	Ventas Realty LP		3.100		01/15/23		195,937
	800,000	Ventas Realty LP		3.125		06/15/23		835,843
	300,000	Ventas Realty LP		3.500		04/15/24		293,043
	750,000	Ventas Realty LP		2.650		01/15/25		720,214
	120,000	Ventas Realty LP		4.125		01/15/26		119,802
	200,000	Ventas Realty LP		3.250		10/15/26		188,994
	1,000,000	Ventas Realty LP		4.000		03/01/28		940,909
	525,000	Ventas Realty LP		4.400		01/15/29		522,487
	350,000	Ventas Realty LP		3.000		01/15/30		312,747
	500,000	Ventas Realty LP		4.750		11/15/30		491,102
	300,000	Ventas Realty LP		4.375		02/01/45		273,180
	300,000	Ventas Realty LP		4.875		04/15/49		315,422
	200,000	Vornado Realty LP		3.500		01/15/25		196,575
	100,000	Washington REIT		3.950		10/15/22		102,545

69

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	100,000	Weingarten Realty Investors		3.375	%	10/15/22	$	102,529
	100,000	Weingarten Realty Investors		3.500		04/15/23		102,278
	500,000	Welltower, Inc		3.950		09/01/23		495,186
	2,000,000	Welltower, Inc		3.625		03/15/24		1,963,252
	1,700,000	Welltower, Inc		4.000		06/01/25		1,720,325
	600,000	Welltower, Inc		4.250		04/01/26		617,995
	500,000	Welltower, Inc		2.700		02/15/27		475,445
	600,000	Welltower, Inc		4.250		04/15/28		605,079
	500,000	Welltower, Inc		4.125		03/15/29		510,996
	425,000	Welltower, Inc		3.100		01/15/30		401,930
	300,000	Welltower, Inc		4.950		09/01/48		302,437
	400,000	Weyerhaeuser Co		4.700		03/15/21		403,664
	300,000	Weyerhaeuser Co		3.250		03/15/23		297,940
	200,000	Weyerhaeuser Co		4.625		09/15/23		207,466
	500,000	Weyerhaeuser Co		4.000		11/15/29		506,430
	500,000	Weyerhaeuser Co		4.000		04/15/30		502,033
	1,075,000	Weyerhaeuser Co		7.375		03/15/32		1,268,638
	200,000	WP Carey, Inc		4.600		04/01/24		200,527
	347,000	WP Carey, Inc		4.000		02/01/25		357,154
	1,000,000	WP Carey, Inc		3.850		07/15/29		975,630
		TOTAL REAL ESTATE						135,665,594
RETAILING - 0.6%
	250,000	Advance Auto Parts, Inc		4.500		12/01/23		256,865
	500,000	Alibaba Group Holding Ltd		3.125		11/28/21		506,528
	1,200,000	Alibaba Group Holding Ltd		2.800		06/06/23		1,220,164
	1,250,000	Alibaba Group Holding Ltd		3.600		11/28/24		1,319,043
	2,325,000	Alibaba Group Holding Ltd		3.400		12/06/27		2,439,348
	500,000	Alibaba Group Holding Ltd		4.500		11/28/34		596,001
	750,000	Alibaba Group Holding Ltd		4.000		12/06/37		848,347
	1,500,000	Alibaba Group Holding Ltd		4.200		12/06/47		1,831,429
	750,000	Alibaba Group Holding Ltd		4.400		12/06/57		996,759
	500,000	Allegion plc		3.500		10/01/29		484,872
	200,000	Allegion US Holding Co, Inc		3.200		10/01/24		189,947
	200,000	Allegion US Holding Co, Inc		3.550		10/01/27		198,293
	300,000	Amazon.com, Inc		3.300		12/05/21		310,302
	850,000	Amazon.com, Inc		2.500		11/29/22		877,713
	1,650,000	Amazon.com, Inc		2.400		02/22/23		1,716,004
	1,125,000	Amazon.com, Inc		2.800		08/22/24		1,193,595
	425,000	Amazon.com, Inc		3.800		12/05/24		471,134
	325,000	Amazon.com, Inc		5.200		12/03/25		389,089
	2,700,000	Amazon.com, Inc		3.150		08/22/27		2,957,273
	1,800,000	Amazon.com, Inc		4.800		12/05/34		2,336,695
	2,625,000	Amazon.com, Inc		3.875		08/22/37		3,146,089
	775,000	Amazon.com, Inc		4.950		12/05/44		1,070,643
	1,875,000	Amazon.com, Inc		4.050		08/22/47		2,393,491
	1,900,000	Amazon.com, Inc		4.250		08/22/57		2,626,953
	100,000	AutoNation, Inc		3.350		01/15/21		99,498
	200,000	AutoNation, Inc		3.500		11/15/24		184,924
	244,000	AutoNation, Inc		4.500		10/01/25		237,513
	200,000	AutoNation, Inc		3.800		11/15/27		177,406
	100,000	AutoZone, Inc		4.000		11/15/20		99,977
	442,000	AutoZone, Inc		3.700		04/15/22		451,426
	300,000	AutoZone, Inc		2.875		01/15/23		298,597

70

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	150,000	AutoZone, Inc		3.125	%	07/15/23	$	150,069
	250,000	AutoZone, Inc		3.125		04/18/24		251,485
	200,000	AutoZone, Inc		3.250		04/15/25		199,376
	500,000	AutoZone, Inc		3.625		04/15/25		506,938
	100,000	AutoZone, Inc		3.125		04/21/26		99,327
	650,000	AutoZone, Inc		3.750		06/01/27		652,085
	200,000	AutoZone, Inc		3.750		04/18/29		202,705
	500,000	AutoZone, Inc		4.000		04/15/30		510,278
	500,000	Best Buy Co, Inc		4.450		10/01/28		513,143
	375,000	Dollar General Corp		3.250		04/15/23		381,340
	355,000	Dollar General Corp		4.150		11/01/25		379,494
	300,000	Dollar General Corp		3.875		04/15/27		308,004
	500,000	Dollar General Corp		4.125		05/01/28		528,509
	1,500,000	Dollar Tree, Inc		3.700		05/15/23		1,523,878
	500,000	Dollar Tree, Inc		4.000		05/15/25		512,166
	500,000	Dollar Tree, Inc		4.200		05/15/28		499,303
	500,000	Home Depot, Inc		2.000		04/01/21		500,665
	350,000	Home Depot, Inc		4.400		04/01/21		356,267
	850,000	Home Depot, Inc		3.250		03/01/22		879,200
	700,000	Home Depot, Inc		2.625		06/01/22		712,013
	800,000	Home Depot, Inc		2.700		04/01/23		824,944
	550,000	Home Depot, Inc		3.750		02/15/24		580,782
	350,000	Home Depot, Inc		3.350		09/15/25		376,559
	1,925,000	Home Depot, Inc		3.000		04/01/26		2,031,315
	1,550,000	Home Depot, Inc		2.125		09/15/26		1,559,892
	825,000	Home Depot, Inc		3.900		12/06/28		915,943
	2,333,000	Home Depot, Inc		2.950		06/15/29		2,413,606
	375,000	Home Depot, Inc		2.700		04/15/30		382,176
	425,000	Home Depot, Inc		5.875		12/16/36		577,144
	150,000	Home Depot, Inc		5.950		04/01/41		210,141
	675,000	Home Depot, Inc		4.200		04/01/43		784,308
	450,000	Home Depot, Inc		4.875		02/15/44		556,888
	650,000	Home Depot, Inc		4.400		03/15/45		763,403
	725,000	Home Depot, Inc		4.250		04/01/46		866,069
	2,100,000	Home Depot, Inc		3.900		06/15/47		2,361,715
	2,000,000	Home Depot, Inc		4.500		12/06/48		2,455,713
	1,000,000	Home Depot, Inc		3.125		12/15/49		1,004,702
	300,000	Home Depot, Inc		3.350		04/15/50		326,207
	675,000	Home Depot, Inc		3.500		09/15/56		684,083
	1,000,000	JD.com, Inc		3.875		04/29/26		976,633
	500,000	JD.com, Inc		3.375		01/14/30		498,247
	500,000	JD.com, Inc		4.125		01/14/50		506,542
	1,000,000	Kohl’s Corp		3.250		02/01/23		847,826
	55,000	Kohl’s Corp		4.750		12/15/23		48,559
	200,000	Kohl’s Corp		4.250		07/17/25		172,748
	200,000	Kohl’s Corp		5.550		07/17/45		135,520
	200,000	Lowe’s Cos, Inc		3.800		11/15/21		203,422
	1,025,000	Lowe’s Cos, Inc		3.120		04/15/22		1,016,948
	300,000	Lowe’s Cos, Inc		3.875		09/15/23		305,129
	400,000	Lowe’s Cos, Inc		3.125		09/15/24		406,198
	1,100,000	Lowe’s Cos, Inc		3.375		09/15/25		1,099,247
	500,000	Lowe’s Cos, Inc		2.500		04/15/26		496,361
	775,000	Lowe’s Cos, Inc		3.650		04/05/29		798,085

71

TIAA-CREF FUNDS – Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	100,000		Lowe’s Cos, Inc		4.650	%	04/15/42	$	109,262
	200,000		Lowe’s Cos, Inc		4.250		09/15/44		188,934
	200,000		Lowe’s Cos, Inc		4.375		09/15/45		204,348
	1,075,000		Lowe’s Cos, Inc		3.700		04/15/46		996,079
	2,000,000		Lowe’s Cos, Inc		4.050		05/03/47		1,982,777
	1,425,000		Lowe’s Cos, Inc		4.550		04/05/49		1,576,942
	200,000		Macy’s Retail Holdings, Inc		3.450		01/15/21		159,748
	307,000		Macy’s Retail Holdings, Inc		3.875		01/15/22		219,445
	1,125,000		Macy’s Retail Holdings, Inc		2.875		02/15/23		809,589
	300,000		Macy’s Retail Holdings, Inc		3.625		06/01/24		201,023
	24,000		Macy’s Retail Holdings, Inc		4.500		12/15/34		14,649
	100,000		Nordstrom, Inc		4.000		10/15/21		96,748
	700,000		Nordstrom, Inc		4.000		03/15/27		577,388
	500,000		Nordstrom, Inc		4.375		04/01/30		400,178
	531,000		Nordstrom, Inc		5.000		01/15/44		371,626
	150,000		O’Reilly Automotive, Inc		4.875		01/14/21		149,059
	900,000		O’Reilly Automotive, Inc		3.800		09/01/22		905,159
	1,000,000		O’Reilly Automotive, Inc		3.600		09/01/27		960,852
	300,000		O’Reilly Automotive, Inc		4.350		06/01/28		311,123
	500,000		O’Reilly Automotive, Inc		3.900		06/01/29		499,988
	200,000		Priceline Group, Inc		2.750		03/15/23		196,121
	300,000		Priceline Group, Inc		3.650		03/15/25		301,155
	300,000		Priceline Group, Inc		3.600		06/01/26		300,266
	900,000		Priceline Group, Inc		3.550		03/15/28		912,642
	100,000		QVC, Inc		5.125		07/02/22		83,884
	100,000		QVC, Inc		4.375		03/15/23		94,565
	1,200,000		QVC, Inc		4.450		02/15/25		987,394
	150,000		QVC, Inc		5.950		03/15/43		101,844
	350,000		Target Corp		3.500		07/01/24		373,830
	200,000		Target Corp		2.250		04/15/25		203,047
	1,700,000		Target Corp		2.500		04/15/26		1,725,166
	1,500,000		Target Corp		3.375		04/15/29		1,621,098
	600,000		Target Corp		2.350		02/15/30		604,224
	100,000		Target Corp		2.650		09/15/30		102,391
	975,000		Target Corp		4.000		07/01/42		1,107,610
	225,000		Target Corp		3.625		04/15/46		251,366
	1,500,000		Target Corp		3.900		11/15/47		1,766,068
	1,000,000		TJX Cos, Inc		2.750		06/15/21		1,003,470
	300,000		TJX Cos, Inc		2.500		05/15/23		296,733
	525,000		TJX Cos, Inc		2.250		09/15/26		509,020
	500,000		TJX Cos, Inc		3.750		04/15/27		513,430
	500,000		TJX Cos, Inc		3.875		04/15/30		517,374
			TOTAL RETAILING						93,086,833
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3%
	200,000		Altera Corp		4.100		11/15/23		218,114
	500,000		Analog Devices, Inc		2.950		01/12/21		500,541
	300,000		Analog Devices, Inc		2.500		12/05/21		302,874
	325,000		Analog Devices, Inc		3.125		12/05/23		330,097
	1,175,000		Analog Devices, Inc		3.500		12/05/26		1,188,569
	100,000		Analog Devices, Inc		4.500		12/05/36		107,474
	200,000		Analog Devices, Inc		5.300		12/15/45		263,760
	1,000,000	g	Broadcom, Inc		3.125		04/15/21		987,743
	1,150,000	g	Broadcom, Inc		3.125		10/15/22		1,138,679

72

TIAA-CREF FUNDS – Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,400,000	g	Broadcom, Inc		3.625	%	10/15/24	$	2,355,839
	1,600,000	g	Broadcom, Inc		4.250		04/15/26		1,625,869
	3,000,000	g	Broadcom, Inc		4.750		04/15/29		3,047,064
	1,050,000		Intel Corp		1.700		05/19/21		1,049,988
	1,600,000		Intel Corp		3.100		07/29/22		1,660,475
	1,700,000		Intel Corp		2.700		12/15/22		1,768,669
	2,050,000		Intel Corp		3.700		07/29/25		2,260,971
	2,480,000		Intel Corp		2.600		05/19/26		2,620,735
	250,000		Intel Corp		4.000		12/15/32		293,972
	200,000		Intel Corp		4.100		05/19/46		241,558
	675,000		Intel Corp		4.100		05/11/47		821,080
	3,328,000		Intel Corp		3.734		12/08/47		3,886,885
	2,500,000		Intel Corp		3.250		11/15/49		2,707,685
	1,000,000		Intel Corp		3.100		02/15/60		1,084,530
	350,000		Marvell Technology Group Ltd		4.200		06/22/23		357,802
	350,000		Marvell Technology Group Ltd		4.875		06/22/28		362,622
	200,000		Maxim Integrated Products, Inc		3.375		03/15/23		204,070
	400,000		Maxim Integrated Products, Inc		3.450		06/15/27		409,812
	1,000,000		Microchip Technology, Inc		4.333		06/01/23		996,866
	475,000		Micron Technology, Inc		4.640		02/06/24		482,547
	425,000		Micron Technology, Inc		4.975		02/06/26		445,520
	750,000		Micron Technology, Inc		4.185		02/15/27		759,012
	400,000		Micron Technology, Inc		5.327		02/06/29		438,460
	500,000		Micron Technology, Inc		4.663		02/15/30		522,637
	525,000		NVIDIA Corp		2.200		09/16/21		529,478
	800,000		NVIDIA Corp		3.200		09/16/26		864,991
	750,000		NVIDIA Corp		2.850		04/01/30		779,505
	750,000		NVIDIA Corp		3.500		04/01/50		818,793
	475,000	g	NXP BV		4.875		03/01/24		507,148
	425,000	g	NXP BV		5.350		03/01/26		459,447
	750,000	g	NXP BV		3.875		06/18/26		729,461
	400,000	g	NXP BV		5.550		12/01/28		449,841
	750,000	g	NXP BV		4.300		06/18/29		767,870
	100,000		Texas Instruments, Inc		2.625		05/15/24		104,272
	325,000		Texas Instruments, Inc		1.375		03/12/25		321,806
	350,000		Texas Instruments, Inc		2.900		11/03/27		370,351
	1,000,000		Texas Instruments, Inc		2.250		09/04/29		1,009,323
	350,000		Texas Instruments, Inc		3.875		03/15/39		403,059
	1,200,000		Texas Instruments, Inc		4.150		05/15/48		1,484,142
	400,000		Xilinx, Inc		3.000		03/15/21		399,865
	475,000		Xilinx, Inc		2.950		06/01/24		473,459
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						45,915,330
SOFTWARE & SERVICES - 0.9%
	525,000		Activision Blizzard, Inc		2.300		09/15/21		528,630
	100,000		Activision Blizzard, Inc		2.600		06/15/22		100,703
	475,000		Activision Blizzard, Inc		3.400		09/15/26		500,901
	300,000		Activision Blizzard, Inc		3.400		06/15/27		311,140
	300,000		Activision Blizzard, Inc		4.500		06/15/47		380,188
	775,000		Adobe Systems, Inc		3.250		02/01/25		837,173
	125,000		Adobe, Inc		1.700		02/01/23		126,494
	500,000		Adobe, Inc		1.900		02/01/25		504,442
	1,000,000		Adobe, Inc		2.150		02/01/27		1,010,843

72

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	925,000	Adobe, Inc		2.300	%	02/01/30	$	924,676
	250,000	Autodesk, Inc		4.375		06/15/25		267,362
	450,000	Autodesk, Inc		3.500		06/15/27		463,086
	750,000	Autodesk, Inc		2.850		01/15/30		734,572
	700,000	Automatic Data Processing, Inc		3.375		09/15/25		747,999
	500,000	Baidu, Inc		3.000		06/30/20		500,643
	900,000	Baidu, Inc		2.875		07/06/22		899,992
	700,000	Baidu, Inc		3.875		09/29/23		723,112
	525,000	Baidu, Inc		4.375		05/14/24		554,660
	300,000	Baidu, Inc		3.625		07/06/27		312,682
	1,500,000	Baidu, Inc		4.375		03/29/28		1,651,467
	500,000	Baidu, Inc		4.875		11/14/28		560,760
	600,000	CA, Inc		3.600		08/15/22		562,838
	150,000	CA, Inc		4.700		03/15/27		144,857
	500,000	Citrix Systems, Inc		4.500		12/01/27		516,640
	750,000	Citrix Systems, Inc		3.300		03/01/30		697,693
	250,000	CyrusOne LP		2.900		11/15/24		245,382
	750,000	CyrusOne LP		3.450		11/15/29		662,033
	200,000	DXC Technology Co		4.450		09/18/22		206,072
	375,000	DXC Technology Co		4.250		04/15/24		387,848
	200,000	DXC Technology Co		4.750		04/15/27		200,745
	300,000	Electronic Arts, Inc		3.700		03/01/21		301,333
	300,000	Expedia Group, Inc		4.500		08/15/24		275,450
	1,200,000	Expedia Group, Inc		5.000		02/15/26		1,084,271
	175,000	Expedia Group, Inc		3.800		02/15/28		151,406
	750,000	Expedia Group, Inc		3.250		02/15/30		611,376
	125,000	Fidelity National Information Services, Inc		3.500		04/15/23		128,764
	163,000	Fidelity National Information Services, Inc		3.875		06/05/24		172,761
	1,575,000	Fidelity National Information Services, Inc		3.000		08/15/26		1,608,797
	100,000	Fidelity National Information Services, Inc		4.250		05/15/28		111,107
	300,000	Fidelity National Information Services, Inc		4.500		08/15/46		370,968
	150,000	Fidelity National Information Services, Inc		4.750		05/15/48		185,771
	1,350,000	Fiserv, Inc		3.500		10/01/22		1,359,469
	125,000	Fiserv, Inc		3.800		10/01/23		130,326
	2,000,000	Fiserv, Inc		2.750		07/01/24		1,988,591
	1,675,000	Fiserv, Inc		3.850		06/01/25		1,772,057
	900,000	Fiserv, Inc		3.200		07/01/26		926,346
	1,125,000	Fiserv, Inc		3.500		07/01/29		1,190,442
	2,300,000	Fiserv, Inc		4.400		07/01/49		2,450,516
	250,000	Global Payments, Inc		3.800		04/01/21		251,567
	125,000	Global Payments, Inc		3.750		06/01/23		129,959
	500,000	Global Payments, Inc		4.000		06/01/23		521,293
	575,000	Global Payments, Inc		2.650		02/15/25		569,950
	300,000	Global Payments, Inc		4.800		04/01/26		331,654
	500,000	Global Payments, Inc		4.450		06/01/28		506,359
	475,000	Global Payments, Inc		3.200		08/15/29		464,042
	750,000	Global Payments, Inc		4.150		08/15/49		717,572
	600,000	IHS Markit Ltd		4.125		08/01/23		624,288
	250,000	IHS Markit Ltd		3.625		05/01/24		248,413
	100,000	IHS Markit Ltd		4.750		08/01/28		104,656
	1,050,000	IHS Markit Ltd		4.250		05/01/29		1,110,386
	425,000	International Business Machines Corp		2.500		01/27/22		435,306
	750,000	International Business Machines Corp		1.875		08/01/22		755,784
	750,000	International Business Machines Corp		2.875		11/09/22		775,852

73

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	550,000	International Business Machines Corp		3.375	%	08/01/23	$	578,645
	600,000	International Business Machines Corp		3.625		02/12/24		640,072
	3,000,000	International Business Machines Corp		3.000		05/15/24		3,136,913
	350,000	International Business Machines Corp		3.450		02/19/26		375,951
	2,500,000	International Business Machines Corp		3.300		05/15/26		2,681,286
	2,675,000	International Business Machines Corp		3.500		05/15/29		2,920,387
	1,850,000	International Business Machines Corp		4.150		05/15/39		2,093,283
	19,000	International Business Machines Corp		5.600		11/30/39		25,320
	1,060,000	International Business Machines Corp		4.000		06/20/42		1,220,432
	1,500,000	International Business Machines Corp		4.700		02/19/46		1,744,883
	2,500,000	International Business Machines Corp		4.250		05/15/49		3,044,746
	200,000	Juniper Networks, Inc		4.500		03/15/24		210,992
	750,000	Juniper Networks, Inc		4.350		06/15/25		742,679
	750,000	Juniper Networks, Inc		3.750		08/15/29		727,514
	200,000	Mastercard, Inc		2.000		11/21/21		201,152
	1,000,000	Mastercard, Inc		3.375		04/01/24		1,054,670
	1,000,000	Mastercard, Inc		2.000		03/03/25		1,048,237
	425,000	Mastercard, Inc		2.950		11/21/26		452,422
	750,000	Mastercard, Inc		3.500		02/26/28		833,217
	1,000,000	Mastercard, Inc		2.950		06/01/29		1,065,512
	200,000	Mastercard, Inc		3.800		11/21/46		230,441
	300,000	Mastercard, Inc		3.950		02/26/48		346,126
	1,000,000	Mastercard, Inc		3.650		06/01/49		1,165,614
	450,000	Microsoft Corp		4.000		02/08/21		464,677
	850,000	Microsoft Corp		1.550		08/08/21		855,785
	1,300,000	Microsoft Corp		2.375		02/12/22		1,336,038
	725,000	Microsoft Corp		2.650		11/03/22		760,178
	575,000	Microsoft Corp		2.125		11/15/22		596,536
	275,000	Microsoft Corp		2.375		05/01/23		285,752
	1,450,000	Microsoft Corp		2.000		08/08/23		1,499,055
	800,000	Microsoft Corp		3.625		12/15/23		874,182
	975,000	Microsoft Corp		2.700		02/12/25		1,051,290
	1,075,000	Microsoft Corp		3.125		11/03/25		1,177,588
	2,925,000	Microsoft Corp		2.400		08/08/26		3,093,330
	5,739,000	Microsoft Corp		3.300		02/06/27		6,368,672
	150,000	Microsoft Corp		3.500		02/12/35		177,554
	1,175,000	Microsoft Corp		4.200		11/03/35		1,472,754
	2,250,000	Microsoft Corp		3.450		08/08/36		2,570,353
	2,925,000	Microsoft Corp		4.100		02/06/37		3,571,120
	200,000	Microsoft Corp		4.500		10/01/40		262,517
	175,000	Microsoft Corp		5.300		02/08/41		256,812
	500,000	Microsoft Corp		3.500		11/15/42		575,120
	300,000	Microsoft Corp		3.750		05/01/43		349,890
	1,025,000	Microsoft Corp		3.750		02/12/45		1,237,120
	950,000	Microsoft Corp		4.450		11/03/45		1,249,108
	1,575,000	Microsoft Corp		3.700		08/08/46		1,868,261
	2,300,000	Microsoft Corp		4.250		02/06/47		2,987,574
	1,950,000	Microsoft Corp		4.000		02/12/55		2,485,232
	500,000	Microsoft Corp		4.750		11/03/55		705,775
	1,300,000	Microsoft Corp		3.950		08/08/56		1,624,172
	5,625,000	Microsoft Corp		4.500		02/06/57		7,757,945
	1,250,000	Oracle Corp		2.800		07/08/21		1,268,158
	1,125,000	Oracle Corp		1.900		09/15/21		1,128,953

74

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,600,000	Oracle Corp		2.500	%	05/15/22	$	1,626,526
	2,150,000	Oracle Corp		2.500		10/15/22		2,198,771
	800,000	Oracle Corp		2.625		02/15/23		821,218
	225,000	Oracle Corp		3.625		07/15/23		238,579
	2,375,000	Oracle Corp		2.400		09/15/23		2,424,090
	1,225,000	Oracle Corp		3.400		07/08/24		1,309,556
	900,000	Oracle Corp		2.950		11/15/24		948,181
	1,000,000	Oracle Corp		2.500		04/01/25		1,020,871
	1,650,000	Oracle Corp		2.950		05/15/25		1,711,300
	2,884,000	Oracle Corp		2.650		07/15/26		2,957,742
	1,000,000	Oracle Corp		2.800		04/01/27		1,019,323
	1,000,000	Oracle Corp		2.950		04/01/30		1,006,002
	400,000	Oracle Corp		3.250		05/15/30		426,886
	2,497,000	Oracle Corp		4.300		07/08/34		2,923,792
	650,000	Oracle Corp		3.900		05/15/35		701,821
	1,225,000	Oracle Corp		3.850		07/15/36		1,279,107
	4,000,000	Oracle Corp		3.800		11/15/37		4,124,849
	100,000	Oracle Corp		6.500		04/15/38		140,838
	470,000	Oracle Corp		6.125		07/08/39		633,683
	675,000	Oracle Corp		3.600		04/01/40		671,932
	325,000	Oracle Corp		5.375		07/15/40		434,583
	500,000	Oracle Corp		4.500		07/08/44		571,831
	325,000	Oracle Corp		4.125		05/15/45		354,339
	2,025,000	Oracle Corp		4.000		07/15/46		2,205,555
	3,100,000	Oracle Corp		4.000		11/15/47		3,405,108
	1,000,000	Oracle Corp		3.600		04/01/50		995,968
	500,000	Oracle Corp		4.375		05/15/55		606,531
	1,000,000	Oracle Corp		3.850		04/01/60		1,006,066
	550,000	PayPal Holdings, Inc		2.200		09/26/22		547,315
	1,000,000	PayPal Holdings, Inc		2.400		10/01/24		1,004,902
	1,000,000	PayPal Holdings, Inc		2.650		10/01/26		979,924
	1,000,000	PayPal Holdings, Inc		2.850		10/01/29		992,551
	725,000	salesforce.com, Inc		3.250		04/11/23		753,504
	925,000	salesforce.com, Inc		3.700		04/11/28		1,021,092
	475,000	VMware, Inc		2.300		08/21/20		469,939
	1,475,000	VMware, Inc		2.950		08/21/22		1,478,696
	725,000	VMware, Inc		3.900		08/21/27		714,996
		TOTAL SOFTWARE & SERVICES						160,812,427
TECHNOLOGY HARDWARE & EQUIPMENT - 0.8%
	100,000	Alphabet, Inc		3.625		05/19/21		102,910
	875,000	Alphabet, Inc		3.375		02/25/24		962,369
	1,250,000	Alphabet, Inc		1.998		08/15/26		1,320,009
	200,000	Amphenol Corp		3.200		04/01/24		202,412
	250,000	Amphenol Corp		2.050		03/01/25		236,419
	450,000	Amphenol Corp		4.350		06/01/29		501,552
	1,000,000	Amphenol Corp		2.800		02/15/30		910,460
	2,500,000	Apple, Inc		2.250		02/23/21		2,522,956
	2,925,000	Apple, Inc		1.550		08/04/21		2,943,047
	1,250,000	Apple, Inc		2.150		02/09/22		1,277,687
	1,050,000	Apple, Inc		2.700		05/13/22		1,096,000
	275,000	Apple, Inc		1.700		09/11/22		280,341
	575,000	Apple, Inc		2.100		09/12/22		586,403
	650,000	Apple, Inc		2.400		01/13/23		669,904

75

TIAA-CREF FUNDS – Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	750,000		Apple, Inc		2.850	%	02/23/23	$	782,456
	925,000		Apple, Inc		2.400		05/03/23		962,006
	1,150,000		Apple, Inc		3.000		02/09/24		1,218,322
	2,725,000		Apple, Inc		3.450		05/06/24		2,942,127
	1,075,000		Apple, Inc		2.850		05/11/24		1,137,572
	1,850,000		Apple, Inc		2.750		01/13/25		1,958,143
	1,075,000		Apple, Inc		2.500		02/09/25		1,148,163
	1,125,000		Apple, Inc		3.200		05/13/25		1,218,629
	2,825,000		Apple, Inc		3.250		02/23/26		3,076,399
	1,425,000		Apple, Inc		2.450		08/04/26		1,493,167
	1,750,000		Apple, Inc		2.050		09/11/26		1,805,148
	1,075,000		Apple, Inc		3.350		02/09/27		1,172,663
	275,000		Apple, Inc		3.200		05/11/27		298,018
	3,675,000		Apple, Inc		3.000		11/13/27		3,951,634
	1,600,000		Apple, Inc		4.500		02/23/36		1,997,883
	350,000		Apple, Inc		3.850		05/04/43		413,956
	750,000		Apple, Inc		4.450		05/06/44		966,624
	1,350,000		Apple, Inc		3.450		02/09/45		1,523,761
	1,000,000		Apple, Inc		4.375		05/13/45		1,273,020
	1,775,000		Apple, Inc		4.650		02/23/46		2,457,422
	900,000		Apple, Inc		3.850		08/04/46		1,086,947
	1,175,000		Apple, Inc		4.250		02/09/47		1,505,628
	900,000		Apple, Inc		3.750		09/12/47		1,059,303
	2,850,000		Apple, Inc		3.750		11/13/47		3,409,358
	1,650,000		Apple, Inc		2.950		09/11/49		1,741,243
	500,000		Broadcom Corp		2.200		01/15/21		493,380
	2,500,000		Broadcom Corp		3.000		01/15/22		2,477,057
	500,000		Broadcom Corp		2.650		01/15/23		488,286
	1,100,000		Broadcom Corp		3.625		01/15/24		1,088,484
	2,250,000		Broadcom Corp		3.125		01/15/25		2,157,067
	1,750,000		Broadcom Corp		3.875		01/15/27		1,668,216
	250,000		Broadcom Corp		3.500		01/15/28		231,670
	1,250,000		Cisco Systems, Inc		2.900		03/04/21		1,256,978
	300,000		Cisco Systems, Inc		1.850		09/20/21		302,080
	400,000		Cisco Systems, Inc		3.000		06/15/22		416,795
	500,000		Cisco Systems, Inc		2.600		02/28/23		515,317
	2,300,000		Cisco Systems, Inc		2.200		09/20/23		2,418,931
	1,100,000		Cisco Systems, Inc		3.625		03/04/24		1,186,041
	400,000		Cisco Systems, Inc		3.500		06/15/25		440,384
	500,000		Cisco Systems, Inc		2.950		02/28/26		546,884
	3,000,000		Cisco Systems, Inc		2.500		09/20/26		3,127,797
	1,000,000		Cisco Systems, Inc		5.900		02/15/39		1,445,951
	1,175,000		Cisco Systems, Inc		5.500		01/15/40		1,674,464
	300,000		Corning, Inc		2.900		05/15/22		300,930
	200,000		Corning, Inc		4.700		03/15/37		206,036
	100,000		Corning, Inc		5.750		08/15/40		116,476
	200,000		Corning, Inc		4.750		03/15/42		209,751
	300,000		Corning, Inc		5.350		11/15/48		353,048
	500,000		Corning, Inc		3.900		11/15/49		487,722
	825,000		Corning, Inc		4.375		11/15/57		857,682
	200,000		Corning, Inc		5.850		11/15/68		220,447
	1,000,000		Corning, Inc		5.450		11/15/79		1,021,587
	1,550,000	g	Dell International LLC		4.420		06/15/21		1,566,639

76

TIAA-CREF FUNDS – Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	4,150,000	g	Dell International LLC		5.450	%	06/15/23	$	4,258,569
	875,000	g	Dell International LLC		4.000		07/15/24		882,772
	2,925,000	g	Dell International LLC		6.020		06/15/26		3,112,322
	1,050,000	g	Dell International LLC		4.900		10/01/26		1,045,921
	1,900,000	g	Dell International LLC		5.300		10/01/29		1,848,095
	1,125,000	g	Dell International LLC		8.100		07/15/36		1,293,625
	1,525,000	g	Dell International LLC		8.350		07/15/46		1,791,912
	800,000		Flex Ltd		4.750		06/15/25		804,012
	600,000		Flex Ltd		4.875		06/15/29		569,581
	500,000		Genpact Luxembourg Sarl		3.375		12/01/24		502,137
	500,000		Hewlett Packard Enterprise Co		3.500		10/05/21		502,459
	1,000,000		Hewlett Packard Enterprise Co		2.250		04/01/23		977,122
	3,000,000		Hewlett Packard Enterprise Co		4.900		10/15/25		3,155,641
	225,000		Hewlett Packard Enterprise Co		6.200		10/15/35		254,769
	1,175,000		Hewlett Packard Enterprise Co		6.350		10/15/45		1,366,698
	913,000		Hewlett-Packard Co		3.750		12/01/20		909,710
	500,000		Hewlett-Packard Co		4.650		12/09/21		503,261
	200,000		Hewlett-Packard Co		4.050		09/15/22		208,999
	975,000		Hewlett-Packard Co		6.000		09/15/41		1,033,765
	1,000,000		Jabil, Inc		4.700		09/15/22		996,889
	100,000		Jabil, Inc		3.950		01/12/28		96,054
	750,000		Jabil, Inc		3.600		01/15/30		667,071
	755,000		Koninklijke Philips Electronics NV		5.000		03/15/42		903,522
	300,000	g	L3Harris Technologies, Inc		4.950		02/15/21		306,439
	475,000	g	L3Harris Technologies, Inc		3.850		06/15/23		494,151
	52,000	g	L3Harris Technologies, Inc		3.950		05/28/24		54,507
	600,000	g	L3Harris Technologies, Inc		3.850		12/15/26		625,375
	625,000	g	L3Harris Technologies, Inc		4.400		06/15/28		676,142
	1,275,000		L3Harris Technologies, Inc		4.400		06/15/28		1,379,330
	175,000		L3Harris Technologies, Inc		2.900		12/15/29		165,352
	300,000		L3Harris Technologies, Inc		4.854		04/27/35		325,091
	600,000		L3Harris Technologies, Inc		5.054		04/27/45		662,719
	1,040,000		Motorola Solutions, Inc		3.750		05/15/22		1,040,052
	250,000		Motorola Solutions, Inc		3.500		03/01/23		242,046
	200,000		Motorola Solutions, Inc		4.000		09/01/24		198,062
	450,000		Motorola Solutions, Inc		4.600		02/23/28		459,000
	500,000		Motorola Solutions, Inc		4.600		05/23/29		525,114
	200,000		Motorola Solutions, Inc		5.500		09/01/44		201,843
	200,000		NetApp, Inc		3.375		06/15/21		200,478
	200,000		NetApp, Inc		3.300		09/29/24		196,749
	925,000		QUALCOMM, Inc		3.000		05/20/22		944,096
	350,000		QUALCOMM, Inc		2.600		01/30/23		358,399
	1,225,000		QUALCOMM, Inc		2.900		05/20/24		1,264,092
	925,000		QUALCOMM, Inc		3.450		05/20/25		989,167
	2,800,000		QUALCOMM, Inc		3.250		05/20/27		2,954,486
	750,000		QUALCOMM, Inc		4.650		05/20/35		949,159
	650,000		QUALCOMM, Inc		4.800		05/20/45		865,311
	1,525,000		QUALCOMM, Inc		4.300		05/20/47		1,844,142
	175,000		Seagate HDD Cayman		4.250		03/01/22		175,343
	350,000		Seagate HDD Cayman		4.750		06/01/23		350,488
	1,675,000		Seagate HDD Cayman		4.750		01/01/25		1,665,862
	200,000		Seagate HDD Cayman		4.875		06/01/27		198,239
	200,000		Seagate HDD Cayman		5.750		12/01/34		185,176
	350,000		Tech Data Corp		3.700		02/15/22		346,452

77

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	350,000	Tech Data Corp		4.950	%	02/15/27	$	353,586
	250,000	Tyco Electronics Group S.A.		3.500		02/03/22		253,519
	200,000	Tyco Electronics Group S.A.		3.450		08/01/24		204,180
	100,000	Tyco Electronics Group S.A.		3.700		02/15/26		101,740
	1,150,000	Tyco Electronics Group S.A.		3.125		08/15/27		1,188,157
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						132,117,111
TELECOMMUNICATION SERVICES - 1.1%
	950,000	America Movil SAB de C.V.		3.125		07/16/22		958,868
	1,000,000	America Movil SAB de C.V.		3.625		04/22/29		1,017,415
	440,000	America Movil SAB de C.V.		6.125		03/30/40		577,535
	1,625,000	America Movil SAB de C.V.		4.375		07/16/42		1,732,840
	2,000,000	America Movil SAB de C.V.		4.375		04/22/49		2,258,000
	675,000	AT&T, Inc		3.000		02/15/22		680,597
	1,075,000	AT&T, Inc		3.200		03/01/22		1,090,511
	650,000	AT&T, Inc		3.800		03/15/22		671,370
	1,400,000	AT&T, Inc		3.400		06/15/22		1,433,639
	625,000	AT&T, Inc		3.000		06/30/22		630,290
	575,000	AT&T, Inc		2.625		12/01/22		567,849
	800,000	AT&T, Inc		3.600		02/17/23		823,560
	650,000	AT&T, Inc		4.050		12/15/23		684,379
	1,075,000	AT&T, Inc		3.800		03/01/24		1,130,594
	450,000	AT&T, Inc		3.900		03/11/24		471,830
	1,675,000	AT&T, Inc		4.450		04/01/24		1,774,250
	500,000	AT&T, Inc		3.550		06/01/24		516,328
	625,000	AT&T, Inc		3.950		01/15/25		658,513
	2,825,000	AT&T, Inc		3.400		05/15/25		2,921,902
	225,000	AT&T, Inc		3.600		07/15/25		233,656
	500,000	AT&T, Inc		3.875		01/15/26		513,279
	2,050,000	AT&T, Inc		4.125		02/17/26		2,187,248
	750,000	AT&T, Inc		2.950		07/15/26		737,783
	2,175,000	AT&T, Inc		3.800		02/15/27		2,259,825
	2,075,000	AT&T, Inc		4.250		03/01/27		2,218,357
	5,255,000	AT&T, Inc		4.100		02/15/28		5,518,886
	4,375,000	AT&T, Inc		4.350		03/01/29		4,704,124
	1,825,000	AT&T, Inc		4.500		05/15/35		1,989,685
	1,925,000	AT&T, Inc		5.250		03/01/37		2,241,128
	1,500,000	AT&T, Inc		4.900		08/15/37		1,683,462
	5,275,000	AT&T, Inc		4.850		03/01/39		5,968,334
	150,000	AT&T, Inc		6.000		08/15/40		183,551
	175,000	AT&T, Inc		5.350		09/01/40		203,578
	550,000	AT&T, Inc		5.150		03/15/42		630,865
	900,000	AT&T, Inc		4.900		06/15/42		1,003,061
	2,591,000	AT&T, Inc		4.300		12/15/42		2,736,917
	200,000	AT&T, Inc		5.350		12/15/43		236,252
	300,000	AT&T, Inc		4.650		06/01/44		324,541
	1,550,000	AT&T, Inc		4.800		06/15/44		1,726,952
	3,079,000	AT&T, Inc		4.350		06/15/45		3,255,631
	1,700,000	AT&T, Inc		4.850		07/15/45		1,882,539
	350,000	AT&T, Inc		4.750		05/15/46		388,698
	175,000	AT&T, Inc		5.150		11/15/46		205,798
	2,900,000	AT&T, Inc		5.450		03/01/47		3,482,119
	2,125,000	AT&T, Inc		4.500		03/09/48		2,306,177

78

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,250,000	AT&T, Inc		5.150	%	02/15/50	$	1,493,724
	2,750,000	AT&T, Inc		5.300		08/15/58		3,240,042
	750,000	Bell Canada, Inc		4.464		04/01/48		800,903
	750,000	Bell Canada, Inc		4.300		07/29/49		868,561
	750,000	British Telecommunications plc		4.500		12/04/23		785,754
	750,000	British Telecommunications plc		5.125		12/04/28		837,013
	1,425,000	British Telecommunications plc		9.625		12/15/30		2,194,556
	2,690,000	Deutsche Telekom International Finance BV		8.750		06/15/30		3,668,973
	2,000,000	Orange S.A.		4.125		09/14/21		2,045,616
	745,000	Orange S.A.		9.000		03/01/31		1,130,996
	900,000	Orange S.A.		5.375		01/13/42		1,152,106
	725,000	Orange S.A.		5.500		02/06/44		927,979
	200,000	Rogers Communications, Inc		4.100		10/01/23		213,901
	1,713,000	Rogers Communications, Inc		3.625		12/15/25		1,812,457
	200,000	Rogers Communications, Inc		2.900		11/15/26		198,449
	125,000	Rogers Communications, Inc		4.500		03/15/43		142,427
	300,000	Rogers Communications, Inc		5.450		10/01/43		374,814
	600,000	Rogers Communications, Inc		5.000		03/15/44		720,224
	150,000	Rogers Communications, Inc		4.300		02/15/48		163,903
	1,500,000	Rogers Communications, Inc		4.350		05/01/49		1,700,528
	1,300,000	Rogers Communications, Inc		3.700		11/15/49		1,344,767
	2,020,000	Telefonica Emisiones SAU		5.134		04/27/20		2,023,356
	225,000	Telefonica Emisiones SAU		4.570		04/27/23		240,269
	1,500,000	Telefonica Emisiones SAU		4.103		03/08/27		1,555,678
	625,000	Telefonica Emisiones SAU		7.045		06/20/36		745,335
	1,200,000	Telefonica Emisiones SAU		4.665		03/06/38		1,291,066
	2,125,000	Telefonica Emisiones SAU		5.213		03/08/47		2,384,548
	1,175,000	Telefonica Emisiones SAU		4.895		03/06/48		1,300,398
	900,000	Telefonica Emisiones SAU		5.520		03/01/49		1,056,106
	567,000	Telefonica Europe BV		8.250		09/15/30		820,208
	325,000	TELUS Corp		2.800		02/16/27		328,313
	300,000	TELUS Corp		3.700		09/15/27		317,882
	500,000	TELUS Corp		4.600		11/16/48		562,101
	750,000	TELUS Corp		4.300		06/15/49		794,105
	475,000	Verizon Communications, Inc		2.946		03/15/22		484,488
	350,000	Verizon Communications, Inc		5.150		09/15/23		388,980
	575,000	Verizon Communications, Inc		3.500		11/01/24		611,647
	700,000	Verizon Communications, Inc		2.625		08/15/26		722,880
	125,000	Verizon Communications, Inc		3.000		03/22/27		131,542
	6,641,000	Verizon Communications, Inc		4.329		09/21/28		7,653,085
	350,000	Verizon Communications, Inc		3.875		02/08/29		391,770
	9,005,000	Verizon Communications, Inc		4.016		12/03/29		10,152,486
	200,000	Verizon Communications, Inc		3.150		03/22/30		215,075
	2,975,000	Verizon Communications, Inc		4.500		08/10/33		3,581,204
	3,250,000	Verizon Communications, Inc		4.400		11/01/34		3,804,924
	3,775,000	Verizon Communications, Inc		4.272		01/15/36		4,410,187
	325,000	Verizon Communications, Inc		5.250		03/16/37		415,719
	11,875,000	Verizon Communications, Inc		5.012		04/15/49		16,020,704
	150,000	Verizon Communications, Inc		4.000		03/22/50		178,021
	4,000,000	Vodafone Group plc		4.125		05/30/25		4,259,723
	4,425,000	Vodafone Group plc		4.375		05/30/28		4,652,303
	425,000	Vodafone Group plc		6.150		02/27/37		493,361
	925,000	Vodafone Group plc		5.000		05/30/38		1,029,204
	1,900,000	Vodafone Group plc		4.375		02/19/43		1,968,100

79

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,450,000	Vodafone Group plc		5.250	%	05/30/48	$	1,749,807
	1,000,000	Vodafone Group plc		4.875		06/19/49		1,104,741
	1,000,000	Vodafone Group plc		4.250		09/17/50		1,027,842
	500,000	Vodafone Group plc		5.125		06/19/59		567,576
		TOTAL TELECOMMUNICATION SERVICES						174,675,143
TRANSPORTATION - 0.6%
	719,285	American Airlines, Inc		3.000		10/15/28		678,819
	275,000	Boeing Co		2.300		08/01/21		265,810
	300,000	Boeing Co		2.700		05/01/22		286,484
	750,000	Boeing Co		2.800		03/01/23		690,464
	300,000	Boeing Co		2.800		03/01/24		282,375
	400,000	Boeing Co		2.600		10/30/25		362,314
	300,000	Boeing Co		3.100		05/01/26		277,403
	200,000	Boeing Co		2.250		06/15/26		177,124
	500,000	Boeing Co		2.700		02/01/27		458,849
	250,000	Boeing Co		2.800		03/01/27		223,076
	500,000	Boeing Co		3.250		03/01/28		470,861
	125,000	Boeing Co		3.450		11/01/28		108,815
	600,000	Boeing Co		3.200		03/01/29		554,102
	750,000	Boeing Co		2.950		02/01/30		694,554
	300,000	Boeing Co		3.600		05/01/34		268,324
	425,000	Boeing Co		3.250		02/01/35		369,007
	500,000	Boeing Co		3.550		03/01/38		432,906
	600,000	Boeing Co		3.500		03/01/39		521,677
	350,000	Boeing Co		5.875		02/15/40		337,801
	300,000	Boeing Co		3.375		06/15/46		252,483
	250,000	Boeing Co		3.650		03/01/47		222,484
	100,000	Boeing Co		3.625		03/01/48		87,030
	100,000	Boeing Co		3.850		11/01/48		90,866
	125,000	Boeing Co		3.825		03/01/59		111,671
	750,000	Boeing Co		3.950		08/01/59		674,152
	300,000	Burlington Northern Santa Fe LLC		3.050		03/15/22		302,750
	150,000	Burlington Northern Santa Fe LLC		3.050		09/01/22		152,887
	1,100,000	Burlington Northern Santa Fe LLC		3.850		09/01/23		1,163,504
	500,000	Burlington Northern Santa Fe LLC		3.750		04/01/24		526,899
	150,000	Burlington Northern Santa Fe LLC		3.400		09/01/24		156,321
	300,000	Burlington Northern Santa Fe LLC		3.000		04/01/25		310,879
	700,000	Burlington Northern Santa Fe LLC		3.650		09/01/25		741,397
	660,000	Burlington Northern Santa Fe LLC		5.750		05/01/40		894,351
	250,000	Burlington Northern Santa Fe LLC		5.050		03/01/41		308,917
	200,000	Burlington Northern Santa Fe LLC		4.400		03/15/42		233,542
	300,000	Burlington Northern Santa Fe LLC		4.450		03/15/43		354,892
	500,000	Burlington Northern Santa Fe LLC		5.150		09/01/43		649,959
	500,000	Burlington Northern Santa Fe LLC		4.900		04/01/44		623,276
	600,000	Burlington Northern Santa Fe LLC		4.550		09/01/44		727,296
	1,275,000	Burlington Northern Santa Fe LLC		4.150		04/01/45		1,491,750
	200,000	Burlington Northern Santa Fe LLC		4.700		09/01/45		243,712
	1,150,000	Burlington Northern Santa Fe LLC		3.900		08/01/46		1,290,241
	400,000	Burlington Northern Santa Fe LLC		4.125		06/15/47		468,305
	1,175,000	Burlington Northern Santa Fe LLC		4.050		06/15/48		1,358,067
	1,025,000	Burlington Northern Santa Fe LLC		4.150		12/15/48		1,194,826
	750,000	Burlington Northern Santa Fe LLC		3.550		02/15/50		821,181

80

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	100,000	Canadian National Railway Co		2.850	%	12/15/21	$	98,139
	300,000	Canadian National Railway Co		2.250		11/15/22		298,650
	200,000	Canadian National Railway Co		2.950		11/21/24		192,470
	200,000	Canadian National Railway Co		6.900		07/15/28		253,916
	200,000	Canadian National Railway Co		6.250		08/01/34		270,639
	250,000	Canadian National Railway Co		3.500		11/15/42		264,938
	100,000	Canadian National Railway Co		4.500		11/07/43		121,113
	650,000	Canadian National Railway Co		3.200		08/02/46		673,422
	725,000	Canadian National Railway Co		3.650		02/03/48		808,562
	325,000	Canadian National Railway Co		4.450		01/20/49		418,030
	1,800,000	Canadian Pacific Railway Co		2.900		02/01/25		1,812,839
	300,000	Canadian Pacific Railway Co		4.000		06/01/28		321,435
	100,000	Canadian Pacific Railway Co		2.050		03/05/30		92,855
	200,000	Canadian Pacific Railway Co		7.125		10/15/31		265,592
	250,000	Canadian Pacific Railway Co		5.950		05/15/37		317,999
	775,000	Canadian Pacific Railway Co		6.125		09/15/15		1,031,354
	400,000	CH Robinson Worldwide, Inc		4.200		04/15/28		423,944
	195,664	Continental Airlines, Inc		4.750		01/12/21		197,090
	22,005	Continental Airlines, Inc		5.983		04/19/22		22,561
	340,039	Continental Airlines, Inc		4.150		04/11/24		366,388
	139,882	Continental Airlines, Inc		4.000		10/29/24		135,229
	125,000	CSX Corp		3.700		11/01/23		131,547
	300,000	CSX Corp		3.400		08/01/24		311,888
	200,000	CSX Corp		3.350		11/01/25		210,459
	1,200,000	CSX Corp		2.600		11/01/26		1,222,214
	825,000	CSX Corp		4.250		03/15/29		925,674
	600,000	CSX Corp		2.400		02/15/30		590,865
	100,000	CSX Corp		6.000		10/01/36		121,142
	200,000	CSX Corp		6.150		05/01/37		246,925
	400,000	CSX Corp		5.500		04/15/41		471,535
	350,000	CSX Corp		4.400		03/01/43		377,784
	600,000	CSX Corp		4.100		03/15/44		623,968
	800,000	CSX Corp		3.800		11/01/46		804,024
	1,050,000	CSX Corp		4.300		03/01/48		1,152,398
	850,000	CSX Corp		4.750		11/15/48		980,311
	500,000	CSX Corp		4.500		03/15/49		575,873
	600,000	CSX Corp		3.350		09/15/49		568,174
	1,000,000	CSX Corp		3.800		04/15/50		1,050,401
	200,000	CSX Corp		3.950		05/01/50		208,781
	300,000	CSX Corp		4.500		08/01/54		339,463
	150,000	CSX Corp		4.250		11/01/66		149,740
	300,000	CSX Corp		4.650		03/01/68		327,313
	68,091	Delta Air Lines, Inc		4.750		05/07/20		68,112
	125,000	Delta Air Lines, Inc		2.600		12/04/20		119,338
	225,000	Delta Air Lines, Inc		3.400		04/19/21		204,869
	950,000	Delta Air Lines, Inc		3.625		03/15/22		888,619
	450,000	Delta Air Lines, Inc		3.800		04/19/23		422,890
	1,000,000	Delta Air Lines, Inc		2.900		10/28/24		800,388
	100,609	Delta Air Lines, Inc		3.625		07/30/27		91,425
	425,000	Delta Air Lines, Inc		4.375		04/19/28		341,120
	300,000	Delta Air Lines, Inc		2.000		06/10/28		272,933
	825,000	Delta Air Lines, Inc		3.750		10/28/29		664,849
	175,000	FedEx Corp		3.400		01/14/22		175,973
	300,000	FedEx Corp		4.000		01/15/24		313,032

81

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	100,000	FedEx Corp		3.200	%	02/01/25	$	101,353
	500,000	FedEx Corp		3.250		04/01/26		506,171
	400,000	FedEx Corp		3.300		03/15/27		397,818
	1,250,000	FedEx Corp		3.400		02/15/28		1,237,184
	500,000	FedEx Corp		4.200		10/17/28		523,462
	2,000,000	FedEx Corp		3.100		08/05/29		1,965,702
	1,000,000	FedEx Corp		4.900		01/15/34		1,067,868
	200,000	FedEx Corp		3.900		02/01/35		195,574
	275,000	FedEx Corp		5.100		01/15/44		273,084
	1,100,000	FedEx Corp		4.750		11/15/45		1,055,340
	600,000	FedEx Corp		4.550		04/01/46		569,600
	450,000	FedEx Corp		4.400		01/15/47		409,855
	900,000	FedEx Corp		4.050		02/15/48		792,103
	500,000	FedEx Corp		4.950		10/17/48		489,224
	200,000	FedEx Corp		4.500		02/01/65		160,292
	200,000	GATX Corp		4.350		02/15/24		213,535
	500,000	GATX Corp		3.250		09/15/26		503,739
	200,000	GATX Corp		3.500		03/15/28		201,082
	200,000	GATX Corp		4.550		11/07/28		213,195
	425,000	GATX Corp		4.700		04/01/29		460,844
	225,000	GATX Corp		5.200		03/15/44		247,490
	200,000	JB Hunt Transport Services, Inc		3.300		08/15/22		192,234
	500,000	JB Hunt Transport Services, Inc		3.875		03/01/26		516,494
	500,000	JetBlue Pass Through Trust		2.750		05/15/32		437,267
	100,000	Kansas City Southern		3.000		05/15/23		94,682
	100,000	Kansas City Southern		3.125		06/01/26		98,851
	500,000	Kansas City Southern		2.875		11/15/29		480,186
	100,000	Kansas City Southern		4.300		05/15/43		101,023
	175,000	Kansas City Southern		4.950		08/15/45		182,027
	800,000	Kansas City Southern		4.700		05/01/48		878,483
	500,000	Kansas City Southern		4.200		11/15/69		480,060
	350,000	Kirby Corp		4.200		03/01/28		345,078
	100,000	Norfolk Southern Corp		3.250		12/01/21		101,089
	250,000	Norfolk Southern Corp		3.000		04/01/22		248,868
	1,291,000	Norfolk Southern Corp		2.903		02/15/23		1,305,431
	350,000	Norfolk Southern Corp		2.900		06/15/26		356,840
	300,000	Norfolk Southern Corp		3.150		06/01/27		298,064
	700,000	Norfolk Southern Corp		3.800		08/01/28		720,569
	16,000	Norfolk Southern Corp		4.837		10/01/41		18,879
	300,000	Norfolk Southern Corp		4.450		06/15/45		332,595
	200,000	Norfolk Southern Corp		4.650		01/15/46		235,317
	303,000	Norfolk Southern Corp		3.942		11/01/47		316,164
	1,450,000	Norfolk Southern Corp		4.150		02/28/48		1,532,043
	500,000	Norfolk Southern Corp		4.100		05/15/49		534,633
	500,000	Norfolk Southern Corp		3.400		11/01/49		485,921
	175,000	Norfolk Southern Corp		4.050		08/15/52		188,915
	850,000	Norfolk Southern Corp		5.100		08/01/18		959,901
	500,000	Royal Caribbean Cruises Ltd		2.650		11/28/20		450,275
	700,000	Royal Caribbean Cruises Ltd		3.700		03/15/28		440,867
	500,000	Ryder System, Inc		3.500		06/01/21		499,860
	500,000	Ryder System, Inc		2.875		06/01/22		501,436
	500,000	Ryder System, Inc		2.500		09/01/22		470,602
	200,000	Ryder System, Inc		3.400		03/01/23		201,953

82

TIAA-CREF FUNDS – Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	200,000		Ryder System, Inc		3.750	%	06/09/23	$	200,740
	200,000		Ryder System, Inc		3.875		12/01/23		203,944
	550,000		Ryder System, Inc		3.650		03/18/24		553,922
	500,000		Ryder System, Inc		2.500		09/01/24		476,035
	500,000		Ryder System, Inc		2.900		12/01/26		488,041
	200,000		Southwest Airlines Co		2.750		11/16/22		184,779
	200,000		Southwest Airlines Co		3.000		11/15/26		185,380
	200,000		Southwest Airlines Co		3.450		11/16/27		179,705
	300,000		Southwest Airlines Co		2.625		02/10/30		251,728
	76,516		Spirit Airlines, Inc		4.100		04/01/28		74,450
	300,000		Union Pacific Corp		3.200		06/08/21		302,876
	300,000		Union Pacific Corp		2.950		03/01/22		303,472
	506,000		Union Pacific Corp		4.163		07/15/22		520,189
	500,000		Union Pacific Corp		2.950		01/15/23		511,284
	300,000		Union Pacific Corp		3.500		06/08/23		307,935
	277,000		Union Pacific Corp		3.646		02/15/24		288,154
	300,000		Union Pacific Corp		3.150		03/01/24		312,050
	200,000		Union Pacific Corp		3.750		03/15/24		211,447
	200,000		Union Pacific Corp		3.250		01/15/25		210,901
	500,000		Union Pacific Corp		3.750		07/15/25		537,381
	200,000		Union Pacific Corp		3.250		08/15/25		206,465
	300,000		Union Pacific Corp		2.750		03/01/26		303,193
	500,000		Union Pacific Corp		2.150		02/05/27		488,684
	1,825,000		Union Pacific Corp		3.950		09/10/28		1,959,283
	700,000		Union Pacific Corp		3.700		03/01/29		755,417
	100,000		Union Pacific Corp		3.375		02/01/35		103,304
	100,000		Union Pacific Corp		3.600		09/15/37		103,517
	925,000		Union Pacific Corp		4.375		09/10/38		1,051,565
	500,000		Union Pacific Corp		3.550		08/15/39		503,402
	100,000		Union Pacific Corp		4.300		06/15/42		109,439
	150,000		Union Pacific Corp		4.250		04/15/43		163,182
	200,000		Union Pacific Corp		4.050		11/15/45		210,734
	200,000		Union Pacific Corp		3.350		08/15/46		199,965
	300,000		Union Pacific Corp		4.000		04/15/47		317,388
	1,775,000		Union Pacific Corp		4.300		03/01/49		2,017,094
	1,000,000		Union Pacific Corp		3.250		02/05/50		971,671
	1,070,000		Union Pacific Corp		3.799		10/01/51		1,148,473
	200,000		Union Pacific Corp		3.875		02/01/55		200,200
	300,000		Union Pacific Corp		3.950		08/15/59		324,081
	1,925,000	g	Union Pacific Corp		3.839		03/20/60		2,060,048
	300,000		Union Pacific Corp		4.375		11/15/65		338,836
	200,000		Union Pacific Corp		4.100		09/15/67		215,662
	500,000		Union Pacific Corp		3.750		02/05/70		516,621
	172,532		Union Pacific Railroad Co		2.695		05/12/27		181,274
	500,000		United Parcel Service, Inc		2.350		05/16/22		511,156
	1,675,000		United Parcel Service, Inc		2.450		10/01/22		1,681,403
	500,000		United Parcel Service, Inc		2.200		09/01/24		517,153
	300,000		United Parcel Service, Inc		2.800		11/15/24		311,787
	125,000		United Parcel Service, Inc		2.400		11/15/26		128,390
	875,000		United Parcel Service, Inc		3.050		11/15/27		900,604
	500,000		United Parcel Service, Inc		3.400		03/15/29		528,354
	500,000		United Parcel Service, Inc		2.500		09/01/29		481,565
	750,000		United Parcel Service, Inc		4.450		04/01/30		848,956
	510,000		United Parcel Service, Inc		6.200		01/15/38		664,281

83

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	450,000	United Parcel Service, Inc		3.625	%	10/01/42	$	428,258
	400,000	United Parcel Service, Inc		3.400		11/15/46		390,422
	1,550,000	United Parcel Service, Inc		3.750		11/15/47		1,616,144
	300,000	United Parcel Service, Inc		4.250		03/15/49		348,971
	500,000	United Parcel Service, Inc		3.400		09/01/49		503,305
		TOTAL TRANSPORTATION						103,261,377
UTILITIES – 2.0%
	200,000	AEP Texas, Inc		2.400		10/01/22		201,327
	200,000	AEP Texas, Inc		3.950		06/01/28		209,192
	200,000	AEP Texas, Inc		3.800		10/01/47		193,198
	100,000	AEP Texas, Inc		4.150		05/01/49		103,607
	550,000	AEP Texas, Inc		3.450		01/15/50		490,625
	200,000	AEP Transmission Co LLC		3.100		12/01/26		207,886
	600,000	AEP Transmission Co LLC		4.000		12/01/46		607,277
	500,000	AEP Transmission Co LLC		3.750		12/01/47		516,238
	200,000	AEP Transmission Co LLC		4.250		09/15/48		206,477
	300,000	AEP Transmission Co LLC		3.800		06/15/49		324,299
	300,000	AEP Transmission Co LLC		3.150		09/15/49		301,664
	200,000	Alabama Power Co		2.450		03/30/22		202,432
	475,000	Alabama Power Co		3.550		12/01/23		490,285
	200,000	Alabama Power Co		3.850		12/01/42		205,962
	400,000	Alabama Power Co		3.750		03/01/45		411,977
	300,000	Alabama Power Co		4.300		01/02/46		335,925
	750,000	Alabama Power Co		3.700		12/01/47		782,130
	1,000,000	Alabama Power Co		4.300		07/15/48		1,130,674
	500,000	Alabama Power Co		3.450		10/01/49		508,797
	300,000	Ameren Corp		2.700		11/15/20		299,106
	350,000	Ameren Corp		2.500		09/15/24		340,351
	600,000	Ameren Illinois Co		2.700		09/01/22		586,237
	300,000	Ameren Illinois Co		3.800		05/15/28		324,112
	125,000	Ameren Illinois Co		4.150		03/15/46		138,154
	1,150,000	Ameren Illinois Co		3.700		12/01/47		1,161,553
	575,000	Ameren Illinois Co		4.500		03/15/49		682,374
	300,000	Ameren Illinois Co		3.250		03/15/50		300,602
	475,000	American Electric Power Co, Inc		2.150		11/13/20		471,491
	300,000	American Electric Power Co, Inc		3.650		12/01/21		303,635
	350,000	American Electric Power Co, Inc		3.200		11/13/27		346,924
	700,000	American Electric Power Co, Inc		4.300		12/01/28		745,992
	500,000	American Electric Power Co, Inc		2.300		03/01/30		466,481
	500,000	American Electric Power Co, Inc		3.250		03/01/50		434,530
	500,000	American Water Capital Corp		3.850		03/01/24		518,567
	300,000	American Water Capital Corp		3.400		03/01/25		301,313
	200,000	American Water Capital Corp		2.950		09/01/27		198,427
	500,000	American Water Capital Corp		3.750		09/01/28		520,348
	750,000	American Water Capital Corp		3.450		06/01/29		800,332
	225,000	American Water Capital Corp		4.300		12/01/42		245,102
	150,000	American Water Capital Corp		4.300		09/01/45		154,159
	100,000	American Water Capital Corp		4.000		12/01/46		101,291
	1,175,000	American Water Capital Corp		3.750		09/01/47		1,177,445
	500,000	American Water Capital Corp		4.200		09/01/48		539,083
	500,000	American Water Capital Corp		4.150		06/01/49		551,849
	200,000	Appalachian Power Co		3.300		06/01/27		203,633

84

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	Appalachian Power Co		4.500	%	03/01/49	$	312,739
	125,000	Aqua America, Inc		3.566		05/01/29		127,412
	200,000	Aqua America, Inc		4.276		05/01/49		216,147
	200,000	Arizona Public Service Co		2.950		09/15/27		200,654
	750,000	Arizona Public Service Co		2.600		08/15/29		721,366
	350,000	Arizona Public Service Co		4.500		04/01/42		424,481
	200,000	Arizona Public Service Co		4.350		11/15/45		225,377
	410,000	Arizona Public Service Co		3.750		05/15/46		431,145
	200,000	Arizona Public Service Co		4.200		08/15/48		204,597
	200,000	Arizona Public Service Co		4.250		03/01/49		219,782
	300,000	Arizona Public Service Co		3.500		12/01/49		305,182
	900,000	Atlantic City Electric Co		4.000		10/15/28		966,390
	650,000	Atmos Energy Corp		3.000		06/15/27		665,585
	500,000	Atmos Energy Corp		2.625		09/15/29		495,595
	100,000	Atmos Energy Corp		5.500		06/15/41		124,767
	125,000	Atmos Energy Corp		4.150		01/15/43		131,639
	600,000	Atmos Energy Corp		4.125		10/15/44		651,881
	500,000	Atmos Energy Corp		4.300		10/01/48		565,809
	300,000	Atmos Energy Corp		4.125		03/15/49		342,550
	500,000	Atmos Energy Corp		3.375		09/15/49		507,093
	500,000	Avangrid, Inc		3.150		12/01/24		497,366
	625,000	Avangrid, Inc		3.800		06/01/29		639,735
	150,000	Avista Corp		4.350		06/01/48		160,587
	100,000	Baltimore Gas & Electric Co		3.500		11/15/21		99,486
	200,000	Baltimore Gas & Electric Co		2.400		08/15/26		192,274
	150,000	Baltimore Gas & Electric Co		3.500		08/15/46		151,339
	200,000	Baltimore Gas & Electric Co		3.750		08/15/47		216,389
	200,000	Baltimore Gas & Electric Co		4.250		09/15/48		232,553
	500,000	Baltimore Gas & Electric Co		3.200		09/15/49		476,532
	1,125,000	Berkshire Hathaway Energy Co		2.375		01/15/21		1,127,732
	200,000	Berkshire Hathaway Energy Co		2.800		01/15/23		192,484
	350,000	Berkshire Hathaway Energy Co		3.500		02/01/25		367,141
	175,000	Berkshire Hathaway Energy Co		3.250		04/15/28		181,026
	950,000	Berkshire Hathaway Energy Co		6.125		04/01/36		1,252,984
	1,032,000	Berkshire Hathaway Energy Co		5.950		05/15/37		1,303,533
	725,000	Berkshire Hathaway Energy Co		5.150		11/15/43		865,070
	975,000	Berkshire Hathaway Energy Co		4.500		02/01/45		1,096,373
	1,250,000	Berkshire Hathaway Energy Co		3.800		07/15/48		1,310,608
	1,025,000	Berkshire Hathaway Energy Co		4.450		01/15/49		1,182,302
	200,000	Black Hills Corp		4.250		11/30/23		209,789
	100,000	Black Hills Corp		3.950		01/15/26		105,288
	100,000	Black Hills Corp		3.150		01/15/27		106,761
	300,000	Black Hills Corp		4.350		05/01/33		367,139
	200,000	Black Hills Corp		4.200		09/15/46		202,048
	400,000	CenterPoint Energy Houston Electric LLC		2.250		08/01/22		378,774
	200,000	CenterPoint Energy Houston Electric LLC		2.400		09/01/26		200,774
	300,000	CenterPoint Energy Houston Electric LLC		3.000		02/01/27		299,992
	100,000	CenterPoint Energy Houston Electric LLC		6.950		03/15/33		143,109
	300,000	CenterPoint Energy Houston Electric LLC		3.950		03/01/48		335,344
	750,000	CenterPoint Energy Houston Electric LLC		4.250		02/01/49		863,246
	423,000	CenterPoint Energy Resources Corp		4.500		01/15/21		426,596
	200,000	CenterPoint Energy Resources Corp		3.550		04/01/23		203,064
	200,000	CenterPoint Energy Resources Corp		4.000		04/01/28		202,684
	700,000	CenterPoint Energy Resources Corp		4.100		09/01/47		726,720

85

TIAA-CREF FUNDS – Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	400,000		CenterPoint Energy, Inc		3.600	%	11/01/21	$	399,105
	300,000		CenterPoint Energy, Inc		2.500		09/01/22		294,458
	425,000		CenterPoint Energy, Inc		3.850		02/01/24		431,125
	500,000		CenterPoint Energy, Inc		2.500		09/01/24		490,920
	450,000		CenterPoint Energy, Inc		4.250		11/01/28		461,558
	750,000		CenterPoint Energy, Inc		2.950		03/01/30		709,550
	500,000		CenterPoint Energy, Inc		3.700		09/01/49		480,774
	3,200,000	g	Cheniere Corpus Christi Holdings LLC		3.700		11/15/29		2,393,070
	425,000		Cleco Corporate Holdings LLC		3.743		05/01/26		416,473
	300,000	g	Cleco Corporate Holdings LLC		3.375		09/15/29		298,004
	200,000		Cleco Corporate Holdings LLC		4.973		05/01/46		192,799
	790,000		CMS Energy Corp		3.450		08/15/27		800,911
	775,000		Commonwealth Edison Co		4.000		08/01/20		775,314
	250,000		Commonwealth Edison Co		2.550		06/15/26		247,110
	1,355,000		Commonwealth Edison Co		2.950		08/15/27		1,330,152
	300,000		Commonwealth Edison Co		3.700		08/15/28		321,035
	500,000		Commonwealth Edison Co		2.200		03/01/30		478,321
	200,000		Commonwealth Edison Co		3.800		10/01/42		211,983
	300,000		Commonwealth Edison Co		4.700		01/15/44		359,422
	100,000		Commonwealth Edison Co		3.700		03/01/45		105,152
	250,000		Commonwealth Edison Co		3.650		06/15/46		264,753
	400,000		Commonwealth Edison Co		3.750		08/15/47		432,777
	1,175,000		Commonwealth Edison Co		4.000		03/01/48		1,320,406
	1,300,000		Commonwealth Edison Co		4.000		03/01/49		1,476,633
	500,000		Commonwealth Edison Co		3.200		11/15/49		503,144
	500,000		Commonwealth Edison Co		3.000		03/01/50		471,139
	625,000		Connecticut Light & Power Co		3.200		03/15/27		662,149
	400,000		Connecticut Light & Power Co		4.300		04/15/44		457,756
	250,000		Connecticut Light & Power Co		4.150		06/01/45		278,748
	775,000		Connecticut Light & Power Co		4.000		04/01/48		865,241
	200,000		Consolidated Edison Co of New York, Inc		3.800		05/15/28		212,633
	300,000		Consolidated Edison Co of New York, Inc		4.000		12/01/28		321,439
	100,000		Consolidated Edison Co of New York, Inc		3.350		04/01/30		103,145
	200,000		Consolidated Edison Co of New York, Inc		4.200		03/15/42		210,561
	550,000		Consolidated Edison Co of New York, Inc		3.950		03/01/43		514,025
	1,475,000		Consolidated Edison Co of New York, Inc		4.450		03/15/44		1,632,873
	150,000		Consolidated Edison Co of New York, Inc		4.500		12/01/45		166,139
	400,000		Consolidated Edison Co of New York, Inc		3.850		06/15/46		396,204
	400,000		Consolidated Edison Co of New York, Inc		3.875		06/15/47		397,971
	300,000		Consolidated Edison Co of New York, Inc		4.650		12/01/48		343,151
	500,000		Consolidated Edison Co of New York, Inc		4.125		05/15/49		541,385
	700,000		Consolidated Edison Co of New York, Inc		3.950		04/01/50		728,943
	850,000		Consolidated Edison Co of New York, Inc		4.625		12/01/54		952,180
	200,000		Consolidated Edison Co of New York, Inc		4.300		12/01/56		211,248
	1,300,000		Consolidated Edison Co of New York, Inc		4.000		11/15/57		1,340,820
	400,000		Consolidated Edison Co of New York, Inc		4.500		05/15/58		441,252
	1,000,000		Consolidated Edison Co of New York, Inc		3.700		11/15/59		949,415
	175,000		Consolidated Edison, Inc		2.000		05/15/21		172,880
	150,000		Consumers Energy Co		2.850		05/15/22		151,808
	200,000		Consumers Energy Co		3.375		08/15/23		208,236
	250,000		Consumers Energy Co		3.800		11/15/28		262,146
	600,000		Consumers Energy Co		3.950		07/15/47		697,612
	600,000		Consumers Energy Co		4.050		05/15/48		694,103

86

TIAA-CREF FUNDS – Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	350,000		Consumers Energy Co		4.350	%	04/15/49	$	420,911
	500,000		Consumers Energy Co		3.750		02/15/50		542,150
	500,000		Consumers Energy Co		3.100		08/15/50		487,605
	150,000		Consumers Energy Co		3.500		08/01/51		161,358
	300,000	g	Dayton Power & Light Co		3.950		06/15/49		302,935
	200,000		Delmarva Power & Light Co		4.150		05/15/45		222,749
	250,000		Dominion Energy Gas Holdings LLC		2.800		11/15/20		248,718
	200,000		Dominion Energy Gas Holdings LLC		3.550		11/01/23		203,227
	250,000		Dominion Energy Gas Holdings LLC		2.500		11/15/24		242,909
	200,000		Dominion Energy Gas Holdings LLC		3.600		12/15/24		205,967
	750,000		Dominion Energy Gas Holdings LLC		3.000		11/15/29		703,096
	200,000		Dominion Energy Gas Holdings LLC		4.800		11/01/43		201,512
	200,000		Dominion Energy Gas Holdings LLC		4.600		12/15/44		198,297
	550,000		Dominion Energy Gas Holdings LLC		3.900		11/15/49		475,656
	500,000		Dominion Energy, Inc		2.579		07/01/20		499,401
	300,000		Dominion Energy, Inc		3.300		03/15/25		304,140
	1,750,000		Dominion Energy, Inc		3.900		10/01/25		1,806,491
	775,000		Dominion Energy, Inc		3.600		03/15/27		790,449
	500,000		Dominion Energy, Inc		4.250		06/01/28		524,202
	200,000		Dominion Energy, Inc		4.700		12/01/44		205,407
	500,000		Dominion Energy, Inc		4.600		03/15/49		516,528
	350,000		Dominion Energy, Inc (Step Bond)		2.715		08/15/21		345,256
	225,000		Dominion Energy, Inc (Step Bond)		3.071		08/15/24		224,873
	300,000	g	DPL, Inc		4.350		04/15/29		285,446
	400,000		DTE Electric Co		3.450		10/01/20		400,734
	200,000		DTE Electric Co		3.650		03/15/24		205,432
	750,000		DTE Electric Co		2.250		03/01/30		725,547
	200,000		DTE Electric Co		4.000		04/01/43		217,544
	100,000		DTE Electric Co		3.700		06/01/46		105,982
	500,000		DTE Electric Co		3.750		08/15/47		527,445
	1,000,000		DTE Electric Co		4.050		05/15/48		1,135,217
	525,000		DTE Electric Co		3.950		03/01/49		572,815
	1,000,000		DTE Electric Co		2.950		03/01/50		932,825
	350,000		DTE Energy Co		2.600		06/15/22		348,585
	200,000		DTE Energy Co		3.300		06/15/22		204,974
	275,000		DTE Energy Co		2.250		11/01/22		272,173
	1,875,000		DTE Energy Co		3.700		08/01/23		1,892,228
	200,000		DTE Energy Co		3.850		12/01/23		203,049
	200,000		DTE Energy Co		3.500		06/01/24		205,876
	1,000,000		DTE Energy Co		2.529		10/01/24		972,052
	350,000		DTE Energy Co		3.400		06/15/29		350,415
	500,000		DTE Energy Co		2.950		03/01/30		479,130
	300,000		Duke Energy Carolinas LLC		3.350		05/15/22		308,821
	200,000		Duke Energy Carolinas LLC		2.500		03/15/23		202,178
	2,000,000		Duke Energy Carolinas LLC		3.050		03/15/23		2,047,740
	200,000		Duke Energy Carolinas LLC		2.950		12/01/26		209,039
	500,000		Duke Energy Carolinas LLC		3.950		11/15/28		553,836
	500,000		Duke Energy Carolinas LLC		2.450		08/15/29		490,467
	500,000		Duke Energy Carolinas LLC		2.450		02/01/30		497,099
	125,000		Duke Energy Carolinas LLC		5.300		02/15/40		158,065
	300,000		Duke Energy Carolinas LLC		3.750		06/01/45		330,008
	200,000		Duke Energy Carolinas LLC		3.875		03/15/46		225,979
	1,750,000		Duke Energy Carolinas LLC		3.700		12/01/47		1,925,244
	1,500,000		Duke Energy Carolinas LLC		3.950		03/15/48		1,693,207

87

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,000,000	Duke Energy Carolinas LLC		3.200	%	08/15/49	$	1,010,250
	250,000	Duke Energy Corp		1.800		09/01/21		248,299
	300,000	Duke Energy Corp		3.050		08/15/22		302,417
	300,000	Duke Energy Corp		3.950		10/15/23		313,435
	900,000	Duke Energy Corp		3.750		04/15/24		932,627
	2,700,000	Duke Energy Corp		2.650		09/01/26		2,679,476
	350,000	Duke Energy Corp		3.150		08/15/27		344,750
	500,000	Duke Energy Corp		3.400		06/15/29		504,569
	300,000	Duke Energy Corp		4.800		12/15/45		327,696
	3,475,000	Duke Energy Corp		3.750		09/01/46		3,331,190
	500,000	Duke Energy Corp		4.200		06/15/49		503,712
	1,200,000	Duke Energy Florida LLC		3.100		08/15/21		1,209,029
	1,200,000	Duke Energy Florida LLC		3.200		01/15/27		1,246,786
	300,000	Duke Energy Florida LLC		3.800		07/15/28		323,006
	1,000,000	Duke Energy Florida LLC		2.500		12/01/29		982,790
	375,000	Duke Energy Florida LLC		6.400		06/15/38		545,604
	500,000	Duke Energy Florida LLC		3.400		10/01/46		516,426
	300,000	Duke Energy Florida LLC		4.200		07/15/48		342,037
	300,000	Duke Energy Indiana LLC		3.750		05/15/46		325,981
	500,000	Duke Energy Indiana LLC		3.250		10/01/49		505,305
	275,000	Duke Energy Indiana LLC		2.750		04/01/50		253,189
	200,000	Duke Energy Ohio, Inc		3.650		02/01/29		212,429
	200,000	Duke Energy Ohio, Inc		3.700		06/15/46		215,639
	200,000	Duke Energy Ohio, Inc		4.300		02/01/49		234,144
	350,000	Duke Energy Progress LLC		3.000		09/15/21		355,084
	150,000	Duke Energy Progress LLC		2.800		05/15/22		152,156
	300,000	Duke Energy Progress LLC		3.375		09/01/23		312,119
	300,000	Duke Energy Progress LLC		3.250		08/15/25		319,743
	300,000	Duke Energy Progress LLC		3.700		09/01/28		321,001
	5,600,000	Duke Energy Progress LLC		3.450		03/15/29		6,006,726
	400,000	Duke Energy Progress LLC		4.375		03/30/44		460,341
	500,000	Duke Energy Progress LLC		4.150		12/01/44		563,939
	300,000	Duke Energy Progress LLC		4.200		08/15/45		343,100
	500,000	Duke Energy Progress LLC		3.700		10/15/46		539,012
	200,000	Duke Energy Progress LLC		3.600		09/15/47		212,003
	200,000	Edison International		2.125		04/15/20		199,751
	200,000	Edison International		2.400		09/15/22		193,000
	300,000	Edison International		3.125		11/15/22		294,796
	800,000	Edison International		3.550		11/15/24		794,650
	750,000	Edison International		5.750		06/15/27		779,597
	300,000	Edison International		4.125		03/15/28		287,201
	200,000	El Paso Electric Co		5.000		12/01/44		237,691
	300,000	Emera US Finance LP		2.700		06/15/21		303,429
	1,075,000	Emera US Finance LP		3.550		06/15/26		1,025,294
	625,000	Emera US Finance LP		4.750		06/15/46		576,138
	50,000	Empresa Nacional de Electricidad S.A.		4.250		04/15/24		49,176
	675,000	Enel Chile S.A.		4.875		06/12/28		665,550
	400,000	Enersis Americas S.A.		4.000		10/25/26		373,704
	125,000	Entergy Arkansas LLC		3.750		02/15/21		125,922
	175,000	Entergy Arkansas LLC		3.700		06/01/24		183,669
	600,000	Entergy Arkansas LLC		3.500		04/01/26		635,574
	200,000	Entergy Arkansas LLC		4.200		04/01/49		227,097
	200,000	Entergy Corp		5.125		09/15/20		199,955

88

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Entergy Corp		4.000	%	07/15/22	$	205,207
	1,300,000	Entergy Corp		2.950		09/01/26		1,288,557
	200,000	Entergy Louisiana LLC		4.050		09/01/23		204,374
	200,000	Entergy Louisiana LLC		2.400		10/01/26		196,372
	200,000	Entergy Louisiana LLC		3.120		09/01/27		207,746
	1,500,000	Entergy Louisiana LLC		4.000		03/15/33		1,664,128
	300,000	Entergy Louisiana LLC		4.200		09/01/48		340,700
	300,000	Entergy Louisiana LLC		4.200		04/01/50		344,157
	500,000	Entergy Louisiana LLC		2.900		03/15/51		438,802
	800,000	Entergy Mississippi LLC		3.850		06/01/49		815,911
	1,000,000	Entergy Texas, Inc		4.000		03/30/29		1,091,042
	200,000	Entergy Texas, Inc		4.500		03/30/39		234,911
	700,000	Entergy Texas, Inc		3.550		09/30/49		709,915
	200,000	Evergy, Inc		4.850		06/01/21		202,109
	1,100,000	Evergy, Inc		2.450		09/15/24		1,079,229
	750,000	Evergy, Inc		2.900		09/15/29		710,480
	500,000	Eversource Energy		2.500		03/15/21		501,825
	750,000	Eversource Energy		2.750		03/15/22		760,636
	300,000	Eversource Energy		3.800		12/01/23		328,484
	300,000	Eversource Energy		2.900		10/01/24		307,719
	200,000	Eversource Energy		3.300		01/15/28		203,391
	300,000	Eversource Energy		4.250		04/01/29		317,038
	1,000,000	Eversource Energy		3.450		01/15/50		900,793
	1,122,000	Exelon Corp		2.450		04/15/21		1,111,344
	1,200,000	Exelon Corp		3.497		06/01/22		1,161,612
	925,000	Exelon Corp		3.950		06/15/25		929,228
	425,000	Exelon Corp		3.400		04/15/26		412,060
	500,000	Exelon Corp		4.950		06/15/35		531,421
	975,000	Exelon Corp		4.450		04/15/46		986,829
	100,000	Exelon Corp		4.700		04/15/50		104,455
	150,000	Exelon Generation Co LLC		3.400		03/15/22		151,681
	200,000	Exelon Generation Co LLC		4.250		06/15/22		200,024
	900,000	Exelon Generation Co LLC		6.250		10/01/39		846,491
	625,000	Exelon Generation Co LLC		5.600		06/15/42		603,644
	500,000	FirstEnergy Corp		2.850		07/15/22		487,574
	325,000	FirstEnergy Corp		4.250		03/15/23		331,940
	750,000	FirstEnergy Corp		2.050		03/01/25		725,066
	2,100,000	FirstEnergy Corp		3.900		07/15/27		2,122,576
	750,000	FirstEnergy Corp		2.650		03/01/30		706,902
	325,000	FirstEnergy Corp		7.375		11/15/31		436,837
	1,250,000	FirstEnergy Corp		4.850		07/15/47		1,397,841
	750,000	FirstEnergy Corp		3.400		03/01/50		709,033
	400,000	Florida Power & Light Co		2.750		06/01/23		413,229
	500,000	Florida Power & Light Co		3.250		06/01/24		507,967
	907,000	Florida Power & Light Co		3.125		12/01/25		926,976
	100,000	Florida Power & Light Co		4.125		02/01/42		108,331
	200,000	Florida Power & Light Co		4.050		06/01/42		226,495
	450,000	Florida Power & Light Co		3.800		12/15/42		501,513
	400,000	Florida Power & Light Co		4.050		10/01/44		466,926
	500,000	Florida Power & Light Co		3.700		12/01/47		551,756
	1,675,000	Florida Power & Light Co		3.950		03/01/48		1,999,174
	500,000	Florida Power & Light Co		4.125		06/01/48		566,481
	1,100,000	Florida Power & Light Co		3.990		03/01/49		1,240,558
	400,000	Florida Power & Light Co		3.150		10/01/49		414,962

89

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	768,000	Fortis, Inc		3.055	%	10/04/26	$	735,722
	500,000	Georgetown University		2.943		04/01/50		480,721
	225,000	Georgia Power Co		2.100		07/30/23		219,414
	600,000	Georgia Power Co		2.200		09/15/24		562,916
	100,000	Georgia Power Co		3.250		04/01/26		103,818
	700,000	Georgia Power Co		3.250		03/30/27		713,010
	700,000	Georgia Power Co		2.650		09/15/29		684,995
	625,000	Georgia Power Co		4.300		03/15/42		679,402
	700,000	Georgia Power Co		4.300		03/15/43		732,188
	325,000	Georgia Power Co		3.700		01/30/50		336,878
	200,000	Gulf Power Co		3.300		05/30/27		196,124
	250,000	Iberdrola International BV		5.810		03/15/25		278,326
	400,000	Iberdrola International BV		6.750		07/15/36		567,704
	500,000	Indiana Michigan Power Co		3.850		05/15/28		538,968
	225,000	Indiana Michigan Power Co		4.550		03/15/46		252,150
	100,000	Indiana Michigan Power Co		3.750		07/01/47		104,215
	300,000	Indiana Michigan Power Co		4.250		08/15/48		339,489
	500,000	Interstate Power & Light Co		3.250		12/01/24		505,630
	725,000	Interstate Power & Light Co		4.100		09/26/28		812,111
	325,000	Interstate Power & Light Co		3.600		04/01/29		368,749
	100,000	Interstate Power & Light Co		6.250		07/15/39		128,436
	100,000	Interstate Power & Light Co		3.700		09/15/46		93,981
	300,000	Interstate Power & Light Co		3.500		09/30/49		272,040
	1,000,000	IPALCO Enterprises, Inc		3.700		09/01/24		1,036,540
	300,000	ITC Holdings Corp		2.700		11/15/22		297,885
	300,000	ITC Holdings Corp		3.650		06/15/24		304,975
	100,000	ITC Holdings Corp		3.250		06/30/26		101,635
	900,000	ITC Holdings Corp		3.350		11/15/27		922,415
	200,000	Kansas City Power & Light Co		3.650		08/15/25		208,050
	100,000	Kansas City Power & Light Co		5.300		10/01/41		120,045
	650,000	Kansas City Power & Light Co		4.200		06/15/47		727,876
	100,000	Kansas City Power & Light Co		4.200		03/15/48		112,035
	300,000	Kansas City Power & Light Co		4.125		04/01/49		336,908
	300,000	Kentucky Utilities Co		4.375		10/01/45		335,191
	250,000	KeySpan Corp		5.803		04/01/35		284,685
	320,000	LG&E and KU Energy LLC		3.750		11/15/20		317,799
	300,000	Louisville Gas & Electric Co		4.250		04/01/49		341,300
	1,500,000	MidAmerican Energy Co		3.100		05/01/27		1,542,831
	575,000	MidAmerican Energy Co		3.650		04/15/29		628,057
	200,000	MidAmerican Energy Co		4.800		09/15/43		217,481
	200,000	MidAmerican Energy Co		4.400		10/15/44		228,038
	200,000	MidAmerican Energy Co		4.250		05/01/46		224,659
	500,000	MidAmerican Energy Co		3.950		08/01/47		538,602
	1,000,000	MidAmerican Energy Co		3.650		08/01/48		1,073,339
	300,000	MidAmerican Energy Co		4.250		07/15/49		351,660
	300,000	MidAmerican Energy Co		3.150		04/15/50		304,172
	500,000	Mississippi Power Co		3.950		03/30/28		515,094
	750,000	Mississippi Power Co		4.250		03/15/42		716,733
	100,000	National Fuel Gas Co		4.900		12/01/21		97,922
	200,000	National Fuel Gas Co		3.750		03/01/23		188,591
	300,000	National Fuel Gas Co		5.200		07/15/25		271,600
	200,000	National Fuel Gas Co		3.950		09/15/27		164,261
	200,000	National Fuel Gas Co		4.750		09/01/28		185,275

90

TIAA-CREF FUNDS – Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,000,000		Nevada Power Co		3.700	%	05/01/29	$	1,062,462
	500,000		Nevada Power Co		2.400		05/01/30		477,384
	500,000		Nevada Power Co		3.125		08/01/50		461,891
	500,000		NextEra Energy Capital Holdings, Inc		4.500		06/01/21		510,055
	1,500,000		NextEra Energy Capital Holdings, Inc		2.403		09/01/21		1,497,420
	500,000		NextEra Energy Capital Holdings, Inc		2.900		04/01/22		504,633
	300,000		NextEra Energy Capital Holdings, Inc		2.800		01/15/23		304,254
	850,000		NextEra Energy Capital Holdings, Inc		3.150		04/01/24		869,864
	750,000		NextEra Energy Capital Holdings, Inc		3.250		04/01/26		776,207
	1,125,000		NextEra Energy Capital Holdings, Inc		3.550		05/01/27		1,161,198
	300,000		NextEra Energy Capital Holdings, Inc		3.500		04/01/29		313,328
	450,000		NextEra Energy Capital Holdings, Inc		2.750		11/01/29		434,338
	1,700,000		NextEra Energy Capital Holdings, Inc		5.650		05/01/79		1,565,449
	150,000		NiSource, Inc		2.650		11/17/22		151,313
	500,000		NiSource, Inc		3.650		06/15/23		511,993
	1,000,000		NiSource, Inc		3.490		05/15/27		1,011,782
	750,000		NiSource, Inc		2.950		09/01/29		712,416
	100,000		NiSource, Inc		5.950		06/15/41		115,333
	700,000		NiSource, Inc		5.250		02/15/43		755,669
	450,000		NiSource, Inc		4.800		02/15/44		454,550
	815,000		NiSource, Inc		5.650		02/01/45		936,829
	350,000		NiSource, Inc		4.375		05/15/47		354,949
	500,000		NiSource, Inc		3.950		03/30/48		508,434
	800,000		Northern States Power Co		2.200		08/15/20		798,604
	150,000		Northern States Power Co		2.150		08/15/22		149,009
	300,000		Northern States Power Co		2.600		05/15/23		303,818
	425,000		Northern States Power Co		5.350		11/01/39		555,989
	175,000		Northern States Power Co		3.600		05/15/46		181,387
	1,950,000		Northern States Power Co		3.600		09/15/47		2,081,799
	325,000		Northern States Power Co		2.900		03/01/50		320,244
	1,000,000		Northwest Pipeline LLC		4.000		04/01/27		992,162
	200,000		NorthWestern Corp		4.176		11/15/44		219,805
	200,000		NSTAR Electric Co		2.375		10/15/22		208,880
	1,300,000		NSTAR Electric Co		3.200		05/15/27		1,312,004
	500,000		NSTAR Electric Co		3.250		05/15/29		516,350
	200,000		Nvent Finance Sarl		3.950		04/15/23		207,871
	200,000		Nvent Finance Sarl		4.550		04/15/28		223,066
	500,000		Oglethorpe Power Corp		5.050		10/01/48		505,924
	500,000		Oglethorpe Power Corp		5.250		09/01/50		573,647
	600,000		Ohio Power Co		5.375		10/01/21		627,351
	500,000		Ohio Power Co		4.150		04/01/48		525,341
	1,500,000		Ohio Power Co		4.000		06/01/49		1,548,012
	200,000		Oklahoma Gas & Electric Co		3.800		08/15/28		213,626
	500,000		Oklahoma Gas & Electric Co		3.300		03/15/30		509,809
	100,000		Oklahoma Gas & Electric Co		3.250		04/01/30		100,217
	200,000		Oklahoma Gas & Electric Co		4.150		04/01/47		194,500
	200,000		Oklahoma Gas & Electric Co		3.850		08/15/47		188,723
	150,000		Oncor Electric Delivery Co LLC		4.100		06/01/22		152,805
	500,000		Oncor Electric Delivery Co LLC		2.750		06/01/24		482,850
	400,000		Oncor Electric Delivery Co LLC		2.950		04/01/25		406,932
	750,000		Oncor Electric Delivery Co LLC		3.700		11/15/28		802,684
	1,500,000		Oncor Electric Delivery Co LLC		5.750		03/15/29		1,829,613
	325,000	g	Oncor Electric Delivery Co LLC		2.750		05/15/30		338,029
	70,000		Oncor Electric Delivery Co LLC		7.250		01/15/33		102,245

91

TIAA-CREF FUNDS – Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	100,000		Oncor Electric Delivery Co LLC		5.250	%	09/30/40	$	128,738
	550,000		Oncor Electric Delivery Co LLC		4.550		12/01/41		631,208
	150,000		Oncor Electric Delivery Co LLC		5.300		06/01/42		200,472
	300,000		Oncor Electric Delivery Co LLC		3.750		04/01/45		318,527
	400,000		Oncor Electric Delivery Co LLC		3.800		09/30/47		400,829
	200,000		Oncor Electric Delivery Co LLC		4.100		11/15/48		225,094
	500,000		Oncor Electric Delivery Co LLC		3.800		06/01/49		526,983
	500,000		Oncor Electric Delivery Co LLC		3.100		09/15/49		485,704
	200,000	g	Oncor Electric Delivery Co LLC		3.700		05/15/50		236,186
	137,000		ONE Gas, Inc		3.610		02/01/24		138,275
	100,000		ONE Gas, Inc		4.658		02/01/44		118,695
	500,000		ONE Gas, Inc		4.500		11/01/48		586,426
	1,575,000		ONEOK Partners LP		3.375		10/01/22		1,464,482
	200,000		ONEOK Partners LP		5.000		09/15/23		184,227
	700,000		ONEOK Partners LP		4.900		03/15/25		612,074
	130,000		ONEOK Partners LP		6.650		10/01/36		118,219
	250,000		ONEOK Partners LP		6.850		10/15/37		249,860
	100,000		ONEOK Partners LP		6.125		02/01/41		90,265
	250,000		PacifiCorp		2.950		02/01/22		252,013
	500,000		PacifiCorp		3.500		06/15/29		509,084
	850,000		PacifiCorp		6.000		01/15/39		1,154,805
	300,000		PacifiCorp		4.125		01/15/49		324,706
	1,300,000		PacifiCorp		4.150		02/15/50		1,461,954
	200,000		PECO Energy Co		1.700		09/15/21		197,781
	150,000		PECO Energy Co		2.375		09/15/22		149,472
	200,000		PECO Energy Co		3.150		10/15/25		205,642
	200,000		PECO Energy Co		4.150		10/01/44		223,212
	200,000		PECO Energy Co		3.700		09/15/47		214,752
	1,200,000		PECO Energy Co		3.900		03/01/48		1,344,440
	125,000		PECO Energy Co		3.000		09/15/49		127,215
	2,000,000		Piedmont Natural Gas Co, Inc		3.500		06/01/29		2,044,116
	200,000		Piedmont Natural Gas Co, Inc		4.650		08/01/43		214,999
	200,000		Pinnacle West Capital Corp		2.250		11/30/20		200,260
	200,000		Potomac Electric Power Co		3.600		03/15/24		205,083
	900,000		Potomac Electric Power Co		4.150		03/15/43		1,002,120
	300,000		PPL Capital Funding, Inc		4.200		06/15/22		301,624
	200,000		PPL Capital Funding, Inc		3.500		12/01/22		200,141
	400,000		PPL Capital Funding, Inc		3.400		06/01/23		410,768
	1,100,000		PPL Capital Funding, Inc		3.950		03/15/24		1,134,482
	950,000		PPL Capital Funding, Inc		3.100		05/15/26		966,772
	1,300,000		PPL Capital Funding, Inc		4.000		09/15/47		1,206,780
	200,000		PPL Electric Utilities Corp		4.125		06/15/44		221,416
	275,000		PPL Electric Utilities Corp		4.150		10/01/45		306,972
	500,000		PPL Electric Utilities Corp		3.950		06/01/47		531,071
	200,000		PPL Electric Utilities Corp		4.150		06/15/48		228,247
	525,000		PPL Electric Utilities Corp		3.000		10/01/49		504,549
	300,000		Progress Energy, Inc		3.150		04/01/22		303,421
	500,000		PSEG Power LLC		3.000		06/15/21		501,429
	1,342,000		PSEG Power LLC		3.850		06/01/23		1,365,052
	150,000		Public Service Co of Colorado		2.250		09/15/22		150,156
	250,000		Public Service Co of Colorado		3.700		06/15/28		264,834
	200,000		Public Service Co of Colorado		3.800		06/15/47		208,391
	100,000		Public Service Co of Colorado		4.100		06/15/48		108,890

92

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	Public Service Co of Colorado		4.050	%	09/15/49	$	339,880
	400,000	Public Service Co of Colorado		3.200		03/01/50		404,760
	100,000	Public Service Co of New Hampshire		3.600		07/01/49		102,602
	100,000	Public Service Electric & Gas Co		1.900		03/15/21		99,010
	300,000	Public Service Electric & Gas Co		3.250		09/01/23		308,893
	300,000	Public Service Electric & Gas Co		2.250		09/15/26		298,710
	1,450,000	Public Service Electric & Gas Co		3.000		05/15/27		1,482,352
	250,000	Public Service Electric & Gas Co		3.700		05/01/28		269,772
	500,000	Public Service Electric & Gas Co		3.200		05/15/29		530,090
	500,000	Public Service Electric & Gas Co		2.450		01/15/30		496,759
	200,000	Public Service Electric & Gas Co		3.800		01/01/43		218,307
	600,000	Public Service Electric & Gas Co		3.800		03/01/46		637,170
	200,000	Public Service Electric & Gas Co		3.600		12/01/47		208,225
	250,000	Public Service Electric & Gas Co		4.050		05/01/48		288,653
	500,000	Public Service Electric & Gas Co		3.850		05/01/49		559,068
	575,000	Public Service Electric & Gas Co		3.200		08/01/49		574,422
	500,000	Public Service Electric & Gas Co		3.150		01/01/50		518,795
	500,000	Public Service Enterprise Group, Inc		2.000		11/15/21		490,182
	1,825,000	Public Service Enterprise Group, Inc		2.650		11/15/22		1,811,617
	500,000	Public Service Enterprise Group, Inc		2.875		06/15/24		498,412
	1,585,000	Puget Energy, Inc		3.650		05/15/25		1,549,996
	250,000	Puget Sound Energy, Inc		5.757		10/01/39		342,789
	200,000	Puget Sound Energy, Inc		4.300		05/20/45		228,912
	725,000	Puget Sound Energy, Inc		4.223		06/15/48		838,407
	275,000	Puget Sound Energy, Inc		3.250		09/15/49		269,612
	150,000	San Diego Gas & Electric Co		3.000		08/15/21		151,119
	400,000	San Diego Gas & Electric Co		3.600		09/01/23		421,442
	800,000	San Diego Gas & Electric Co		2.500		05/15/26		814,050
	300,000	San Diego Gas & Electric Co		3.750		06/01/47		303,892
	300,000	San Diego Gas & Electric Co		4.150		05/15/48		323,090
	750,000	San Diego Gas & Electric Co		4.100		06/15/49		768,505
	200,000	Sempra Energy		2.850		11/15/20		199,422
	150,000	Sempra Energy		2.875		10/01/22		150,502
	500,000	Sempra Energy		2.900		02/01/23		496,781
	500,000	Sempra Energy		4.050		12/01/23		512,436
	200,000	Sempra Energy		3.750		11/15/25		198,062
	1,525,000	Sempra Energy		3.250		06/15/27		1,482,234
	675,000	Sempra Energy		3.400		02/01/28		676,985
	825,000	Sempra Energy		3.800		02/01/38		774,551
	125,000	Sempra Energy		6.000		10/15/39		137,694
	850,000	Sempra Energy		4.000		02/01/48		814,781
	869,000	Sierra Pacific Power Co		2.600		05/01/26		868,858
	50,000	South Carolina Electric & Gas Co		5.300		05/15/33		57,777
	125,000	South Carolina Electric & Gas Co		5.450		02/01/41		143,328
	800,000	South Carolina Electric & Gas Co		4.600		06/15/43		968,695
	1,475,000	Southern California Edison Co		2.900		03/01/21		1,470,844
	500,000	Southern California Edison Co		2.400		02/01/22		487,092
	100,000	Southern California Edison Co		3.400		06/01/23		102,468
	500,000	Southern California Edison Co		3.700		08/01/25		514,688
	750,000	Southern California Edison Co		3.650		03/01/28		765,042
	500,000	Southern California Edison Co		4.200		03/01/29		531,498
	600,000	Southern California Edison Co		2.850		08/01/29		578,822
	750,000	Southern California Edison Co		2.250		06/01/30		696,049
	185,000	Southern California Edison Co		6.050		03/15/39		227,212

93

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	Southern California Edison Co		4.500	%	09/01/40	$	309,788
	825,000	Southern California Edison Co		4.650		10/01/43		905,697
	450,000	Southern California Edison Co		3.600		02/01/45		411,618
	1,937,000	Southern California Edison Co		4.000		04/01/47		2,016,199
	1,675,000	Southern California Edison Co		4.125		03/01/48		1,788,268
	500,000	Southern California Edison Co		4.875		03/01/49		577,759
	925,000	Southern California Edison Co		3.650		02/01/50		890,707
	200,000	Southern California Gas Co		3.200		06/15/25		207,746
	200,000	Southern California Gas Co		2.600		06/15/26		197,549
	500,000	Southern California Gas Co		2.550		02/01/30		487,965
	150,000	Southern California Gas Co		3.750		09/15/42		151,225
	500,000	Southern California Gas Co		4.125		06/01/48		535,929
	300,000	Southern California Gas Co		4.300		01/15/49		330,051
	500,000	Southern California Gas Co		3.950		02/15/50		550,308
	400,000	Southern Co		2.350		07/01/21		401,016
	425,000	Southern Co		2.950		07/01/23		427,495
	2,325,000	Southern Co		3.250		07/01/26		2,344,917
	400,000	Southern Co		4.250		07/01/36		390,061
	2,300,000	Southern Co		4.400		07/01/46		2,404,207
	200,000	Southern Co Gas Capital Corp		2.450		10/01/23		202,304
	400,000	Southern Co Gas Capital Corp		3.250		06/15/26		393,785
	275,000	Southern Co Gas Capital Corp		4.400		06/01/43		285,442
	100,000	Southern Co Gas Capital Corp		3.950		10/01/46		89,468
	900,000	Southern Co Gas Capital Corp		4.400		05/30/47		892,005
	550,000	Southern Natural Gas Co		4.400		06/15/21		550,800
	200,000	Southern Power Co		4.150		12/01/25		206,233
	300,000	Southern Power Co		4.950		12/15/46		291,934
	150,000	Southwest Gas Corp		3.700		04/01/28		156,932
	100,000	Southwest Gas Corp		3.800		09/29/46		109,481
	500,000	Southwest Gas Corp		4.150		06/01/49		532,482
	500,000	Southwestern Electric Power Co		2.750		10/01/26		467,725
	675,000	Southwestern Electric Power Co		4.100		09/15/28		724,001
	750,000	Southwestern Electric Power Co		3.850		02/01/48		702,816
	600,000	Southwestern Public Service Co		4.500		08/15/41		659,117
	300,000	Southwestern Public Service Co		3.400		08/15/46		300,034
	225,000	Southwestern Public Service Co		3.700		08/15/47		239,381
	200,000	Southwestern Public Service Co		4.400		11/15/48		218,485
	750,000	Southwestern Public Service Co		3.750		06/15/49		786,660
	100,000	Tampa Electric Co		4.100		06/15/42		107,210
	175,000	Tampa Electric Co		4.350		05/15/44		190,021
	200,000	Tampa Electric Co		4.300		06/15/48		223,007
	200,000	Tampa Electric Co		4.450		06/15/49		223,906
	575,000	Tampa Electric Co		3.625		06/15/50		569,615
	300,000	TC PipeLines LP		4.375		03/13/25		303,809
	350,000	TC PipeLines LP		3.900		05/25/27		332,243
	12,000	Toledo Edison Co		7.250		05/01/20		11,926
	700,000	Transcontinental Gas Pipe Line Co LLC		7.850		02/01/26		797,119
	1,200,000	Transcontinental Gas Pipe Line Co LLC		4.000		03/15/28		1,079,054
	850,000	Transcontinental Gas Pipe Line Co LLC		4.600		03/15/48		844,186
	200,000	Tucson Electric Power Co		3.050		03/15/25		211,386
	200,000	Tucson Electric Power Co		4.850		12/01/48		225,341
	200,000	Union Electric Co		2.950		06/15/27		205,355
	300,000	Union Electric Co		3.500		03/15/29		318,778

94

TIAA-CREF FUNDS – Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	Union Electric Co		2.950	%	03/15/30	$	520,034
	100,000	Union Electric Co		8.450		03/15/39		162,318
	100,000	Union Electric Co		3.900		09/15/42		108,308
	100,000	Union Electric Co		3.650		04/15/45		97,397
	200,000	Union Electric Co		4.000		04/01/48		223,042
	1,000,000	Union Electric Co		3.250		10/01/49		910,371
	100,000	United Utilities plc		6.875		08/15/28		125,211
	409,000	Virginia Electric & Power Co		2.750		03/15/23		411,915
	500,000	Virginia Electric & Power Co		3.450		02/15/24		518,476
	1,850,000	Virginia Electric & Power Co		3.150		01/15/26		1,924,116
	900,000	Virginia Electric & Power Co		2.950		11/15/26		927,147
	1,750,000	Virginia Electric & Power Co		3.500		03/15/27		1,832,404
	3,000,000	Virginia Electric & Power Co		3.800		04/01/28		3,179,531
	1,000,000	Virginia Electric & Power Co		2.875		07/15/29		991,600
	250,000	Virginia Electric & Power Co		4.650		08/15/43		291,436
	400,000	Virginia Electric & Power Co		4.450		02/15/44		456,327
	200,000	Virginia Electric & Power Co		4.200		05/15/45		218,529
	1,100,000	Virginia Electric & Power Co		4.000		11/15/46		1,186,070
	700,000	Virginia Electric & Power Co		3.800		09/15/47		748,255
	400,000	Virginia Electric & Power Co		4.600		12/01/48		454,633
	500,000	Virginia Electric & Power Co		3.300		12/01/49		500,012
	200,000	Washington Gas Light Co		3.796		09/15/46		180,543
	500,000	Washington Gas Light Co		3.650		09/15/49		455,059
	875,000	WEC Energy Group, Inc		3.375		06/15/21		878,536
	500,000	WEC Energy Group, Inc		3.100		03/08/22		505,839
	1,520,000	WEC Energy Group, Inc		3.550		06/15/25		1,546,734
	100,000	Westar Energy, Inc		2.550		07/01/26		103,770
	500,000	Westar Energy, Inc		4.125		03/01/42		560,276
	175,000	Westar Energy, Inc		4.100		04/01/43		195,475
	375,000	Westar Energy, Inc		3.250		09/01/49		381,522
	175,000	Wisconsin Electric Power Co		2.050		12/15/24		176,033
	200,000	Wisconsin Electric Power Co		5.625		05/15/33		262,153
	200,000	Wisconsin Electric Power Co		4.300		10/15/48		222,921
	325,000	Wisconsin Power & Light Co		3.050		10/15/27		314,973
	500,000	Wisconsin Power & Light Co		3.000		07/01/29		526,649
	225,000	Wisconsin Power & Light Co		3.650		04/01/50		230,242
	200,000	Wisconsin Public Service Corp		3.350		11/21/21		203,101
	200,000	Wisconsin Public Service Corp		4.752		11/01/44		236,705
	300,000	Wisconsin Public Service Corp		3.300		09/01/49		291,440
	300,000	Xcel Energy, Inc		2.400		03/15/21		299,788
	300,000	Xcel Energy, Inc		2.600		03/15/22		300,064
	750,000	Xcel Energy, Inc		3.350		12/01/26		740,760
	900,000	Xcel Energy, Inc		4.000		06/15/28		950,005
	325,000	Xcel Energy, Inc		2.600		12/01/29		306,959
	225,000	Xcel Energy, Inc		3.400		06/01/30		228,065
	200,000	Xcel Energy, Inc		4.800		09/15/41		215,623
	500,000	Xcel Energy, Inc		3.500		12/01/49		440,589
		TOTAL UTILITIES						335,493,309
		TOTAL CORPORATE BONDS						4,095,973,114
		(Cost $4,013,953,621)

95

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
GOVERNMENT BONDS -  71.3%
AGENCY SECURITIES - 1.1%
$	3,000,000		Federal Farm Credit Bank (FFCB)		2.875	%	07/17/23	$	3,229,357
	1,145,000		FFCB		3.500		12/20/23		1,258,367
	4,750,000		Federal Home Loan Bank (FHLB)		2.625		10/01/20		4,804,063
	20,000,000		FHLB		1.125		07/14/21		20,199,347
	13,875,000		FHLB		3.250		11/16/28		16,416,782
	29,500,000		Federal Home Loan Mortgage Corp (FHLMC)		2.375		01/13/22		30,528,135
	12,625,000		FHLMC		2.750		06/19/23		13,524,283
	10,000,000		FHLMC		1.500		02/12/25		10,436,790
	1,000,000		Federal National Mortgage Association (FNMA)		2.625		01/11/22		1,038,472
	7,400,000		FNMA		2.250		04/12/22		7,670,354
	1,726,131	i	FNMA		2.301		09/25/22		1,759,355
	1,000,000		FNMA		2.000		10/05/22		1,035,819
	10,000,000		FNMA		2.375		01/19/23		10,537,860
	1,000,000		FNMA		2.875		09/12/23		1,081,455
	2,500,000		FNMA		2.500		02/05/24		2,689,569
	5,000,000		FNMA		1.750		07/02/24		5,230,549
	13,700,000		FNMA		2.625		09/06/24		14,944,399
	3,000,000		FNMA		1.625		01/07/25		3,149,646
	4,000,000		FNMA		1.875		09/24/26		4,256,362
	5,000,000		FNMA		6.625		11/15/30		7,604,096
	1,000,000		FNMA		5.625		07/15/37		1,580,035
	500,000		Hashemite Kingdom of Jordan Government AID International Bond		2.503		10/30/20		505,757
	1,300,000		Hashemite Kingdom of Jordan Government AID International Bond		3.000		06/30/25		1,420,629
	1,000,000		Iraq Government AID International Bond		2.149		01/18/22		1,032,413
	800,000		Israel Government AID International Bond		5.500		09/18/23		928,450
	300,000		Israel Government AID International Bond		5.500		04/26/24		351,866
	250,000		NCUA Guaranteed Notes		3.450		06/12/21		253,307
	200,000		Private Export Funding Corp (PEFCO)		2.300		09/15/20		201,131
	400,000		PEFCO		2.050		11/15/22		412,479
	250,000		PEFCO		1.750		11/15/24		260,550
	200,000		PEFCO		3.250		06/15/25		227,311
	2,000,000		Tennessee Valley Authority (TVA)		3.875		02/15/21		2,052,880
	750,000		TVA		2.875		09/15/24		821,089
	1,425,000		TVA		2.875		02/01/27		1,529,215
	500,000		TVA		5.880		04/01/36		764,994
	500,000		TVA		5.500		06/15/38		735,117
	4,300,000		TVA		3.500		12/15/42		5,006,438
	1,750,000		TVA		4.625		09/15/60		2,723,048
	300,000		TVA		4.250		09/15/65		468,682
	175,000		Tunisia Government AID International Bonds		1.416		08/05/21		175,362
	500,000		Ukraine Government AID International Bonds		1.847		05/29/20		501,228
			TOTAL AGENCY SECURITIES						183,347,041
FOREIGN GOVERNMENT BONDS - 3.8%
	850,000		African Development Bank		2.625		03/22/21		865,678
	500,000		African Development Bank		1.250		07/26/21		504,508
	450,000		African Development Bank		2.375		09/23/21		461,692
	2,000,000		African Development Bank		1.625		09/16/22		2,046,518
	500,000		African Development Bank		2.125		11/16/22		519,405
	2,000,000		African Development Bank		3.000		09/20/23		2,161,017

96

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,400,000	Agricultural Bank of China		2.750	%	05/21/20	$	1,402,478
	1,000,000	Asian Development Bank		1.625		08/26/20		1,000,740
	1,000,000	Asian Development Bank		2.250		01/20/21		1,013,141
	2,000,000	Asian Development Bank		1.625		03/16/21		2,020,136
	4,000,000	Asian Development Bank		1.750		06/08/21		4,050,190
	1,000,000	Asian Development Bank		2.125		11/24/21		1,024,273
	600,000	Asian Development Bank		1.875		02/18/22		614,778
	4,000,000	Asian Development Bank		1.875		07/19/22		4,115,449
	500,000	Asian Development Bank		1.875		08/10/22		515,950
	750,000	Asian Development Bank		1.750		09/13/22		771,735
	2,250,000	Asian Development Bank		1.625		01/24/23		2,312,166
	3,000,000	Asian Development Bank		2.750		03/17/23		3,184,848
	2,200,000	Asian Development Bank		2.625		01/30/24		2,371,974
	2,000,000	Asian Development Bank		1.500		10/18/24		2,074,695
	500,000	Asian Development Bank		2.000		01/22/25		528,952
	1,500,000	Asian Development Bank		2.000		04/24/26		1,601,432
	1,000,000	Asian Development Bank		2.625		01/12/27		1,115,211
	500,000	Asian Development Bank		2.375		08/10/27		550,082
	500,000	Asian Development Bank		2.500		11/02/27		555,308
	1,000,000	Asian Development Bank		2.750		01/19/28		1,133,210
	75,000	Asian Development Bank		5.820		06/16/28		101,516
	2,575,000	Asian Development Bank		3.125		09/26/28		3,016,174
	2,000,000	Asian Development Bank		1.750		09/19/29		2,127,465
	3,500,000	Asian Development Bank		1.875		01/24/30		3,758,422
	1,925,000	Canada Government International Bond		2.625		01/25/22		1,994,041
	2,000,000	Canada Government International Bond		2.000		11/15/22		2,068,037
	3,000,000	Canada Government International Bond		1.625		01/22/25		3,138,503
	3,715,000	Chile Government International Bond		3.240		02/06/28		3,924,006
	2,000,000	Chile Government International Bond		2.550		01/27/32		1,998,000
	2,613,000	Chile Government International Bond		3.500		01/25/50		2,704,455
	600,000	Colombia Government International Bond		2.625		03/15/23		581,256
	2,250,000	Colombia Government International Bond		4.000		02/26/24		2,276,797
	2,500,000	Colombia Government International Bond		3.875		04/25/27		2,470,000
	3,587,000	Colombia Government International Bond		4.500		03/15/29		3,675,240
	8,092,000	Colombia Government International Bond		3.000		01/30/30		7,375,858
	1,250,000	Colombia Government International Bond		6.125		01/18/41		1,438,550
	1,150,000	Colombia Government International Bond		5.625		02/26/44		1,262,125
	3,100,000	Colombia Government International Bond		5.000		06/15/45		3,177,500
	3,425,000	Colombia Government International Bond		5.200		05/15/49		3,596,147
	500,000	Corp Andina de Fomento		2.200		07/18/20		501,385
	500,000	Corp Andina de Fomento		2.125		09/27/21		506,870
	950,000	Corp Andina de Fomento		3.250		02/11/22		984,969
	527,000	Corp Andina de Fomento		4.375		06/15/22		562,746
	750,000	Corp Andina de Fomento		2.750		01/06/23		779,662
	750,000	Corp Andina de Fomento		3.750		11/23/23		814,597
	1,000,000	Council of Europe Development Bank		1.625		03/16/21		1,010,741
	1,000,000	Council of Europe Development Bank		2.625		02/13/23		1,056,670
	1,000,000	Council of Europe Development Bank		2.500		02/27/24		1,072,694
	1,480,000	Council Of Europe Development Bank		1.375		02/27/25		1,530,261
	400,000	Development Bank of Japan, Inc		2.000		10/19/21		407,775
	2,000,000	European Bank for Reconstruction & Development		2.750		04/26/21		2,044,712
	750,000	European Bank for Reconstruction & Development		1.500		11/02/21		759,555
	500,000	European Bank for Reconstruction & Development		1.875		02/23/22		512,553
	1,500,000	European Bank for Reconstruction & Development		2.750		03/07/23		1,589,550

97

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	2,000,000	European Bank for Reconstruction & Development		1.625	%	09/27/24	$	2,088,807
	1,500,000	European Investment Bank		1.375		06/15/20		1,501,575
	500,000	European Investment Bank		1.625		12/15/20		502,652
	1,750,000	European Investment Bank		2.000		03/15/21		1,773,854
	500,000	European Investment Bank		2.500		04/15/21		510,325
	11,500,000	European Investment Bank		2.375		05/13/21		11,735,393
	1,000,000	European Investment Bank		1.625		06/15/21		1,012,925
	2,500,000	European Investment Bank		2.125		10/15/21		2,560,433
	14,250,000	European Investment Bank		2.625		05/20/22		14,854,773
	1,000,000	European Investment Bank		2.375		06/15/22		1,040,000
	500,000	European Investment Bank		2.250		08/15/22		519,953
	3,000,000	European Investment Bank		2.500		03/15/23		3,167,981
	3,537,000	European Investment Bank		1.375		05/15/23		3,618,292
	1,500,000	European Investment Bank		3.125		12/14/23		1,634,375
	5,000,000	European Investment Bank		3.250		01/29/24		5,496,647
	1,500,000	European Investment Bank		2.625		03/15/24		1,619,704
	4,000,000	European Investment Bank		2.250		06/24/24		4,270,893
	1,500,000	European Investment Bank		2.500		10/15/24		1,623,750
	3,250,000	European Investment Bank		1.625		03/14/25		3,396,217
	400,000	European Investment Bank		2.375		05/24/27		441,057
	550,000	European Investment Bank		1.625		10/09/29		574,172
	1,705,000	European Investment Bank		4.875		02/15/36		2,537,510
	200,000	Export Development Canada		1.625		06/01/20		200,110
	500,000	Export Development Canada		1.750		07/21/20		500,770
	750,000	Export Development Canada		2.000		11/30/20		756,016
	300,000	Export Development Canada		1.500		05/26/21		303,424
	500,000	Export Development Canada		1.375		10/21/21		506,800
	500,000	Export Development Canada		2.000		05/17/22		515,802
	1,000,000	Export Development Canada		2.500		01/24/23		1,049,933
	4,500,000	Export Development Canada		1.375		02/24/23		4,594,867
	1,000,000	Export Development Canada		2.750		03/15/23		1,063,019
	1,300,000	Export Development Canada		2.625		02/21/24		1,396,330
	775,000	Export-Import Bank of Korea		5.125		06/29/20		782,052
	750,000	Export-Import Bank of Korea		2.500		11/01/20		754,687
	200,000	Export-Import Bank of Korea		2.125		02/11/21		201,188
	250,000	Export-Import Bank of Korea		2.500		05/10/21		252,917
	300,000	Export-Import Bank of Korea		1.875		10/21/21		302,177
	300,000	Export-Import Bank of Korea		3.500		11/27/21		309,145
	300,000	Export-Import Bank of Korea		5.000		04/11/22		321,298
	3,250,000	Export-Import Bank of Korea		3.000		11/01/22		3,378,782
	1,375,000	Export-Import Bank of Korea		3.625		11/27/23		1,480,648
	500,000	Export-Import Bank of Korea		4.000		01/14/24		538,597
	750,000	Export-Import Bank of Korea		2.875		01/21/25		795,901
	750,000	Export-Import Bank of Korea		1.875		02/12/25		766,070
	250,000	Export-Import Bank of Korea		3.250		11/10/25		272,714
	500,000	Export-Import Bank of Korea		2.625		05/26/26		528,224
	500,000	Export-Import Bank of Korea		3.250		08/12/26		541,229
	500,000	Export-Import Bank of Korea		2.375		04/21/27		502,099
	100,000	Finland Government International Bond		6.950		02/15/26		133,332
	500,000	FMS Wertmanagement AoeR		1.375		06/08/21		505,280
	1,000,000	FMS Wertmanagement AoeR		2.000		08/01/22		1,034,870
	2,175,000	FMS Wertmanagement AoeR		2.750		01/30/24		2,348,654
	4,500,000	Hungary Government International Bond		5.750		11/22/23		4,946,008

98

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,250,000	Hungary Government International Bond		7.625	%	03/29/41	$	1,925,000
	1,270,000	Hydro Quebec		9.400		02/01/21		1,357,843
	200,000	Hydro Quebec		8.500		12/01/29		319,584
	750,000	Indonesia Government International Bond		2.950		01/11/23		742,104
	700,000	Indonesia Government International Bond		4.450		02/11/24		726,075
	750,000	Indonesia Government International Bond		3.500		01/11/28		737,241
	900,000	Indonesia Government International Bond		4.750		02/11/29		971,029
	1,250,000	Indonesia Government International Bond		3.400		09/18/29		1,222,754
	1,000,000	Indonesia Government International Bond		2.850		02/14/30		967,800
	875,000	Indonesia Government International Bond		4.350		01/11/48		899,802
	1,125,000	Indonesia Government International Bond		5.350		02/11/49		1,281,063
	1,000,000	Indonesia Government International Bond		3.700		10/30/49		997,176
	1,000,000	Indonesia Government International Bond		3.500		02/14/50		1,004,380
	13,550,000	Inter-American Development Bank		2.625		04/19/21		13,841,529
	1,000,000	Inter-American Development Bank		1.875		07/23/21		1,017,436
	500,000	Inter-American Development Bank		2.125		01/18/22		514,090
	3,775,000	Inter-American Development Bank		3.000		09/26/22		4,001,364
	3,000,000	Inter-American Development Bank		2.500		01/18/23		3,157,537
	1,500,000	Inter-American Development Bank		2.625		01/16/24		1,612,622
	500,000	Inter-American Development Bank		2.125		01/15/25		532,524
	5,000,000	Inter-American Development Bank		1.750		03/14/25		5,252,150
	1,500,000	Inter-American Development Bank		2.000		06/02/26		1,633,013
	1,500,000	Inter-American Development Bank		2.000		07/23/26		1,611,209
	1,000,000	Inter-American Development Bank		2.375		07/07/27		1,105,762
	2,000,000	Inter-American Development Bank		3.125		09/18/28		2,339,816
	3,000,000	Inter-American Development Bank		2.250		06/18/29		3,307,957
	1,450,000	Inter-American Development Bank		3.200		08/07/42		1,852,906
	300,000	Inter-American Development Bank		4.375		01/24/44		467,018
	1,000,000	International Bank for Reconstruction & Development		1.125		08/10/20		999,600
	1,800,000	International Bank for Reconstruction & Development		1.625		09/04/20		1,808,262
	3,750,000	International Bank for Reconstruction & Development		1.625		03/09/21		3,798,654
	9,250,000	International Bank for Reconstruction & Development		1.375		05/24/21		9,340,187
	1,500,000	International Bank for Reconstruction & Development		2.000		01/26/22		1,538,175
	5,000,000	International Bank for Reconstruction & Development		2.125		07/01/22		5,163,450
	5,000,000	International Bank for Reconstruction & Development		1.875		10/07/22		5,159,200
	5,400,000	International Bank for Reconstruction & Development		7.625		01/19/23		6,452,718
	500,000	International Bank for Reconstruction & Development		2.125		02/13/23		520,766
	3,000,000	International Bank for Reconstruction & Development		1.875		06/19/23		3,115,652
	5,575,000	International Bank for Reconstruction & Development		2.500		03/19/24		5,993,310
	2,000,000	International Bank for Reconstruction & Development		1.500		08/28/24		2,067,372
	1,600,000	International Bank for Reconstruction & Development		2.500		11/25/24		1,735,184

99

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	5,000,000	International Bank for Reconstruction & Development		1.625	%	01/15/25	$	5,226,850
	4,500,000	International Bank for Reconstruction & Development		2.500		07/29/25		4,909,410
	500,000	International Bank for Reconstruction & Development		3.125		11/20/25		564,634
	2,000,000	International Bank for Reconstruction & Development		1.750		10/23/29		2,125,679
	834,000	International Bank for Reconstruction & Development		4.750		02/15/35		1,236,964
	2,750,000	International Finance Corp		1.625		07/16/20		2,753,052
	2,500,000	International Finance Corp		2.250		01/25/21		2,535,031
	500,000	International Finance Corp		2.000		10/24/22		518,383
	1,300,000	International Finance Corp		2.875		07/31/23		1,397,483
	1,500,000	International Finance Corp		1.375		10/16/24		1,546,275
	705,000	Israel Government International Bond		4.000		06/30/22		736,605
	300,000	Israel Government International Bond		3.150		06/30/23		310,749
	1,000,000	Israel Government International Bond		2.875		03/16/26		1,040,276
	975,000	Israel Government International Bond		3.250		01/17/28		1,034,203
	600,000	Israel Government International Bond		2.750		07/03/30		600,000
	1,500,000	Israel Government International Bond		4.500		01/30/43		1,642,746
	200,000	Israel Government International Bond		4.125		01/17/48		214,014
	300,000	Israel Government International Bond		3.875		07/03/50		300,000
	300,000	Israel Government International Bond		4.500		04/03/20		300,000
	300,000	Japan Bank for International Cooperation		2.125		06/01/20		300,552
	1,350,000	Japan Bank for International Cooperation		2.125		07/21/20		1,354,421
	300,000	Japan Bank for International Cooperation		2.125		11/16/20		302,724
	250,000	Japan Bank for International Cooperation		1.875		04/20/21		252,690
	750,000	Japan Bank for International Cooperation		1.500		07/21/21		756,987
	500,000	Japan Bank for International Cooperation		2.500		06/01/22		517,735
	1,250,000	Japan Bank for International Cooperation		2.375		07/21/22		1,294,679
	480,000	Japan Bank for International Cooperation		1.625		10/17/22		489,191
	300,000	Japan Bank for International Cooperation		2.375		11/16/22		312,010
	1,350,000	Japan Bank for International Cooperation		1.750		01/23/23		1,380,255
	1,050,000	Japan Bank for International Cooperation		3.375		07/31/23		1,134,251
	4,250,000	Japan Bank for International Cooperation		3.375		10/31/23		4,615,174
	2,300,000	Japan Bank for International Cooperation		2.500		05/23/24		2,430,381
	720,000	Japan Bank for International Cooperation		1.750		10/17/24		744,080
	500,000	Japan Bank for International Cooperation		2.125		02/10/25		529,023
	5,750,000	Japan Bank for International Cooperation		2.750		01/21/26		6,293,404
	400,000	Japan Bank for International Cooperation		2.375		04/20/26		431,348
	1,500,000	Japan Bank for International Cooperation		1.875		07/21/26		1,570,110
	1,000,000	Japan Bank for International Cooperation		2.875		06/01/27		1,117,707
	750,000	Japan Bank for International Cooperation		2.875		07/21/27		837,839
	300,000	Japan Bank for International Cooperation		2.750		11/16/27		333,812
	750,000	Japan Bank for International Cooperation		3.500		10/31/28		883,829
	1,000,000	Japan Bank for International Cooperation		2.000		10/17/29		1,065,030
	800,000	Japan Finance Organization for Municipalities		4.000		01/13/21		820,781
	350,000	Japan International Cooperation Agency		2.125		10/20/26		372,348
	700,000	Japan International Cooperation Agency		3.375		06/12/28		817,176
	300,000	Korea Development Bank		2.500		01/13/21		303,708
	500,000	Korea Development Bank		2.625		02/27/22		512,050

100

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	500,000	Korea Development Bank		3.000	%	03/19/22	$	513,876
	200,000	Korea Development Bank		3.000		09/14/22		207,988
	1,000,000	Korea Development Bank		3.375		03/12/23		1,052,732
	500,000	Korea Development Bank		2.750		03/19/23		516,046
	500,000	Korea Development Bank		3.750		01/22/24		542,465
	700,000	Korea Development Bank		3.250		02/19/24		742,193
	1,000,000	Korea Development Bank		2.125		10/01/24		1,018,201
	750,000	Korea Development Bank		1.750		02/18/25		762,143
	200,000	Korea Development Bank		3.375		09/16/25		219,048
	400,000	Korea Development Bank		3.000		01/13/26		435,291
	250,000	Korea Development Bank		2.000		09/12/26		259,130
	500,000	Korea Government International Bond		3.875		09/11/23		547,426
	1,500,000	Korea Government International Bond		2.750		01/19/27		1,578,098
	1,400,000	Korea Government International Bond		4.125		06/10/44		1,903,053
	500,000	Korea Government International Bond		3.875		09/20/48		676,341
	6,750,000	Kreditanstalt fuer Wiederaufbau		1.875		06/30/20		6,766,498
	1,500,000	Kreditanstalt fuer Wiederaufbau		2.750		10/01/20		1,516,534
	1,500,000	Kreditanstalt fuer Wiederaufbau		1.875		11/30/20		1,511,924
	1,000,000	Kreditanstalt fuer Wiederaufbau		1.875		12/15/20		1,009,143
	5,000,000	Kreditanstalt fuer Wiederaufbau		2.375		03/24/21		5,090,035
	4,000,000	Kreditanstalt fuer Wiederaufbau		2.625		04/12/21		4,084,353
	1,500,000	Kreditanstalt fuer Wiederaufbau		1.500		06/15/21		1,517,250
	1,500,000	Kreditanstalt fuer Wiederaufbau		2.000		11/30/21		1,537,157
	1,600,000	Kreditanstalt fuer Wiederaufbau		2.625		01/25/22		1,658,660
	1,000,000	Kreditanstalt fuer Wiederaufbau		2.500		02/15/22		1,034,729
	1,000,000	Kreditanstalt fuer Wiederaufbau		2.125		03/07/22		1,028,649
	1,000,000	Kreditanstalt fuer Wiederaufbau		2.125		06/15/22		1,033,630
	3,000,000	Kreditanstalt fuer Wiederaufbau		1.750		08/22/22		3,082,082
	2,750,000	Kreditanstalt fuer Wiederaufbau		2.000		10/04/22		2,849,486
	2,900,000	Kreditanstalt fuer Wiederaufbau		2.375		12/29/22		3,039,702
	4,600,000	Kreditanstalt fuer Wiederaufbau		1.625		02/15/23		4,728,940
	8,000,000	Kreditanstalt fuer Wiederaufbau		2.625		02/28/24		8,620,960
	2,000,000	Kreditanstalt fuer Wiederaufbau		2.500		11/20/24		2,168,591
	7,000,000	Kreditanstalt fuer Wiederaufbau		2.000		05/02/25		7,448,070
	7,750,000	Kreditanstalt fuer Wiederaufbau		2.875		04/03/28		8,945,928
	1,000,000	Kreditanstalt fuer Wiederaufbau		1.750		09/14/29		1,064,475
	4,300,000	Landwirtschaftliche Rentenbank		3.125		11/14/23		4,682,955
	500,000	Landwirtschaftliche Rentenbank		2.000		01/13/25		531,517
	750,000	Landwirtschaftliche Rentenbank		2.375		06/10/25		811,035
	1,000,000	Landwirtschaftliche Rentenbank		1.750		07/27/26		1,059,240
	125,000	Landwirtschaftliche Rentenbank		2.500		11/15/27		139,955
	5,836,000	Mexico Government International Bond		4.500		04/22/29		5,981,958
	15,936,000	Mexico Government International Bond		3.250		04/16/30		14,940,000
	461,000	Mexico Government International Bond		6.750		09/27/34		606,220
	8,950,000	Mexico Government International Bond		4.600		02/10/48		8,981,415
	6,405,000	Mexico Government International Bond		4.500		01/31/50		6,331,407
	950,000	Mexico Government International Bond		5.750		10/12/10		984,447
	1,250,000	Nordic Investment Bank		2.250		02/01/21		1,265,087
	2,500,000	Nordic Investment Bank		2.250		09/30/21		2,560,274
	2,000,000	Nordic Investment Bank		1.375		10/17/22		2,040,020
	500,000	Nordic Investment Bank		2.875		07/19/23		536,223
	2,300,000	North American Development Bank		2.400		10/26/22		2,334,456
	2,125,000	Panama Government International Bond		4.000		09/22/24		2,199,375
	1,000,000	Panama Government International Bond		3.750		03/16/25		1,038,760

101

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	300,000	Panama Government International Bond		7.125	%	01/29/26	$	362,253
	2,000,000	Panama Government International Bond		3.875		03/17/28		2,155,020
	1,450,000	Panama Government International Bond		3.160		01/23/30		1,450,014
	692,000	Panama Government International Bond		6.700		01/26/36		888,362
	750,000	Panama Government International Bond		4.500		05/15/47		821,257
	1,750,000	Panama Government International Bond		4.500		04/16/50		1,922,830
	1,450,000	Panama Government International Bond		4.300		04/29/53		1,560,577
	1,000,000	Panama Government International Bond		3.870		07/23/60		997,500
	5,000,000	Peruvian Government International Bond		2.844		06/20/30		5,280,000
	1,100,000	Peruvian Government International Bond		6.550		03/14/37		1,574,386
	1,850,000	Peruvian Government International Bond		5.625		11/18/50		2,756,500
	4,900,000	Philippine Government International Bond		4.000		01/15/21		4,941,419
	225,000	Philippine Government International Bond		4.200		01/21/24		237,155
	2,219,000	Philippine Government International Bond		3.000		02/01/28		2,301,614
	3,375,000	Philippine Government International Bond		3.750		01/14/29		3,713,300
	4,083,000	Philippine Government International Bond		3.950		01/20/40		4,479,608
	300,000	Philippine Government International Bond		3.700		03/01/41		328,866
	3,793,000	Philippine Government International Bond		3.700		02/02/42		4,174,513
	67,000	Poland Government International Bond		5.125		04/21/21		69,421
	1,140,000	Poland Government International Bond		5.000		03/23/22		1,214,020
	990,000	Poland Government International Bond		3.000		03/17/23		1,028,055
	1,000,000	Poland Government International Bond		4.000		01/22/24		1,089,473
	2,725,000	Poland Government International Bond		3.250		04/06/26		2,932,424
	2,500,000	Province of Alberta Canada		2.200		07/26/22		2,582,653
	750,000	Province of Alberta Canada		3.350		11/01/23		812,929
	775,000	Province of Alberta Canada		2.950		01/23/24		830,062
	1,500,000	Province of Alberta Canada		1.875		11/13/24		1,540,462
	925,000	Province of Alberta Canada		3.300		03/15/28		1,062,544
	200,000	Province of British Columbia Canada		2.650		09/22/21		206,106
	1,800,000	Province of British Columbia Canada		2.000		10/23/22		1,858,113
	500,000	Province of British Columbia Canada		1.750		09/27/24		517,000
	850,000	Province of British Columbia Canada		2.250		06/02/26		906,261
	500,000	Province of Manitoba Canada		2.050		11/30/20		504,507
	1,000,000	Province of Manitoba Canada		2.600		04/16/24		1,065,041
	1,300,000	Province of Manitoba Canada		3.050		05/14/24		1,416,491
	500,000	Province of Manitoba Canada		2.125		06/22/26		526,555
	500,000	Province of New Brunswick Canada		3.625		02/24/28		587,663
	200,000	Province of Nova Scotia Canada		8.250		07/30/22		233,704
	4,530,000	Province of Ontario Canada		4.400		04/14/20		4,534,303
	500,000	Province of Ontario Canada		2.550		02/12/21		508,411
	4,000,000	Province of Ontario Canada		2.400		02/08/22		4,110,378
	4,000,000	Province of Ontario Canada		2.550		04/25/22		4,129,019
	800,000	Province of Ontario Canada		2.450		06/29/22		829,931
	1,365,000	Province of Ontario Canada		1.750		01/24/23		1,399,141
	500,000	Province of Ontario Canada		3.400		10/17/23		544,383
	1,000,000	Province of Ontario Canada		3.050		01/29/24		1,091,193
	1,500,000	Province of Ontario Canada		3.200		05/16/24		1,632,990
	1,000,000	Province of Ontario Canada		2.500		04/27/26		1,078,230
	1,000,000	Province of Ontario Canada		2.300		06/15/26		1,067,190
	2,000,000	Province of Ontario Canada		2.000		10/02/29		2,100,841
	1,420,000	Province of Quebec Canada		3.500		07/29/20		1,431,906
	3,100,000	Province of Quebec Canada		2.625		02/13/23		3,267,373
	200,000	Province of Quebec Canada		7.125		02/09/24		244,898

102

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	875,000		Province of Quebec Canada		2.500	%	04/09/24	$	930,598
	500,000		Province of Quebec Canada		2.875		10/16/24		542,146
	2,500,000		Province of Quebec Canada		1.500		02/11/25		2,563,280
	3,500,000		Province of Quebec Canada		2.500		04/20/26		3,786,618
	500,000		Province of Quebec Canada		2.750		04/12/27		554,573
	201,000		Province of Quebec Canada		7.500		09/15/29		304,240
	200,000		Province of Saskatchewan Canada		8.500		07/15/22		235,075
	1,600,000		Republic of Italy Government International Bond		6.875		09/27/23		1,833,353
	2,000,000		Republic of Italy Government International Bond		2.375		10/17/24		1,976,681
	1,500,000		Republic of Italy Government International Bond		2.875		10/17/29		1,426,117
	1,599,000		Republic of Italy Government International Bond		5.375		06/15/33		1,876,505
	2,000,000		Republic of Italy Government International Bond		4.000		10/17/49		1,872,017
	2,000,000		State of Israel		2.500		01/15/30		2,016,749
	2,050,000		State of Israel		3.375		01/15/50		1,988,500
	500,000		Svensk Exportkredit AB		1.750		05/18/20		499,734
	200,000		Svensk Exportkredit AB		1.875		06/23/20		200,398
	2,300,000		Svensk Exportkredit AB		1.750		08/28/20		2,304,738
	500,000		Svensk Exportkredit AB		1.750		03/10/21		504,058
	400,000		Svensk Exportkredit AB		2.375		04/09/21		405,538
	500,000		Svensk Exportkredit AB		2.875		05/22/21		512,985
	400,000		Svensk Exportkredit AB		3.125		11/08/21		415,832
	500,000		Svensk Exportkredit AB		2.375		03/09/22		516,295
	2,640,000		Svensk Exportkredit AB		1.625		11/14/22		2,678,071
	4,250,000		Svensk Exportkredit AB		2.875		03/14/23		4,525,437
	870,000		Svensk Exportkredit AB		1.750		12/12/23		901,005
	4,874,716		Uruguay Government International Bond		4.375		01/23/31		5,301,302
	500,000		Uruguay Government International Bond		4.125		11/20/45		510,005
	2,063,907		Uruguay Government International Bond		5.100		06/18/50		2,350,295
	2,425,000		Uruguay Government International Bond		4.975		04/20/55		2,746,337
			TOTAL FOREIGN GOVERNMENT BONDS						638,168,090
MORTGAGE BACKED - 26.7%
	18,797	i	Federal Home Loan Mortgage Corp (FHLMC)		4.575		04/01/35		18,920
	2,752	i	FHLMC		3.997		10/01/35		2,781
	45,053	i	FHLMC		3.937		02/01/36		45,571
	12,979	i	FHLMC		4.602		07/01/36		13,092
	34,764	i	FHLMC		3.652		09/01/36		35,516
	33,543	i	FHLMC		3.659		09/01/36		33,791
	36,103	i	FHLMC		4.130		09/01/36		36,910
	11,505	i	FHLMC		3.990		01/01/37		11,658
	2,362	i	FHLMC		3.765		02/01/37		2,407
	2,591	i	FHLMC		3.976		02/01/37		2,623
	117,510	i	FHLMC		3.998		03/01/37		119,040
	89,562	i	FHLMC		3.977		04/01/37		90,778
	45,377	i	FHLMC		4.615		04/01/37		46,316
	11,698	i	FHLMC		4.672		05/01/37		11,830
	7,022	i	FHLMC		4.593		06/01/37		7,170
	79,172	i	FHLMC		4.593		06/01/37		80,103
	30,752	i	FHLMC		3.145		08/01/37		30,933
	20,824	i	FHLMC		3.320		09/01/37		20,948
	64,034	i	FHLMC		3.429		09/01/37		62,229
	224	i	FHLMC		4.045		09/01/37		226
	4,904	i	FHLMC		5.058		02/01/38		4,947
	25,743	i	FHLMC		4.930		04/01/38		26,101

103

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	17,332	i	FHLMC		4.953	%	06/01/38	$	17,619
	6,342	i	FHLMC		4.260		07/01/38		6,373
	5,545	i	FHLMC		4.657		06/01/40		5,592
	7,311	i	FHLMC		4.505		07/01/40		7,394
	23,879	i	FHLMC		3.890		01/01/41		24,317
	3,510	i	FHLMC		4.755		05/01/41		3,537
	138,620	i	FHLMC		4.151		08/01/41		141,629
	84,632	i	FHLMC		4.024		09/01/41		86,043
	19,386	i	FHLMC		4.136		10/01/41		19,566
	24,417,021		FHLMC		3.000		11/01/49		25,717,125
	24,510,743		FHLMC		3.000		11/01/49		25,732,700
	42		Federal Home Loan Mortgage Corp Gold (FGLMC)		5.000		05/01/20		44
	632		FGLMC		5.000		05/01/20		664
	326		FGLMC		4.500		07/01/20		340
	1		FGLMC		5.000		07/01/20		1
	67		FGLMC		7.000		10/01/20		67
	94		FGLMC		5.000		12/01/20		99
	4,780		FGLMC		4.000		05/01/21		5,025
	6,139		FGLMC		4.500		06/01/21		6,408
	5,893		FGLMC		4.500		06/01/21		6,151
	3,534		FGLMC		5.000		07/01/21		3,715
	1,635		FGLMC		5.500		07/01/21		1,662
	327,111		FGLMC		3.000		12/01/21		341,933
	2,477		FGLMC		5.000		10/01/22		2,604
	1,823		FGLMC		6.000		11/01/22		1,895
	20,888		FGLMC		5.000		04/01/23		21,965
	1,489		FGLMC		4.500		05/01/23		1,568
	21,025		FGLMC		5.000		05/01/23		22,673
	5,396		FGLMC		5.000		10/01/23		5,677
	3,451		FGLMC		5.500		10/01/23		3,772
	5,399		FGLMC		5.000		11/01/23		5,822
	11,250		FGLMC		5.000		03/01/24		12,131
	2,414		FGLMC		4.500		04/01/24		2,549
	1,179		FGLMC		4.500		05/01/24		1,246
	7,987		FGLMC		4.500		06/01/24		8,429
	74,686		FGLMC		4.000		07/01/24		78,597
	30,660		FGLMC		4.000		07/01/24		32,241
	9,076		FGLMC		5.500		07/01/24		9,553
	64,070		FGLMC		4.000		08/01/24		67,355
	11,199		FGLMC		4.500		09/01/24		11,840
	5,552		FGLMC		4.500		09/01/24		5,869
	2,934		FGLMC		4.500		09/01/24		3,100
	3,451		FGLMC		5.500		09/01/24		3,774
	93,305		FGLMC		4.000		10/01/24		98,123
	2,710		FGLMC		4.500		10/01/24		2,866
	12,260		FGLMC		4.500		10/01/24		13,178
	2,214		FGLMC		4.500		11/01/24		2,355
	9,398		FGLMC		4.500		12/01/24		9,894
	5,716		FGLMC		4.500		02/01/25		6,068
	128,179		FGLMC		4.000		03/01/25		134,900
	3,676		FGLMC		4.500		06/01/25		3,887
	6,503		FGLMC		4.500		07/01/25		6,927
	164,299		FGLMC		3.500		10/01/25		172,926

104

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	80,390	FGLMC		4.000	%	10/01/25	$	84,547
	274,459	FGLMC		3.500		11/01/25		288,858
	174,530	FGLMC		3.500		11/01/25		183,715
	72,909	FGLMC		3.500		12/01/25		76,744
	40,911	FGLMC		3.000		01/01/26		42,797
	568,427	FGLMC		3.500		01/01/26		598,388
	47,542	FGLMC		4.000		04/01/26		50,145
	100,659	FGLMC		4.000		05/01/26		106,213
	23,385	FGLMC		5.500		07/01/26		25,575
	300,592	FGLMC		4.000		08/01/26		317,225
	2,417	FGLMC		6.000		08/01/26		2,673
	101,805	FGLMC		3.000		09/01/26		106,657
	286,229	FGLMC		3.000		10/01/26		299,911
	387,137	FGLMC		3.500		10/01/26		407,742
	10,443	FGLMC		5.000		10/01/26		11,261
	2,584	FGLMC		5.500		10/01/26		2,827
	1,636,217	FGLMC		3.000		02/01/27		1,714,442
	1,045,592	FGLMC		2.500		05/01/27		1,086,114
	1,108,621	FGLMC		2.500		11/01/27		1,151,643
	41,074	FGLMC		6.000		12/01/27		45,421
	890,446	FGLMC		2.500		01/01/28		924,994
	2,273,527	FGLMC		2.500		03/01/28		2,361,832
	54,456	FGLMC		5.000		03/01/28		58,723
	1,265,975	FGLMC		2.500		05/01/28		1,315,143
	6,003	FGLMC		5.500		05/01/28		6,571
	3,583,594	FGLMC		2.500		07/01/28		3,728,318
	3,306,743	FGLMC		2.500		07/01/28		3,435,202
	835,891	FGLMC		3.000		10/01/28		875,922
	41,203	FGLMC		5.500		01/01/29		45,150
	2,131	FGLMC		6.500		01/01/29		2,363
	8,186	FGLMC		4.000		02/01/29		8,771
	1,704,998	FGLMC		3.500		03/01/29		1,797,322
	420	FGLMC		6.500		03/01/29		476
	3,271,526	FGLMC		3.000		07/01/29		3,427,897
	9,627	FGLMC		6.500		07/01/29		10,672
	12,349	FGLMC		5.000		12/01/29		13,441
	9,144,185	FGLMC		2.500		05/01/30		9,498,754
	21,986	FGLMC		4.000		08/01/30		23,961
	155,921	FGLMC		4.500		01/01/31		170,367
	356	FGLMC		8.000		01/01/31		371
	147,646	FGLMC		4.000		03/01/31		160,919
	19,141	FGLMC		4.000		05/01/31		20,869
	131,649	FGLMC		4.500		05/01/31		143,842
	68,345	FGLMC		4.000		06/01/31		74,513
	179,629	FGLMC		4.000		08/01/31		195,786
	177,572	FGLMC		4.000		09/01/31		193,679
	2,623	FGLMC		6.500		09/01/31		2,975
	7,277	FGLMC		8.000		09/01/31		8,607
	93,526	FGLMC		3.500		11/01/31		100,590
	13,077,491	FGLMC		2.500		12/01/31		13,585,259
	39,213	FGLMC		7.000		12/01/31		45,519
	11,728	FGLMC		6.500		01/01/32		13,684
	28,938	FGLMC		6.000		02/01/32		33,139
	1,497,189	FGLMC		3.000		03/01/32		1,593,058

105

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	12,353	FGLMC		7.000	%	04/01/32	$	14,488
	10,991	FGLMC		6.500		05/01/32		12,622
	1,028,426	FGLMC		3.500		09/01/32		1,106,936
	7,452	FGLMC		5.500		11/01/32		8,330
	17,367,706	FGLMC		3.000		01/01/33		18,238,443
	9,676	FGLMC		6.000		02/01/33		10,989
	38,716	FGLMC		5.000		03/01/33		42,912
	18,949	FGLMC		6.000		03/01/33		20,982
	15,907	FGLMC		6.000		03/01/33		17,624
	16,409	FGLMC		5.000		04/01/33		17,705
	4,532	FGLMC		6.000		04/01/33		5,196
	234,291	FGLMC		5.000		06/01/33		254,001
	88,483	FGLMC		5.500		06/01/33		99,677
	60,300,431	FGLMC		2.500		07/01/33		62,644,214
	1,957,009	FGLMC		3.500		07/01/33		2,106,800
	35,882	FGLMC		4.500		07/01/33		39,230
	8,298,049	FGLMC		4.000		08/01/33		8,775,460
	3,236	FGLMC		5.000		08/01/33		3,581
	12,182	FGLMC		6.500		08/01/33		14,556
	119,009	FGLMC		5.000		09/01/33		133,057
	45,087	FGLMC		5.500		09/01/33		49,709
	47,410	FGLMC		5.500		09/01/33		52,674
	70,654	FGLMC		5.500		09/01/33		79,352
	13,382	FGLMC		5.500		09/01/33		14,774
	26,307	FGLMC		4.000		10/01/33		28,414
	6,280	FGLMC		5.000		10/01/33		6,950
	87,097	FGLMC		5.500		10/01/33		96,659
	6,240,467	FGLMC		3.500		11/01/33		6,569,447
	62,542	FGLMC		5.500		12/01/33		70,288
	20,882	FGLMC		5.500		12/01/33		23,608
	244,614	FGLMC		7.000		12/01/33		288,633
	198,860	FGLMC		5.000		01/01/34		220,349
	2,861,869	FGLMC		3.000		02/01/34		2,994,527
	4,387	FGLMC		5.500		02/01/34		4,955
	25,640	FGLMC		5.000		03/01/34		28,375
	26,759	FGLMC		5.500		03/01/34		30,249
	75,706	FGLMC		5.000		05/01/34		83,884
	29,603	FGLMC		4.500		06/01/34		32,375
	60,601	FGLMC		5.000		06/01/34		67,151
	16,735	FGLMC		5.500		06/01/34		18,890
	13,341	FGLMC		6.000		06/01/34		15,305
	41,598	FGLMC		6.000		09/01/34		47,916
	3,900,462	FGLMC		3.500		10/01/34		4,186,670
	6,266	FGLMC		5.000		11/01/34		6,944
	234,035	FGLMC		5.500		11/01/34		264,594
	222,705	FGLMC		5.000		12/01/34		246,411
	40,085	FGLMC		5.500		12/01/34		45,317
	7,762	FGLMC		5.500		12/01/34		8,491
	3,442	FGLMC		5.500		01/01/35		3,898
	1,741	FGLMC		5.500		01/01/35		1,968
	23,887	FGLMC		5.500		01/01/35		27,021
	85,696	FGLMC		4.500		04/01/35		93,720
	10,580	FGLMC		6.000		05/01/35		12,140

106

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	82,306	FGLMC		6.000	%	05/01/35	$	92,157
	78,036	FGLMC		7.000		05/01/35		92,224
	16,937	FGLMC		5.500		06/01/35		19,159
	11,354	FGLMC		5.500		06/01/35		12,850
	4,884	FGLMC		5.000		07/01/35		5,355
	310,683	FGLMC		5.000		07/01/35		345,207
	33,694	FGLMC		6.000		07/01/35		37,265
	415,850	FGLMC		5.000		08/01/35		462,981
	14,449	FGLMC		5.500		08/01/35		15,798
	83,573	FGLMC		6.000		08/01/35		92,431
	5,704	FGLMC		4.500		09/01/35		6,247
	33,138	FGLMC		5.000		10/01/35		36,830
	65,563	FGLMC		5.000		10/01/35		72,910
	19,526	FGLMC		5.000		10/01/35		21,618
	202,745	FGLMC		5.500		10/01/35		222,791
	43,073	FGLMC		5.000		12/01/35		47,482
	6,745	FGLMC		5.000		12/01/35		7,502
	24,389	FGLMC		6.000		01/01/36		27,990
	13,158	FGLMC		5.000		02/01/36		14,649
	5,409	FGLMC		5.000		02/01/36		6,021
	5,883	FGLMC		6.000		02/01/36		6,771
	46,461	FGLMC		5.500		04/01/36		51,647
	13,181	FGLMC		5.500		05/01/36		14,921
	222,607	FGLMC		6.000		06/01/36		256,174
	60,660	FGLMC		5.000		07/01/36		67,516
	94,151	FGLMC		6.000		07/01/36		108,209
	13,026	FGLMC		6.000		08/01/36		14,944
	6,742	FGLMC		6.000		09/01/36		7,462
	247,712	FGLMC		5.500		10/01/36		280,373
	117,987	FGLMC		5.500		10/01/36		133,477
	21,155	FGLMC		6.500		10/01/36		24,299
	10,512	FGLMC		5.500		11/01/36		11,907
	25,425	FGLMC		6.000		11/01/36		29,265
	169,023	FGLMC		6.000		12/01/36		194,720
	208,103	FGLMC		5.500		03/01/37		236,065
	83,839	FGLMC		6.000		03/01/37		96,584
	9,742	FGLMC		6.500		03/01/37		11,227
	76,389	FGLMC		5.500		04/01/37		86,655
	11,004	FGLMC		5.000		05/01/37		12,229
	8,758	FGLMC		5.000		06/01/37		9,650
	34,804	FGLMC		5.500		06/01/37		39,478
	14,318,530	FGLMC		3.000		07/01/37		15,134,616
	129,575	FGLMC		6.000		07/01/37		148,696
	59,272	FGLMC		6.000		08/01/37		68,137
	22,466	FGLMC		6.000		09/01/37		25,812
	195,373	FGLMC		5.500		10/01/37		216,159
	6,933	FGLMC		6.000		11/01/37		7,965
	67,672	FGLMC		6.500		11/01/37		77,635
	28,547	FGLMC		6.000		01/01/38		32,887
	11,581	FGLMC		6.000		02/01/38		13,307
	86,468	FGLMC		6.000		02/01/38		99,504
	138,860	FGLMC		5.000		03/01/38		154,496
	381,645	FGLMC		5.000		03/01/38		424,921
	15,364	FGLMC		5.000		04/01/38		17,136

107

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	156,179	FGLMC		5.000	%	04/01/38	$	173,763
	182,444	FGLMC		5.500		04/01/38		205,672
	39,549	FGLMC		5.500		05/01/38		44,838
	4,574	FGLMC		5.500		06/01/38		5,185
	10,661	FGLMC		6.000		07/01/38		12,169
	22,027	FGLMC		5.500		08/01/38		24,977
	150,135	FGLMC		5.500		08/01/38		170,226
	19,081	FGLMC		5.000		09/01/38		21,222
	256,529	FGLMC		5.500		09/01/38		290,483
	67,377	FGLMC		5.500		09/01/38		76,300
	5,168	FGLMC		5.500		10/01/38		5,854
	92,533	FGLMC		6.000		11/01/38		106,036
	642,370	FGLMC		5.500		01/01/39		728,022
	551,348	FGLMC		4.500		02/01/39		603,692
	272,665	FGLMC		5.000		02/01/39		303,316
	18,341	FGLMC		5.500		02/01/39		20,781
	1,309	FGLMC		4.500		03/01/39		1,432
	109,671	FGLMC		5.000		03/01/39		121,854
	12,786	FGLMC		6.000		03/01/39		14,668
	20,409	FGLMC		4.500		04/01/39		22,458
	777,627	FGLMC		4.500		04/01/39		853,607
	200,010	FGLMC		4.000		05/01/39		216,338
	5,403	FGLMC		4.500		05/01/39		5,916
	117,321	FGLMC		4.500		05/01/39		128,525
	2,485,442	FGLMC		4.500		05/01/39		2,722,835
	257,615	FGLMC		4.500		05/01/39		281,370
	101,679	FGLMC		5.000		05/01/39		113,309
	257,614	FGLMC		4.000		06/01/39		278,385
	1,221,907	FGLMC		4.500		06/01/39		1,338,802
	40,607	FGLMC		4.500		06/01/39		44,467
	16,506	FGLMC		5.000		06/01/39		18,349
	6,539	FGLMC		5.500		06/01/39		7,409
	408,029	FGLMC		4.000		07/01/39		441,477
	162,023	FGLMC		4.500		07/01/39		177,432
	14,029	FGLMC		4.500		07/01/39		15,368
	31,460	FGLMC		4.500		07/01/39		34,442
	98,294	FGLMC		5.000		07/01/39		108,980
	146,877	FGLMC		5.500		07/01/39		166,166
	14,539	FGLMC		4.500		08/01/39		15,925
	31,983	FGLMC		5.000		08/01/39		35,458
	152,975	FGLMC		4.000		09/01/39		165,301
	718,878	FGLMC		5.000		09/01/39		799,592
	266,837	FGLMC		5.000		09/01/39		295,630
	4,504	FGLMC		5.500		09/01/39		5,067
	284,840	FGLMC		6.500		09/01/39		328,297
	48,588	FGLMC		4.500		10/01/39		53,494
	65,554	FGLMC		4.500		10/01/39		72,591
	108,869	FGLMC		4.500		10/01/39		119,199
	30,000	FGLMC		5.000		10/01/39		33,239
	22,576	FGLMC		4.000		11/01/39		24,421
	72,859	FGLMC		4.500		11/01/39		79,775
	26,891	FGLMC		5.000		11/01/39		29,818
	10,238	FGLMC		5.000		11/01/39		11,047

108

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	75,365	FGLMC		4.500	%	12/01/39	$	82,511
	139,732	FGLMC		4.500		12/01/39		152,840
	64,852	FGLMC		4.500		12/01/39		70,980
	281,396	FGLMC		4.500		12/01/39		308,214
	106,410	FGLMC		5.500		12/01/39		120,546
	139,999	FGLMC		4.500		01/01/40		153,256
	13,874	FGLMC		5.000		01/01/40		15,389
	18,656	FGLMC		5.500		01/01/40		21,120
	44,910	FGLMC		5.500		03/01/40		50,921
	741,014	FGLMC		4.000		04/01/40		801,922
	30,433	FGLMC		4.500		04/01/40		33,346
	108,167	FGLMC		4.500		04/01/40		118,394
	78,828	FGLMC		5.000		04/01/40		87,477
	183,767	FGLMC		5.000		04/01/40		203,896
	583,389	FGLMC		6.000		04/01/40		672,084
	1,782,684	FGLMC		4.500		05/01/40		1,953,508
	946,774	FGLMC		5.000		05/01/40		1,050,465
	5,075	FGLMC		4.500		06/01/40		5,551
	435,232	FGLMC		5.500		06/01/40		493,439
	815,184	FGLMC		4.500		07/01/40		891,642
	16,754	FGLMC		4.500		08/01/40		18,333
	164,853	FGLMC		5.000		08/01/40		182,819
	44,198	FGLMC		5.000		08/01/40		49,036
	416,147	FGLMC		5.000		08/01/40		461,612
	2,288,876	FGLMC		5.500		08/01/40		2,592,362
	249,639	FGLMC		4.000		09/01/40		269,758
	2,941,333	FGLMC		4.000		11/01/40		3,179,908
	1,724,201	FGLMC		4.000		12/01/40		1,864,663
	351,566	FGLMC		3.500		01/01/41		376,902
	519,203	FGLMC		3.500		01/01/41		557,045
	290,230	FGLMC		4.000		01/01/41		313,727
	324,271	FGLMC		3.500		02/01/41		347,851
	1,144,845	FGLMC		4.000		02/01/41		1,237,223
	414,975	FGLMC		4.000		02/01/41		448,396
	1,807,294	FGLMC		4.000		04/01/41		1,952,464
	307,962	FGLMC		4.500		04/01/41		337,017
	63,138	FGLMC		5.000		04/01/41		70,019
	303,280	FGLMC		4.500		05/01/41		332,130
	352,578	FGLMC		4.500		06/01/41		385,873
	1,028,067	FGLMC		3.500		10/01/41		1,102,985
	720,187	FGLMC		5.000		10/01/41		799,223
	1,267,297	FGLMC		3.500		11/01/41		1,360,064
	471,394	FGLMC		4.500		12/01/41		516,534
	4,497,233	FGLMC		3.500		01/01/42		4,827,248
	1,319,838	FGLMC		3.500		02/01/42		1,416,614
	1,555,185	FGLMC		3.500		04/01/42		1,670,336
	2,819,644	FGLMC		4.000		05/01/42		3,054,212
	8,407,314	FGLMC		4.500		05/01/42		9,201,581
	1,975,006	FGLMC		3.500		07/01/42		2,120,387
	582,712	FGLMC		3.000		08/01/42		616,148
	3,479,495	FGLMC		3.000		10/01/42		3,679,621
	2,281,639	FGLMC		3.000		10/01/42		2,412,982
	936,361	FGLMC		3.500		12/01/42		1,005,830
	3,105,401	FGLMC		2.500		01/01/43		3,234,336

109

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	6,652,466	FGLMC		3.000	%	01/01/43	$	7,035,437
	9,962,149	FGLMC		3.000		04/01/43		10,535,541
	21,999,889	FGLMC		3.000		04/01/43		23,266,996
	3,076,266	FGLMC		3.500		05/01/43		3,303,998
	3,929,882	FGLMC		3.000		08/01/43		4,155,708
	2,564,930	FGLMC		3.000		08/01/43		2,712,441
	3,300,208	FGLMC		3.500		08/01/43		3,544,432
	1,183,536	FGLMC		4.500		10/01/43		1,294,578
	1,835,729	FGLMC		4.000		11/01/43		1,987,241
	3,552,578	FGLMC		3.500		02/01/44		3,813,534
	2,754,146	FGLMC		4.000		02/01/44		2,981,706
	17,676,918	FGLMC		4.000		02/01/44		19,248,264
	1,279,947	FGLMC		4.000		04/01/44		1,385,470
	1,562,388	FGLMC		4.500		05/01/44		1,705,092
	2,935,484	FGLMC		4.000		06/01/44		3,173,743
	4,486,030	FGLMC		4.000		08/01/44		4,851,800
	3,666,479	FGLMC		3.500		09/01/44		3,926,075
	4,586,241	FGLMC		3.500		11/01/44		4,902,875
	6,433,444	FGLMC		3.500		12/01/44		6,869,722
	4,087,987	FGLMC		3.500		01/01/45		4,384,798
	7,846,159	FGLMC		3.000		02/01/45		8,292,400
	10,067,867	FGLMC		3.500		03/01/45		10,756,556
	5,008,743	FGLMC		4.000		03/01/45		5,420,804
	3,732,649	FGLMC		3.000		04/01/45		3,946,186
	7,518,326	FGLMC		3.500		04/01/45		8,023,581
	16,171,144	FGLMC		3.500		07/01/45		17,247,229
	10,815,784	FGLMC		4.500		07/01/45		11,798,675
	32,306,954	FGLMC		3.000		08/01/45		34,158,735
	23,737,471	FGLMC		3.500		10/01/45		25,469,364
	6,255,349	FGLMC		4.000		11/01/45		6,768,953
	12,915,190	FGLMC		3.500		12/01/45		13,775,186
	29,215,452	FGLMC		3.000		03/01/46		30,880,053
	10,240,371	FGLMC		3.500		03/01/46		10,914,621
	4,630,816	FGLMC		4.000		03/01/46		5,006,645
	22,204,776	FGLMC		3.000		04/01/46		23,469,274
	23,785,468	FGLMC		3.500		05/01/46		25,325,431
	15,788,314	FGLMC		3.500		08/01/46		16,888,249
	28,646,666	FGLMC		3.000		09/01/46		30,222,886
	11,129,169	FGLMC		4.000		09/01/46		11,998,529
	10,661,066	FGLMC		3.000		11/01/46		11,249,074
	38,170,308	FGLMC		3.000		11/01/46		40,087,744
	11,189,440	FGLMC		3.000		11/01/46		11,804,097
	7,236,649	FGLMC		3.000		12/01/46		7,624,353
	10,261,226	FGLMC		3.500		12/01/46		10,898,468
	15,116,789	FGLMC		3.000		02/01/47		15,944,704
	6,558,242	FGLMC		3.500		02/01/47		6,972,345
	5,603,931	FGLMC		4.000		02/01/47		6,026,760
	16,074,076	FGLMC		3.500		05/01/47		17,047,966
	17,291,817	FGLMC		3.500		07/01/47		18,360,305
	6,803,743	FGLMC		3.000		08/01/47		7,169,460
	17,661,882	FGLMC		3.500		10/01/47		18,767,249
	9,488,001	FGLMC		3.000		11/01/47		10,001,723
	16,198,235	FGLMC		3.000		12/01/47		17,072,160

110

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	13,864,046	FGLMC		4.000	%	12/01/47	$	14,898,681
	26,648,475	FGLMC		3.000		01/01/48		28,095,345
	18,854,598	FGLMC		3.000		02/01/48		19,859,683
	13,238,570	FGLMC		3.500		03/01/48		14,044,652
	15,977,869	FGLMC		3.500		05/01/48		16,936,964
	13,110,306	FGLMC		4.000		05/01/48		13,982,727
	19,969,411	FGLMC		3.500		07/01/48		21,134,296
	20,325,633	FGLMC		4.000		07/01/48		21,684,788
	36,398,430	FGLMC		4.000		08/01/48		38,818,094
	12,648,760	FGLMC		3.500		09/01/48		13,387,044
	5,833,319	FGLMC		4.500		09/01/48		6,274,794
	29,512,088	FGLMC		4.000		10/01/48		31,478,948
	15,780,961	FGLMC		4.500		12/01/48		16,974,222
	9,093,595	FGLMC		4.500		02/01/49		9,780,507
	25,533,536	FGLMC		3.500		05/01/49		26,965,473
	15	Federal National Mortgage Association (FNMA)		5.000		04/01/20		15
	1	FNMA		4.500		06/01/20		1
	256	FNMA		4.500		10/01/20		267
	16	FNMA		4.500		11/01/20		16
	2,547	FNMA		5.000		12/01/20		2,677
	105	FNMA		5.500		01/01/21		105
	27	FNMA		5.000		03/01/21		28
	3,116	FNMA		5.500		08/01/21		3,186
	627	FNMA		6.000		08/01/21		639
	301	FNMA		5.000		10/01/21		317
	18	FNMA		5.000		11/01/21		18
	217	FNMA		5.500		11/01/21		219
	2,968	FNMA		5.500		10/01/22		3,076
	1,635	FNMA		6.000		10/01/22		1,696
	949	FNMA		5.000		03/01/23		998
	726	FNMA		4.500		04/01/23		759
	20,886	FNMA		4.500		06/01/23		21,884
	2,635	FNMA		5.000		06/01/23		2,772
	3,892	FNMA		5.500		06/01/23		4,254
	5,883	FNMA		5.000		07/01/23		6,185
	35,444	FNMA		5.000		07/01/23		37,282
	3,176	FNMA		5.500		08/01/23		3,352
	7,461	FNMA		5.000		11/01/23		8,043
	417	FNMA		5.500		11/01/23		421
	42,652	FNMA		5.500		01/01/24		43,784
	8,104	FNMA		5.500		02/01/24		8,856
	34,130	FNMA		4.000		03/01/24		35,916
	2,804	FNMA		4.500		04/01/24		2,963
	130,360	FNMA		4.000		05/01/24		137,138
	39,431	FNMA		4.000		05/01/24		41,483
	3,559	FNMA		4.000		06/01/24		3,746
	4,459	FNMA		4.500		07/01/24		4,714
	4,396	FNMA		5.500		07/01/24		4,804
	109	FNMA		8.000		07/01/24		121
	25,472	FNMA		4.500		08/01/24		26,770
	24,203	FNMA		4.000		09/01/24		25,479
	88,372	FNMA		4.000		09/01/24		92,985
	7,687	FNMA		4.500		09/01/24		8,102
	215,206	FNMA		4.500		10/01/24		227,560

111

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	12,020	FNMA		5.000	%	01/01/25	$	12,958
	18,092	FNMA		4.500		02/01/25		19,130
	135,569	FNMA		4.500		03/01/25		142,234
	2,302	FNMA		4.500		03/01/25		2,407
	52,891	FNMA		5.000		03/01/25		57,019
	35,902	FNMA		4.500		04/01/25		38,046
	96,310	FNMA		4.500		04/01/25		102,645
	499,463	FNMA		4.000		05/01/25		525,785
	171,588	FNMA		4.000		06/01/25		180,589
	109,493	FNMA		4.500		06/01/25		115,333
	49,548	FNMA		4.000		08/01/25		52,166
	25,327	FNMA		5.500		08/01/25		27,963
	238,337	FNMA		3.500		09/01/25		250,847
	240,868	FNMA		4.000		09/01/25		253,397
	372,626	FNMA		3.500		10/01/25		392,292
	293,513	FNMA		3.500		10/01/25		308,919
	121,377	FNMA		5.000		10/01/25		130,969
	207,356	FNMA		4.000		11/01/25		218,234
	323,411	FNMA		3.500		12/01/25		340,466
	255,613	FNMA		3.500		02/01/26		269,149
	1,419,475	FNMA		3.500		02/01/26		1,494,631
	75,126	FNMA		4.000		03/01/26		79,271
	206,832	FNMA		4.000		06/01/26		218,276
	202,571	FNMA		3.500		08/01/26		213,297
	156,689	FNMA		3.500		09/01/26		165,019
	84,057	FNMA		4.000		09/01/26		88,684
	248,748	FNMA		3.500		10/01/26		261,906
	5,564	FNMA		6.000		10/01/26		6,154
	366,570	FNMA		3.000		11/01/26		383,439
	322,728	FNMA		3.000		12/01/26		338,076
	859,734	FNMA		3.000		01/01/27		900,732
	970,044	FNMA		4.000		01/01/27		1,020,793
	646,027	FNMA		3.500		02/01/27		680,486
	1,026,279	FNMA		3.000		04/01/27		1,075,309
	675,290	FNMA		3.000		04/01/27		707,448
	395,982	FNMA		3.500		05/01/27		417,050
	420,689	FNMA		2.500		06/01/27		436,929
	1,170,248	FNMA		3.000		06/01/27		1,226,120
	502,118	FNMA		2.500		07/01/27		521,491
	1,076,754	FNMA		2.500		09/01/27		1,118,392
	11,562	FNMA		5.500		09/01/27		12,657
	1,828,058	FNMA		2.500		10/01/27		1,898,602
	1,126,803	FNMA		3.000		11/01/27		1,180,495
	2,125	FNMA		5.500		01/01/28		2,329
	4,288,556	FNMA		2.500		02/01/28		4,465,915
	3,501,543	FNMA		2.500		02/01/28		3,636,843
	1,590	FNMA		5.000		02/01/28		1,714
	2,549,627	FNMA		2.500		04/01/28		2,648,173
	3,809,596	FNMA		2.500		04/01/28		3,956,594
	9,242	FNMA		5.500		06/01/28		10,123
	1,015,515	FNMA		2.500		07/01/28		1,054,745
	2,039,048	FNMA		2.500		08/01/28		2,117,776
	2,890,837	FNMA		3.000		10/01/28		3,028,251

112

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,534	FNMA		5.500	%	11/01/28	$	1,679
	9	FNMA		7.500		01/01/29		10
	3,373,200	FNMA		3.000		03/01/29		3,533,812
	14,995	FNMA		4.000		03/01/29		16,102
	11,670,450	FNMA		3.000		04/01/29		12,234,531
	47,939	FNMA		4.500		04/01/29		51,669
	38,803	FNMA		4.000		05/01/29		41,669
	19,573	FNMA		4.500		06/01/29		21,106
	6,610	FNMA		4.000		07/01/29		7,098
	124,697	FNMA		4.500		08/01/29		135,753
	14,760,107	FNMA		3.500		09/01/29		15,676,937
	23,917	FNMA		4.500		09/01/29		26,035
	25,961	FNMA		4.500		11/01/29		28,228
	6,612	FNMA		4.500		01/01/30		7,202
	2,121,116	FNMA		2.500		02/01/30		2,203,039
	16,838	FNMA		4.000		03/01/30		18,108
	7,324	FNMA		4.500		05/01/30		7,979
	10,449	FNMA		4.500		06/01/30		11,383
	4,591,596	FNMA		3.000		07/01/30		4,821,941
	94,894	FNMA		4.500		08/01/30		103,363
	20,828	FNMA		4.000		09/01/30		22,739
	141,532	FNMA		4.000		10/01/30		154,490
	1,189,382	FNMA		4.000		11/01/30		1,298,297
	211,241	FNMA		4.000		11/01/30		230,606
	45,569	FNMA		4.500		12/01/30		49,811
	4,557,067	FNMA		3.000		02/01/31		4,785,404
	67,512	FNMA		3.500		02/01/31		71,396
	71,851	FNMA		4.000		02/01/31		78,437
	532	FNMA		7.500		03/01/31		640
	5,188,705	FNMA		2.500		04/01/31		5,388,926
	198,705	FNMA		3.500		04/01/31		210,129
	22,046	FNMA		4.000		04/01/31		24,063
	4,560,365	FNMA		3.000		05/01/31		4,788,555
	1,973	FNMA		6.000		05/01/31		2,256
	5,669,261	FNMA		2.500		06/01/31		5,888,263
	785,958	FNMA		4.500		07/01/31		866,685
	114,802	FNMA		4.500		07/01/31		125,501
	682,772	FNMA		4.000		08/01/31		745,388
	7,093,702	FNMA		2.500		09/01/31		7,368,176
	3,756,237	FNMA		3.000		09/01/31		3,944,347
	47,674	FNMA		4.000		09/01/31		52,038
	313	FNMA		6.500		09/01/31		353
	21,621	FNMA		6.000		11/01/31		24,781
	2,698	FNMA		6.500		11/01/31		3,091
	7,512,034	FNMA		2.500		12/01/31		7,803,077
	1,299,324	FNMA		3.500		01/01/32		1,397,963
	7,362	FNMA		6.000		01/01/32		8,436
	1,587	FNMA		6.000		01/01/32		1,754
	544,230	FNMA		3.500		02/01/32		585,472
	4,849	FNMA		6.000		02/01/32		5,482
	6,080,445	FNMA		3.000		03/01/32		6,383,856
	22,202	FNMA		6.500		04/01/32		26,188
	21,938,370	FNMA		3.000		06/01/32		23,029,473
	41,427	FNMA		6.500		07/01/32		47,341

113

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	6,919	FNMA		6.500	%	08/01/32	$	7,849
	600,060	FNMA		3.000		09/01/32		637,611
	24,457,752	FNMA		3.000		09/01/32		25,684,172
	17,555	FNMA		7.500		09/01/32		20,388
	1,763,592	FNMA		3.000		10/01/32		1,877,356
	33,265	FNMA		5.500		10/01/32		37,106
	35,300	FNMA		6.000		10/01/32		39,082
	10,130	FNMA		6.000		11/01/32		11,525
	14,197,501	FNMA		3.000		12/01/32		14,903,806
	596	FNMA		5.500		12/01/32		652
	14,438	FNMA		5.500		12/01/32		16,264
	14,189	FNMA		6.000		12/01/32		16,027
	93,053	FNMA		5.500		01/01/33		103,377
	217,629	FNMA		6.000		01/01/33		249,823
	102,201	FNMA		5.000		02/01/33		113,260
	6,509	FNMA		5.000		02/01/33		7,158
	1,223,269	FNMA		3.000		04/01/33		1,298,073
	1,465,406	FNMA		3.500		04/01/33		1,577,117
	5,079	FNMA		6.000		04/01/33		5,820
	13,070,747	FNMA		3.500		05/01/33		13,787,062
	670,905	FNMA		5.500		05/01/33		753,627
	38,527	FNMA		5.000		06/01/33		42,696
	80,378	FNMA		5.500		06/01/33		90,652
	11,110	FNMA		4.500		07/01/33		12,020
	37,948	FNMA		5.000		07/01/33		42,030
	78,931	FNMA		4.500		08/01/33		86,251
	4,016	FNMA		4.500		08/01/33		4,318
	13,715	FNMA		5.000		08/01/33		15,184
	51,612	FNMA		5.500		09/01/33		56,490
	143,920	FNMA		5.500		09/01/33		158,984
	7,850	FNMA		6.000		09/01/33		8,747
	109,432	FNMA		4.500		10/01/33		119,922
	16,534	FNMA		5.000		10/01/33		18,301
	11,368	FNMA		5.000		10/01/33		12,490
	152,240	FNMA		5.500		10/01/33		168,685
	427,085	FNMA		5.500		10/01/33		482,476
	6,681	FNMA		4.500		11/01/33		7,315
	21,592	FNMA		5.000		11/01/33		23,932
	1,427,401	FNMA		5.000		11/01/33		1,582,016
	166,626	FNMA		5.000		12/01/33		184,631
	213,715	FNMA		5.500		12/01/33		241,413
	2,241,145	FNMA		3.000		01/01/34		2,384,939
	65,075	FNMA		5.000		02/01/34		72,119
	269,232	FNMA		6.000		02/01/34		308,345
	6,861	FNMA		5.000		03/01/34		7,604
	8,732	FNMA		5.000		03/01/34		9,677
	18,926	FNMA		5.000		03/01/34		20,974
	16,113	FNMA		5.000		03/01/34		17,856
	384,260	FNMA		5.000		03/01/34		425,837
	5,598	FNMA		5.000		03/01/34		6,204
	53,452	FNMA		5.000		04/01/34		59,222
	57,767	FNMA		5.500		04/01/34		65,274
	34,734	FNMA		4.500		05/01/34		38,019

114

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	14,952		FNMA		4.500	%	05/01/34	$	16,367
	13,299		FNMA		5.500		07/01/34		15,028
	21,325		FNMA		5.500		07/01/34		24,097
	19,854		FNMA		7.000		07/01/34		23,279
	157,773		FNMA		5.000		08/01/34		174,873
	17,847		FNMA		5.000		08/01/34		19,777
	90,740		FNMA		6.000		08/01/34		104,454
	16,328		FNMA		6.000		08/01/34		18,777
	9,847		FNMA		4.500		09/01/34		10,785
	321,670		FNMA		5.500		09/01/34		363,487
	3,264		FNMA		5.500		11/01/34		3,689
	9,463		FNMA		6.000		11/01/34		10,472
	29,121,220		FNMA		2.500		12/01/34		30,228,148
	29,095,340		FNMA		3.000		12/01/34		30,456,222
	5,031		FNMA		5.000		12/01/34		5,575
	3,019		FNMA		5.500		12/01/34		3,413
	9,892		FNMA		6.000		12/01/34		11,052
	472,392		FNMA		4.500		01/01/35		517,686
	30,988		FNMA		5.500		01/01/35		34,406
	967,042		FNMA		5.500		02/01/35		1,092,744
	41,970		FNMA		5.500		02/01/35		47,453
	9,513,174		FNMA		2.000		03/01/35		9,772,752
	20,157,898		FNMA		2.500		03/01/35		20,925,475
	266,788		FNMA		5.500		04/01/35		294,666
	37,855		FNMA		6.000		04/01/35		43,572
	39,688		FNMA		6.000		04/01/35		45,667
	70,506		FNMA		6.000		05/01/35		81,075
	16,485		FNMA		5.000		06/01/35		18,267
	1,766	i	FNMA		4.067		07/01/35		1,782
	48,926		FNMA		5.000		07/01/35		54,218
	5,482,100		FNMA		3.000		08/01/35		5,813,748
	103,551		FNMA		4.500		08/01/35		113,379
	65,010		FNMA		5.000		08/01/35		72,307
	103,472		FNMA		5.000		08/01/35		114,975
	3,995		FNMA		4.500		09/01/35		4,369
	4,924		FNMA		4.500		09/01/35		5,396
	12,067		FNMA		5.500		09/01/35		13,640
	45,116		FNMA		5.000		10/01/35		48,978
	113,744		FNMA		5.500		10/01/35		127,373
	3,246		FNMA		5.000		11/01/35		3,397
	147,027		FNMA		5.500		11/01/35		166,598
	1,672		FNMA		4.500		12/01/35		1,797
	47,361		FNMA		5.500		12/01/35		51,789
	6,650,558		FNMA		3.500		01/01/36		7,155,126
	39,876	i	FNMA		3.535		02/01/36		40,236
	354,108		FNMA		5.000		02/01/36		394,290
	160,476		FNMA		6.000		03/01/36		184,495
	2,479,105		FNMA		3.500		05/01/36		2,646,081
	3,128		FNMA		5.000		05/01/36		3,475
	231,807		FNMA		6.000		06/01/36		262,444
	26,276	i	FNMA		4.210		07/01/36		26,528
	16,165		FNMA		6.000		07/01/36		18,573
	85,441		FNMA		6.500		07/01/36		97,890
	18,383,263		FNMA		3.000		08/01/36		19,454,834

115

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	84,258		FNMA		5.500	%	08/01/36	$	92,079
	144,329		FNMA		6.500		08/01/36		165,807
	3,241,061		FNMA		3.000		09/01/36		3,429,809
	12,048		FNMA		5.500		09/01/36		13,613
	4,331		FNMA		6.500		09/01/36		5,035
	16,449		FNMA		6.500		09/01/36		19,765
	20,845		FNMA		6.000		10/01/36		24,001
	6,681,144		FNMA		3.000		11/01/36		7,071,514
	9,956		FNMA		6.500		11/01/36		11,778
	2,012	i	FNMA		3.936		12/01/36		2,033
	59,083		FNMA		6.000		12/01/36		67,976
	7,019	i	FNMA		3.795		01/01/37		7,161
	26,705		FNMA		5.500		01/01/37		30,247
	2,067	i	FNMA		3.419		02/01/37		2,099
	190,278		FNMA		5.500		02/01/37		215,606
	11,177		FNMA		6.000		02/01/37		12,855
	12,877		FNMA		7.000		02/01/37		15,100
	3,413	i	FNMA		3.990		03/01/37		3,446
	1,505		FNMA		5.000		03/01/37		1,675
	63,733		FNMA		6.500		03/01/37		76,208
	45,900		FNMA		6.500		03/01/37		52,650
	49,109		FNMA		7.000		04/01/37		60,814
	61,588		FNMA		5.000		05/01/37		68,321
	3,299		FNMA		7.000		05/01/37		3,649
	10,296	i	FNMA		4.482		06/01/37		10,369
	15,549		FNMA		5.500		06/01/37		17,588
	18,309		FNMA		5.500		08/01/37		20,744
	8,617		FNMA		6.000		08/01/37		9,898
	25,576		FNMA		6.500		08/01/37		28,903
	3,378		FNMA		6.500		08/01/37		3,806
	15,138		FNMA		5.500		09/01/37		16,558
	62,465		FNMA		6.000		09/01/37		72,723
	30,005		FNMA		6.000		09/01/37		34,442
	84,370		FNMA		6.000		09/01/37		97,572
	32,848		FNMA		6.000		09/01/37		38,090
	107,632		FNMA		6.000		09/01/37		125,298
	13,128		FNMA		6.500		09/01/37		15,014
	4,288		FNMA		6.500		09/01/37		4,751
	33,068	i	FNMA		4.234		10/01/37		33,342
	10,633		FNMA		6.500		10/01/37		12,302
	142,004		FNMA		5.500		11/01/37		160,456
	235,827		FNMA		6.000		11/01/37		271,553
	3,204		FNMA		7.000		11/01/37		3,360
	7,693,088		FNMA		3.000		12/01/37		8,125,344
	6,946,118		FNMA		4.000		01/01/38		7,509,138
	516		FNMA		6.500		01/01/38		594
	73,594		FNMA		5.500		02/01/38		83,029
	26,909		FNMA		6.500		02/01/38		29,815
	15,020		FNMA		7.000		02/01/38		18,614
	12,918	i	FNMA		4.770		03/01/38		13,071
	6,144		FNMA		5.000		03/01/38		6,806
	3,127		FNMA		5.000		03/01/38		3,473
	12,974		FNMA		5.500		03/01/38		14,676

116

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	4,633		FNMA		6.000	%	03/01/38	$	5,352
	5,390		FNMA		6.500		03/01/38		6,464
	74,424		FNMA		6.500		03/01/38		86,627
	5,135		FNMA		6.500		03/01/38		5,690
	15,253		FNMA		5.000		04/01/38		16,443
	193,664		FNMA		5.500		04/01/38		219,242
	208,952		FNMA		6.000		04/01/38		240,223
	13,005		FNMA		4.500		05/01/38		14,021
	748,453		FNMA		5.000		05/01/38		833,540
	220,141		FNMA		5.000		05/01/38		244,324
	524,009		FNMA		6.000		06/01/38		603,388
	819,645		FNMA		6.500		06/01/38		952,170
	173,069		FNMA		6.000		07/01/38		199,188
	2,133	i	FNMA		4.000		08/01/38		2,157
	1,890	i	FNMA		4.229		08/01/38		1,897
	529,529		FNMA		6.000		09/01/38		609,306
	10,906	i	FNMA		3.571		10/01/38		10,995
	662		FNMA		6.000		10/01/38		734
	10,156		FNMA		5.500		11/01/38		11,482
	2,726		FNMA		5.000		12/01/38		3,021
	517,042		FNMA		5.500		12/01/38		585,207
	79,980		FNMA		4.500		01/01/39		87,387
	91,576		FNMA		5.000		01/01/39		101,396
	2,027,944		FNMA		5.000		01/01/39		2,251,455
	69,712		FNMA		5.500		01/01/39		77,993
	293,387		FNMA		5.500		01/01/39		332,378
	18,008		FNMA		6.000		01/01/39		20,679
	1,623		FNMA		6.000		01/01/39		1,795
	115,246		FNMA		4.500		02/01/39		125,877
	362,718		FNMA		4.500		02/01/39		396,788
	161,270		FNMA		4.500		02/01/39		176,476
	5,284		FNMA		5.500		02/01/39		5,979
	366,690		FNMA		4.000		04/01/39		396,431
	15,697		FNMA		5.500		04/01/39		17,770
	636,299		FNMA		4.500		05/01/39		696,886
	117,734		FNMA		4.500		05/01/39		128,901
	328,518		FNMA		4.500		06/01/39		359,435
	121,955		FNMA		4.500		06/01/39		133,548
	236,971		FNMA		5.500		06/01/39		268,691
	74,837		FNMA		4.500		07/01/39		81,967
	82,468		FNMA		4.500		07/01/39		90,300
	5,913	i	FNMA		4.567		07/01/39		6,008
	8,210		FNMA		5.000		07/01/39		9,117
	206,313		FNMA		4.000		08/01/39		223,120
	1,263,559		FNMA		4.000		08/01/39		1,366,513
	23,979	i	FNMA		4.174		08/01/39		24,212
	11,510	i	FNMA		4.235		08/01/39		11,641
	16,214		FNMA		4.500		08/01/39		17,848
	811,144		FNMA		4.500		08/01/39		888,265
	254,634		FNMA		4.500		08/01/39		278,750
	1,062,690		FNMA		5.000		08/01/39		1,175,118
	10,614		FNMA		5.000		08/01/39		11,765
	490,232		FNMA		4.000		09/01/39		530,203
	31,691		FNMA		5.000		09/01/39		35,161

117

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	177,009		FNMA		5.500	%	09/01/39	$	200,765
	101,084		FNMA		6.000		09/01/39		116,396
	379,275		FNMA		6.500		10/01/39		450,752
	20,397		FNMA		5.000		11/01/39		22,624
	537,654		FNMA		4.000		12/01/39		580,962
	64,252		FNMA		4.500		12/01/39		70,384
	1,879,196		FNMA		4.500		12/01/39		2,057,703
	123,605		FNMA		4.500		12/01/39		135,422
	11,902	i	FNMA		3.815		01/01/40		12,155
	36,575		FNMA		4.500		01/01/40		40,048
	42,359		FNMA		5.000		01/01/40		46,996
	237,704		FNMA		6.000		02/01/40		273,496
	19,911,340		FNMA		2.500		03/01/40		20,665,016
	371,330		FNMA		4.500		03/01/40		406,892
	187,974		FNMA		4.500		03/01/40		205,974
	17,427		FNMA		5.000		03/01/40		19,334
	17,796		FNMA		4.500		04/01/40		19,500
	637,278		FNMA		5.000		04/01/40		706,551
	445,650		FNMA		5.000		04/01/40		494,177
	60,246	i	FNMA		3.937		05/01/40		61,582
	97,674	i	FNMA		4.476		05/01/40		99,677
	20,628		FNMA		4.500		05/01/40		22,609
	37,118	i	FNMA		4.745		05/01/40		37,989
	43,813		FNMA		4.500		07/01/40		48,002
	47,497		FNMA		4.500		07/01/40		52,048
	56,429		FNMA		5.000		07/01/40		62,547
	9,849	i	FNMA		4.055		08/01/40		9,931
	510,095		FNMA		4.500		08/01/40		558,865
	362,692		FNMA		4.500		08/01/40		397,420
	366,344		FNMA		5.000		08/01/40		406,449
	845,693		FNMA		4.500		09/01/40		926,622
	368,107		FNMA		4.500		09/01/40		403,322
	686,615		FNMA		6.000		09/01/40		789,269
	151,679		FNMA		3.500		10/01/40		162,838
	620,392		FNMA		4.000		10/01/40		671,245
	1,442,945		FNMA		4.000		10/01/40		1,561,512
	803,769		FNMA		4.500		10/01/40		880,866
	1,226,235		FNMA		3.500		11/01/40		1,316,509
	1,289,939		FNMA		4.000		11/01/40		1,396,287
	1,148,421		FNMA		4.000		11/01/40		1,242,672
	723,608		FNMA		4.000		11/01/40		782,922
	118,130		FNMA		4.500		11/01/40		129,474
	27,104	i	FNMA		3.948		12/01/40		27,348
	406,615		FNMA		4.000		12/01/40		439,956
	2,916,942		FNMA		4.500		12/01/40		3,195,330
	44,979		FNMA		3.500		01/01/41		48,285
	222,709		FNMA		3.500		02/01/41		239,097
	38,303	i	FNMA		3.843		02/01/41		39,142
	1,091,009		FNMA		4.000		02/01/41		1,180,555
	1,013,206		FNMA		4.000		03/01/41		1,096,503
	730,064		FNMA		4.500		04/01/41		800,105
	1,117,517		FNMA		4.500		05/01/41		1,224,799
	163,383		FNMA		4.500		05/01/41		179,033

118

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	508,775		FNMA		4.500	%	06/01/41	$	557,619
	656,627		FNMA		4.500		07/01/41		719,581
	94,066	i	FNMA		4.509		07/01/41		95,755
	1,723,363		FNMA		4.000		09/01/41		1,864,994
	902,470		FNMA		4.500		09/01/41		987,556
	304,678		FNMA		5.500		09/01/41		345,224
	16,237	i	FNMA		3.675		10/01/41		16,399
	95,327	i	FNMA		3.943		10/01/41		97,282
	628,419		FNMA		3.500		11/01/41		674,750
	691,729		FNMA		3.500		11/01/41		742,339
	27,849,402		FNMA		3.500		12/01/41		29,910,067
	4,272,102		FNMA		3.500		12/01/41		4,587,464
	214,494	i	FNMA		3.804		12/01/41		218,365
	700,986		FNMA		4.000		12/01/41		758,490
	1,876,687		FNMA		3.500		03/01/42		2,015,332
	1,187,705		FNMA		4.000		03/01/42		1,285,207
	3,514,125		FNMA		3.500		04/01/42		3,772,203
	1,229,160		FNMA		3.500		04/01/42		1,323,145
	1,358,320		FNMA		4.500		04/01/42		1,487,950
	1,235,973		FNMA		5.000		04/01/42		1,386,561
	1,070,654		FNMA		4.000		05/01/42		1,158,561
	1,141,622		FNMA		5.000		05/01/42		1,250,662
	1,185,833		FNMA		3.000		06/01/42		1,253,542
	5,090,579		FNMA		3.500		06/01/42		5,465,490
	3,987,927		FNMA		4.000		06/01/42		4,317,144
	2,727,330		FNMA		4.000		06/01/42		2,952,232
	8,138,455		FNMA		3.500		07/01/42		8,738,385
	1,515,599		FNMA		4.500		07/01/42		1,660,726
	1,630,717		FNMA		3.500		08/01/42		1,749,414
	2,833,171		FNMA		3.000		09/01/42		2,995,607
	3,387,181		FNMA		3.500		09/01/42		3,636,456
	15,011,115		FNMA		4.500		09/01/42		16,447,800
	5,828,816		FNMA		3.000		10/01/42		6,163,102
	1,646,646		FNMA		3.500		10/01/42		1,768,026
	2,308,577		FNMA		2.500		01/01/43		2,403,923
	7,079,180		FNMA		3.000		01/01/43		7,484,202
	9,875,253		FNMA		3.000		02/01/43		10,441,837
	19,219,945		FNMA		3.000		04/01/43		20,321,326
	27,509,119		FNMA		3.000		04/01/43		29,177,703
	7,175,730		FNMA		3.000		04/01/43		7,587,040
	2,514,768		FNMA		3.000		04/01/43		2,658,537
	588,182	i	FNMA		2.132		06/01/43		592,943
	7,096,392		FNMA		3.000		06/01/43		7,502,289
	5,861,414		FNMA		3.000		07/01/43		6,196,547
	16,327,070		FNMA		3.500		07/01/43		17,533,067
	5,114,970		FNMA		3.500		07/01/43		5,493,315
	140,990	i	FNMA		4.330		07/01/43		142,015
	5,223,580		FNMA		3.000		08/01/43		5,523,175
	2,373,286		FNMA		4.000		08/01/43		2,583,539
	4,173,467		FNMA		3.000		09/01/43		4,453,892
	5,088,060		FNMA		3.500		09/01/43		5,462,529
	3,704,168		FNMA		3.500		10/01/43		3,976,334
	406,199		FNMA		4.500		10/01/43		444,840
	1,348,504		FNMA		4.000		11/01/43		1,459,699

119

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	3,066,761	FNMA		4.000	%	11/01/43	$	3,315,944
	904,410	FNMA		4.500		12/01/43		989,225
	2,848,213	FNMA		4.500		12/01/43		3,108,391
	3,441,660	FNMA		4.000		01/01/44		3,722,639
	48,584,560	FNMA		4.000		03/01/44		52,856,414
	2,522,180	FNMA		4.000		05/01/44		2,729,918
	2,954,883	FNMA		4.000		07/01/44		3,196,849
	2,637,170	FNMA		4.000		07/01/44		2,853,160
	1,872,755	FNMA		3.500		09/01/44		2,006,506
	2,424,709	FNMA		4.000		09/01/44		2,623,085
	6,063,034	FNMA		3.500		10/01/44		6,504,663
	13,164,814	FNMA		5.000		11/01/44		14,590,316
	2,780,589	FNMA		4.000		12/01/44		3,008,546
	4,948,085	FNMA		3.000		01/01/45		5,230,546
	15,141,404	FNMA		3.000		01/01/45		16,007,610
	28,663,568	FNMA		3.500		01/01/45		30,757,165
	9,778,167	FNMA		3.500		02/01/45		10,442,300
	6,451,101	FNMA		3.000		04/01/45		6,819,900
	10,095,455	FNMA		3.500		05/01/45		10,762,210
	8,682,638	FNMA		3.500		07/01/45		9,259,038
	11,916,408	FNMA		4.000		07/01/45		12,896,875
	27,047,283	FNMA		3.500		09/01/45		29,034,135
	15,668,003	FNMA		3.000		11/01/45		16,545,774
	7,387,617	FNMA		3.500		11/01/45		7,874,923
	17,938,571	FNMA		4.000		11/01/45		19,413,019
	9,356,523	FNMA		3.500		12/01/45		9,974,635
	6,717,751	FNMA		3.500		12/01/45		7,154,604
	19,821,247	FNMA		3.500		12/01/45		21,128,136
	26,687,220	FNMA		3.500		01/01/46		28,448,329
	5,344,050	FNMA		3.500		02/01/46		5,696,118
	16,625,278	FNMA		3.500		04/01/46		17,746,232
	7,803,030	FNMA		4.500		05/01/46		8,510,587
	6,572,727	FNMA		3.000		06/01/46		6,942,030
	10,947,592	FNMA		3.500		07/01/46		11,632,809
	15,800,191	FNMA		3.500		08/01/46		16,946,681
	10,169,431	FNMA		4.000		08/01/46		10,968,292
	10,539,849	FNMA		3.000		09/01/46		11,124,293
	11,143,365	FNMA		3.000		10/01/46		11,746,665
	21,590,897	FNMA		3.000		11/01/46		22,779,016
	6,229,969	FNMA		3.500		12/01/46		6,614,455
	71,652,306	FNMA		3.000		01/01/47		75,516,522
	8,455,418	FNMA		3.000		02/01/47		8,874,642
	7,847,791	FNMA		4.000		02/01/47		8,437,498
	11,542,555	FNMA		3.000		03/01/47		12,169,523
	10,047,232	FNMA		3.500		03/01/47		10,653,398
	2,688,781	FNMA		4.000		03/01/47		2,886,041
	1,586,714	FNMA		4.500		03/01/47		1,727,123
	9,351,242	FNMA		3.000		04/01/47		9,877,729
	15,623,304	FNMA		3.000		04/01/47		16,487,339
	13,504,688	FNMA		3.500		04/01/47		14,336,168
	6,722,594	FNMA		3.500		05/01/47		7,128,729
	16,561,114	FNMA		3.500		07/01/47		17,534,771
	9,630,240	FNMA		3.500		07/01/47		10,383,148

120

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	11,843,760	FNMA		4.000	%	07/01/47	$	12,723,218
	15,292,645	FNMA		3.500		08/01/47		16,215,002
	32,810,152	FNMA		3.500		11/01/47		34,799,214
	5,057,515	FNMA		4.500		11/01/47		5,485,003
	7,971,085	FNMA		3.500		01/01/48		8,460,384
	7,641,669	FNMA		3.500		01/01/48		8,075,126
	27,304,885	FNMA		4.000		01/01/48		29,133,584
	4,046,399	FNMA		3.000		02/01/48		4,260,901
	10,990,943	FNMA		4.000		04/01/48		11,783,180
	816,686	FNMA		4.500		04/01/48		880,728
	16,855,012	FNMA		3.500		06/01/48		17,860,325
	32,342,051	FNMA		4.000		07/01/48		34,538,189
	20,781,299	FNMA		4.500		07/01/48		22,382,432
	12,710,038	FNMA		4.000		08/01/48		13,566,941
	9,411,059	FNMA		4.000		10/01/48		10,059,940
	11,298,130	FNMA		4.500		10/01/48		12,147,737
	46,923,713	FNMA		3.000		11/01/48		49,481,354
	25,362,978	FNMA		4.000		11/01/48		27,048,862
	8,199,505	FNMA		4.500		11/01/48		8,829,157
	9,310,258	FNMA		4.000		12/01/48		9,924,882
	8,010,976	FNMA		4.500		01/01/49		8,610,011
	21,748,991	FNMA		4.500		02/01/49		23,380,517
	26,532,866	FNMA		4.000		04/01/49		28,301,271
	22,012,288	FNMA		5.000		04/01/49		23,751,641
	16,968,944	FNMA		4.000		08/01/49		18,107,929
	19,251,648	FNMA		2.500		09/01/49		19,949,269
	56,541,807	FNMA		3.000		09/01/49		59,255,979
	49,146,013	FNMA		2.500		11/01/49		50,931,624
	24,698,781	FNMA		2.500		12/01/49		25,594,910
	24,671,881	FNMA		3.000		12/01/49		26,061,603
	49,232,571	FNMA		3.000		12/01/49		51,602,857
	5,635,891	FNMA		3.500		07/01/55		5,988,638
	1,532	Government National Mortgage Association (GNMA)		4.500		01/20/24		1,631
	13,997	GNMA		4.000		04/15/24		14,724
	4,200	GNMA		4.500		07/15/24		4,403
	52,546	GNMA		4.000		08/15/24		55,256
	13,491	GNMA		4.500		08/15/24		14,142
	41,445	GNMA		4.000		09/15/24		43,581
	8,250	GNMA		4.500		01/15/25		8,648
	71,026	GNMA		4.000		08/15/25		74,728
	37,661	GNMA		3.500		03/15/26		39,572
	37,909	GNMA		4.000		04/15/26		39,885
	38,551	GNMA		4.000		06/20/26		40,652
	61,881	GNMA		3.500		11/20/26		64,869
	322,648	GNMA		3.000		12/15/26		337,545
	1,047,504	GNMA		2.500		04/20/27		1,084,881
	698,354	GNMA		2.500		09/20/27		723,264
	425	GNMA		6.500		09/15/28		466
	285	GNMA		6.500		09/15/28		313
	1,151	GNMA		6.500		11/15/28		1,284
	214	GNMA		7.500		11/15/28		215
	1,029,885	GNMA		3.500		11/20/28		1,081,687
	6,790	GNMA		8.500		10/15/30		7,117

121

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	2,657	GNMA		8.500	%	10/20/30	$	3,197
	332	GNMA		8.500		12/15/30		413
	405	GNMA		7.000		06/20/31		492
	874	GNMA		7.000		07/15/31		896
	1,198	GNMA		7.000		07/15/31		1,266
	5,994,256	GNMA		3.000		08/20/32		6,261,082
	159,315	GNMA		6.000		10/15/32		180,932
	19,427	GNMA		5.500		12/20/32		21,888
	45,771	GNMA		5.500		05/15/33		50,237
	6,801	GNMA		5.000		07/15/33		7,550
	24,741	GNMA		5.500		07/15/33		28,031
	5,778	GNMA		5.000		07/20/33		6,405
	18,043	GNMA		5.000		08/15/33		19,493
	25,054	GNMA		5.000		08/15/33		27,260
	104,954	GNMA		5.500		09/15/33		120,789
	77,977	GNMA		6.000		11/20/33		88,871
	35,179	GNMA		5.500		05/20/34		39,632
	50,539	GNMA		6.000		09/20/34		57,591
	3,898	GNMA		5.000		10/20/34		4,325
	107,813	GNMA		5.500		11/15/34		122,412
	50,810	GNMA		6.500		01/15/35		61,088
	26,550	GNMA		5.500		02/20/35		29,894
	495,557	GNMA		5.000		03/20/35		549,475
	148,633	GNMA		5.000		04/15/35		164,960
	162,644	GNMA		5.500		05/20/35		182,916
	5,923	GNMA		5.000		09/20/35		6,567
	3,582	GNMA		5.000		11/15/35		3,873
	4,182	GNMA		5.000		11/15/35		4,656
	44,604	GNMA		5.500		02/20/36		50,073
	5,360	GNMA		5.500		03/15/36		6,092
	14,478	GNMA		5.500		05/20/36		16,221
	4,517	GNMA		6.500		06/15/36		5,496
	133,838	GNMA		5.500		06/20/36		149,814
	8,106	GNMA		5.000		09/15/36		9,032
	5,422	GNMA		6.000		09/15/36		6,130
	13,152	GNMA		6.000		10/20/36		14,997
	9,304	GNMA		5.000		12/15/36		10,360
	3,082	GNMA		5.500		01/15/37		3,350
	7,848	GNMA		6.000		01/20/37		8,943
	168,828	GNMA		5.500		02/15/37		189,343
	28,525	GNMA		6.000		02/20/37		32,521
	213,665	GNMA		6.000		04/15/37		242,665
	3,238	GNMA		6.500		04/15/37		3,553
	69,056	GNMA		6.000		04/20/37		75,895
	14,050	GNMA		6.000		06/15/37		15,631
	15,616	GNMA		6.000		08/20/37		17,801
	13,150	GNMA		6.500		08/20/37		15,188
	60,431	GNMA		6.500		11/20/37		71,002
	18,738	GNMA		6.000		12/15/37		21,038
	3,441	GNMA		5.000		02/20/38		3,808
	100,760	GNMA		5.000		04/15/38		112,262
	3,974	GNMA		5.500		05/20/38		4,457
	17,361	GNMA		5.500		06/15/38		19,685

122

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	41,419	GNMA		6.000	%	06/20/38	$	47,187
	55,186	GNMA		5.500		07/15/38		62,475
	331,205	GNMA		5.000		07/20/38		366,745
	296,718	GNMA		5.500		07/20/38		332,116
	7,479	GNMA		5.500		08/15/38		8,401
	110,134	GNMA		6.000		08/15/38		125,016
	45,955	GNMA		6.000		08/15/38		50,990
	28,918	GNMA		6.000		08/20/38		32,952
	116,015	GNMA		6.000		09/20/38		132,276
	36,324	GNMA		5.000		10/15/38		39,265
	11,230	GNMA		5.500		10/15/38		12,878
	5,885	GNMA		6.500		10/20/38		7,017
	19,021	GNMA		6.500		10/20/38		20,839
	1,599	GNMA		5.500		11/15/38		1,818
	23,794	GNMA		6.500		11/20/38		28,292
	121,503	GNMA		6.000		12/15/38		137,500
	3,033	GNMA		6.500		12/15/38		3,538
	22,139	GNMA		5.000		01/15/39		24,665
	541,530	GNMA		4.500		01/20/39		593,139
	58,456	GNMA		6.500		01/20/39		67,265
	21,451	GNMA		5.000		02/15/39		23,887
	7,577	GNMA		6.000		02/15/39		8,437
	19,783	GNMA		4.500		03/15/39		21,913
	182,004	GNMA		4.500		03/15/39		201,592
	6,809	GNMA		4.500		03/20/39		7,469
	118,303	GNMA		5.500		03/20/39		132,391
	11,582	GNMA		4.500		04/15/39		12,838
	176,753	GNMA		5.500		04/15/39		197,358
	4,369	GNMA		5.000		04/20/39		4,833
	23,630	GNMA		4.000		05/15/39		25,565
	336,956	GNMA		4.500		05/15/39		373,170
	156,478	GNMA		5.000		05/15/39		173,157
	24,216	GNMA		4.000		05/20/39		26,408
	62,616	GNMA		4.500		05/20/39		69,000
	1,301,722	GNMA		5.000		05/20/39		1,440,355
	9,309	GNMA		4.500		06/15/39		10,312
	916,144	GNMA		4.500		06/15/39		1,014,120
	921,367	GNMA		5.000		06/15/39		1,043,066
	1,140,461	GNMA		5.000		06/15/39		1,290,857
	20,848	GNMA		5.000		06/15/39		23,225
	10,391	GNMA		5.000		06/15/39		11,581
	11,560	GNMA		5.000		06/15/39		12,879
	13,801	GNMA		4.000		06/20/39		15,044
	8,426	GNMA		5.000		06/20/39		9,322
	1,053,484	GNMA		4.000		07/15/39		1,139,573
	28,437	GNMA		4.500		07/15/39		31,492
	13,411	GNMA		4.500		07/15/39		14,852
	1,251,975	GNMA		4.500		07/15/39		1,401,373
	12,763	GNMA		5.000		07/15/39		14,216
	140,023	GNMA		4.500		07/20/39		154,276
	120,079	GNMA		5.000		07/20/39		132,827
	12,891	GNMA		5.500		07/20/39		14,420
	64,591	GNMA		4.000		08/15/39		69,861
	139,062	GNMA		5.000		08/15/39		154,855

123

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	7,817		GNMA		5.500	%	08/15/39	$	8,782
	57,320		GNMA		6.000		08/15/39		63,434
	42,621		GNMA		4.000		08/20/39		46,483
	31,365		GNMA		5.000		08/20/39		34,698
	14,221		GNMA		5.000		09/15/39		15,366
	43,743		GNMA		5.000		09/20/39		48,395
	9,764		GNMA		4.500		10/15/39		10,808
	5,775		GNMA		5.000		10/15/39		6,396
	13,741		GNMA		4.500		10/20/39		15,138
	27,997		GNMA		4.500		11/15/39		31,343
	20,525		GNMA		4.500		11/20/39		22,617
	23,786		GNMA		5.000		11/20/39		26,311
	43,095		GNMA		4.500		12/15/39		46,886
	705,615		GNMA		4.500		12/15/39		781,420
	20,352		GNMA		4.500		12/20/39		22,425
	734,330		GNMA		5.000		12/20/39		812,392
	687,253		GNMA		4.500		01/20/40		757,159
	9,780		GNMA		5.500		01/20/40		10,911
	384,773		GNMA		5.500		02/15/40		437,376
	54,710		GNMA		4.000		03/15/40		59,242
	11,436		GNMA		5.000		03/15/40		12,734
	3,135		GNMA		4.500		04/15/40		3,426
	116,818		GNMA		5.000		04/15/40		130,029
	27,319		GNMA		4.500		04/20/40		30,097
	4,557		GNMA		4.500		05/15/40		5,041
	133,177		GNMA		5.000		05/15/40		148,148
	224,516	i	GNMA		3.875		05/20/40		231,260
	5,927		GNMA		4.500		05/20/40		6,530
	6,835		GNMA		4.500		06/15/40		7,557
	2,334,662		GNMA		4.500		06/15/40		2,585,898
	10,307		GNMA		4.500		06/15/40		11,413
	134,270		GNMA		5.000		06/20/40		148,531
	72,740		GNMA		4.500		07/15/40		80,536
	285,506		GNMA		4.500		07/15/40		315,413
	983,711		GNMA		4.500		07/20/40		1,083,834
	28,865		GNMA		5.000		07/20/40		31,922
	200,505		GNMA		4.000		08/15/40		217,297
	907,700		GNMA		4.000		08/15/40		983,799
	85,056		GNMA		4.500		08/15/40		95,144
	74,049		GNMA		4.500		08/20/40		81,576
	62,940		GNMA		4.500		09/20/40		69,348
	19,189		GNMA		5.500		09/20/40		21,483
	21,641		GNMA		6.500		09/20/40		25,301
	28,112		GNMA		4.000		10/15/40		30,534
	55,904		GNMA		6.000		10/20/40		63,742
	350,018		GNMA		4.000		11/15/40		379,362
	850,851		GNMA		4.000		11/20/40		927,600
	208,050		GNMA		3.500		12/15/40		224,359
	302,150		GNMA		5.500		12/20/40		338,247
	985,522		GNMA		4.000		01/15/41		1,067,828
	2,263,225		GNMA		4.000		01/20/41		2,467,532
	179,076		GNMA		4.000		02/15/41		193,882
	593,642		GNMA		4.500		02/20/41		654,087

124

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	321,787		GNMA		4.500	%	03/15/41	$	356,125
	707,796		GNMA		4.500		04/20/41		779,776
	148,482		GNMA		5.000		04/20/41		164,032
	54,010	i	GNMA		3.875		06/20/41		55,411
	155,561		GNMA		4.000		07/15/41		168,828
	289,619		GNMA		4.000		07/20/41		315,755
	942,021		GNMA		4.500		07/20/41		1,038,002
	797,190		GNMA		5.000		07/20/41		881,679
	196,397		GNMA		4.500		08/15/41		217,293
	361,625		GNMA		5.000		08/20/41		399,476
	530,746		GNMA		4.000		09/15/41		576,295
	30,888	i	GNMA		3.250		09/20/41		31,696
	1,317,823		GNMA		4.000		09/20/41		1,436,671
	77,728		GNMA		4.000		10/15/41		84,289
	59,985	i	GNMA		3.125		10/20/41		61,497
	38,596	i	GNMA		3.125		10/20/41		39,594
	1,688,579		GNMA		4.000		10/20/41		1,840,930
	208,177		GNMA		5.500		10/20/41		233,111
	539,969		GNMA		3.500		11/15/41		582,043
	1,180,966		GNMA		4.000		11/15/41		1,283,519
	2,170,566		GNMA		4.500		11/20/41		2,391,757
	900,700		GNMA		5.000		11/20/41		996,866
	193,848		GNMA		6.000		11/20/41		223,580
	1,188,644		GNMA		3.500		01/20/42		1,270,812
	217,765	i	GNMA		4.000		02/20/42		221,926
	579,368		GNMA		3.500		03/20/42		619,419
	896,096		GNMA		4.500		03/20/42		987,339
	1,051,692		GNMA		3.500		04/15/42		1,133,680
	1,816,203		GNMA		3.500		05/20/42		1,961,409
	5,505,400		GNMA		3.500		05/20/42		5,885,999
	1,200,457		GNMA		4.000		05/20/42		1,308,909
	2,201,026		GNMA		3.500		07/15/42		2,374,330
	221,297	i	GNMA		3.250		07/20/42		226,359
	1,290,109		GNMA		3.500		07/20/42		1,379,300
	1,626,445		GNMA		3.000		08/20/42		1,745,970
	1,892,350		GNMA		3.500		08/20/42		2,043,490
	5,418,668		GNMA		3.500		08/20/42		5,793,290
	918,551		GNMA		6.000		08/20/42		1,046,741
	2,123,332		GNMA		3.500		10/20/42		2,270,134
	2,369,260		GNMA		3.000		11/20/42		2,543,784
	2,784,302		GNMA		3.000		12/20/42		2,989,945
	2,029,445		GNMA		3.000		12/20/42		2,168,289
	1,627,111		GNMA		3.000		01/15/43		1,728,654
	4,147,506		GNMA		3.000		01/15/43		4,421,323
	2,111,502		GNMA		3.000		01/20/43		2,267,429
	3,607,904		GNMA		3.000		02/20/43		3,874,468
	2,269,628		GNMA		3.000		02/20/43		2,438,798
	674,317		GNMA		3.000		04/15/43		716,506
	620,583		GNMA		5.000		04/20/43		686,230
	1,444,920		GNMA		3.000		05/20/43		1,552,234
	2,230,669		GNMA		3.000		06/20/43		2,396,307
	4,432,640		GNMA		3.500		06/20/43		4,786,594
	4,859,610		GNMA		3.000		07/20/43		5,220,644
	2,216,709		GNMA		3.500		07/20/43		2,369,983

125

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	10,203,296	GNMA		4.500	%	08/20/43	$	11,149,786
	3,204,709	GNMA		3.500		09/20/43		3,419,178
	1,125,971	GNMA		4.000		09/20/43		1,227,308
	13,514,428	GNMA		3.500		10/20/43		14,419,282
	6,872,929	GNMA		4.000		10/20/43		7,491,573
	588,964	GNMA		3.500		11/20/43		628,120
	1,213,451	GNMA		4.000		11/20/43		1,322,639
	1,068,513	GNMA		4.500		12/20/43		1,169,886
	1,120,015	GNMA		4.500		01/20/44		1,227,141
	1,528,813	GNMA		3.500		02/20/44		1,627,286
	2,056,487	GNMA		4.000		02/20/44		2,241,480
	2,076,916	GNMA		4.000		05/20/44		2,263,688
	2,155,263	GNMA		4.000		06/20/44		2,349,140
	6,173,145	GNMA		3.500		07/20/44		6,560,829
	18,931,624	GNMA		3.500		10/20/44		20,191,939
	1,603,043	GNMA		4.500		10/20/44		1,750,423
	4,487,496	GNMA		3.500		11/20/44		4,769,430
	6,128,325	GNMA		3.000		12/20/44		6,580,998
	8,803,541	GNMA		4.000		12/20/44		9,595,635
	14,352,940	GNMA		3.500		02/20/45		15,252,413
	6,762,233	GNMA		4.000		03/20/45		7,370,706
	6,473,659	GNMA		3.000		04/20/45		6,952,318
	13,638,212	GNMA		3.000		06/20/45		14,647,032
	29,459,567	GNMA		3.000		07/20/45		31,640,179
	9,704,506	GNMA		4.000		10/20/45		10,588,817
	16,188,615	GNMA		4.000		11/20/45		17,643,595
	7,496,893	GNMA		3.000		12/20/45		8,052,320
	6,605,378	GNMA		3.500		12/20/45		7,021,028
	18,489,828	GNMA		3.000		03/20/46		19,847,816
	7,448,283	GNMA		4.000		04/20/46		8,068,404
	37,847,226	GNMA		3.000		05/20/46		40,638,693
	22,229,575	GNMA		3.500		05/20/46		23,623,775
	8,625,816	GNMA		3.000		06/20/46		9,251,899
	5,102,939	GNMA		3.500		06/20/46		5,423,165
	10,674,230	GNMA		3.500		08/20/46		11,344,814
	6,267,111	GNMA		3.000		09/20/46		6,714,538
	24,422,510	GNMA		3.500		09/20/46		26,114,326
	12,147,200	GNMA		3.000		10/20/46		13,002,430
	6,504,631	GNMA		3.000		12/20/46		6,951,648
	6,593,079	GNMA		3.000		01/20/47		7,047,070
	4,748,845	GNMA		4.000		01/20/47		5,073,819
	12,331,062	GNMA		4.000		04/20/47		13,283,757
	12,417,485	GNMA		3.500		05/20/47		13,190,746
	6,483,731	GNMA		3.500		06/20/47		6,832,103
	7,791,202	GNMA		3.000		07/20/47		8,328,142
	14,521,283	GNMA		4.500		07/20/47		15,696,920
	14,609,716	GNMA		3.000		08/20/47		15,616,148
	17,027,056	GNMA		3.500		08/20/47		18,085,528
	27,615,473	GNMA		3.000		09/20/47		29,259,026
	39,463,187	GNMA		4.000		09/20/47		42,530,964
	27,743,751	GNMA		3.500		11/20/47		29,466,428
	20,896,470	GNMA		3.500		12/20/47		22,067,995
	13,899,229	GNMA		3.500		01/20/48		14,743,138

126

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	20,780,850	GNMA		4.000	%	05/20/48	$	22,140,567
	37,501,816	GNMA		3.000		06/20/48		40,018,510
	15,137,047	GNMA		4.000		06/20/48		16,184,665
	29,261,387	GNMA		3.500		07/20/48		30,980,820
	15,322,245	GNMA		4.000		08/20/48		16,430,358
	11,775,596	GNMA		5.000		08/20/48		12,674,480
	10,574,582	GNMA		4.500		09/20/48		11,290,590
	9,645,756	GNMA		5.000		10/20/48		10,266,881
	7,638,499	GNMA		4.500		11/20/48		8,106,580
	17,989,389	GNMA		3.500		04/20/49		18,949,897
	61,592,015	GNMA		4.500		04/20/49		65,390,530
	21,287,498	GNMA		4.000		05/20/49		22,589,135
	12,307,259	GNMA		3.500		06/20/49		12,975,620
	19,640,502	GNMA		3.000		09/20/49		20,809,419
	29,330,855	GNMA		3.500		09/20/49		30,915,038
	19,733,021	GNMA		2.500		10/20/49		20,636,934
	19,787,446	GNMA		3.000		11/20/49		20,965,108
	19,753,626	GNMA		3.500		11/20/49		20,831,670
		TOTAL MORTGAGE BACKED						4,417,684,170
MUNICIPAL BONDS - 0.8%
	200,000	Alabama Economic Settlement Authority		4.263		09/15/32		228,540
	300,000	American Municipal Power		7.834		02/15/41		436,644
	500,000	American Municipal Power		6.270		02/15/50		667,445
	1,165,000	American Municipal Power		8.084		02/15/50		1,965,786
	750,000	American University		3.672		04/01/49		808,088
	750,000	Bay Area Toll Authority		2.574		04/01/31		762,450
	1,000,000	Bay Area Toll Authority		6.918		04/01/40		1,474,090
	2,000,000	Bay Area Toll Authority		6.263		04/01/49		3,051,560
	200,000	California Institute of Technology		4.321		08/01/45		237,932
	750,000	California Institute of Technology		3.650		09/01/19		777,732
	200,000	California State University		3.899		11/01/47		232,624
	750,000	California State University		2.975		11/01/51		746,902
	720,000	Central Puget Sound Regional Transit Authority		5.491		11/01/39		824,616
	460,000	Chicago Metropolitan Water Reclamation District-Greater Chicago		5.720		12/01/38		620,558
	2,250,000	Chicago O’Hare International Airport		6.395		01/01/40		3,150,360
	200,000	Chicago O’Hare International Airport		4.472		01/01/49		223,950
	200,000	Chicago O’Hare International Airport		4.572		01/01/54		226,094
	690,000	City of Houston TX		3.961		03/01/47		774,401
	310,000	City of San Francisco CA Public Utilities Commission Water Revenue		3.303		11/01/39		289,695
	750,000	City Public Service Board of San Antonio TX		5.808		02/01/41		1,069,463
	150,000	Colorado Bridge Enterprise		6.078		12/01/40		209,635
	200,000	Commonwealth Financing Authority		4.014		06/01/33		227,548
	100,000	Commonwealth Financing Authority		3.864		06/01/38		110,381
	100,000	Commonwealth Financing Authority		4.144		06/01/38		113,443
	645,000	Commonwealth Financing Authority		3.807		06/01/41		729,837
	180,000	Commonwealth of Massachusetts		4.200		12/01/21		182,648
	500,000	Commonwealth of Massachusetts		5.731		06/01/40		670,115
	100,000	Commonwealth of Massachusetts		3.277		06/01/46		101,955
	750,000	Commonwealth of Massachusetts		2.900		09/01/49		704,250
	195,000	Commonwealth of Pennsylvania		5.850		07/15/30		197,188
	130,000	County of Broward FL Airport System Revenue		3.477		10/01/43		126,217

127

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	200,000	County of Clark NV		6.820	%	07/01/45	$	265,412
	135,000	County of Miami-Dade FL Aviation Revenue		4.280		10/01/41		144,114
	200,000	County of Miami-Dade FL Water & Sewer System Revenue		3.490		10/01/42		202,510
	750,000	Dallas Area Rapid Transit		5.022		12/01/48		1,001,182
	250,000	Dallas/Fort Worth International Airport		2.994		11/01/38		236,387
	100,000	Dallas/Fort Worth International Airport		3.144		11/01/45		93,218
	350,000	Denver City & County School District No		4.242		12/15/37		381,458
	200,000	District of Columbia		5.591		12/01/34		248,852
	470,000	District of Columbia Water & Sewer Authority		3.207		10/01/48		477,764
	445,000	District of Columbia Water & Sewer Authority		4.814		10/01/14		576,230
	115,000	Duke University		3.299		10/01/46		119,399
	10,000	Energy Northwest		2.814		07/01/24		10,295
	500,000	Florida Hurricane Catastrophe Fund Finance Corp		2.995		07/01/20		499,535
	1,200,000	Florida State Board of Administration Finance Corp		2.638		07/01/21		1,201,092
	360,000	Foothill-Eastern Transportation Corridor Agency		4.094		01/15/49		364,561
	300,000	Foothill-Eastern Transportation Corridor Agency		3.924		01/15/53		307,062
	300,000	George Washington University		4.300		09/15/44		330,909
	200,000	George Washington University		4.868		09/15/45		249,436
	375,000	George Washington University		4.126		09/15/48		373,446
	100,000	Georgetown University		4.315		04/01/49		117,524
	300,000	Georgetown University		5.215		10/01/18		440,301
	970,000	Grand Parkway Transportation Corp		3.236		10/01/52		941,977
	200,000	Health & Educational Facilities Authority of the State of Missouri		3.651		01/15/46		223,632
	200,000	Health & Educational Facilities Authority of the State of Missouri		3.086		09/15/51		198,030
	200,000	Health & Educational Facilities Authority of the State of Missouri		3.652		08/15/57		233,644
	500,000	Illinois State Toll Highway Authority		6.184		01/01/34		660,040
	770,000	JobsOhio Beverage System		2.833		01/01/38		750,342
	240,000	Los Angeles Community College District		6.750		08/01/49		390,295
	350,000	Los Angeles Department of Water & Power Power System Revenue		5.716		07/01/39		484,271
	1,500,000	Los Angeles Department of Water & Power Power System Revenue		6.574		07/01/45		2,304,885
	1,630,000	Los Angeles Unified School District		5.750		07/01/34		2,093,099
	100,000	Massachusetts School Building Authority		5.715		08/15/39		135,198
	500,000	Massachusetts School Building Authority		3.395		10/15/40		512,220
	100,000	Metropolitan Government of Nashville & Davidson County Convention Center Authority		6.731		07/01/43		144,787
	200,000	Metropolitan Government of Nashville & Davidson County Health & Educational Facilities		4.053		07/01/26		224,404
	940,000	Metropolitan Transportation Authority		6.648		11/15/39		1,213,211
	1,150,000	Metropolitan Transportation Authority		7.336		11/15/39		1,645,409
	350,000	Michigan Finance Authority		3.384		12/01/40		364,882
	235,000	Michigan State University		4.496		08/15/48		262,479
	500,000	Missouri Highway & Transportation Commission		5.445		05/01/33		639,540
	249,000	Municipal Electric Authority of Georgia		6.637		04/01/57		326,001
	496,000	Municipal Electric Authority of Georgia		6.655		04/01/57		662,264
	947,000	New Jersey Economic Development Authority		7.425		02/15/29		1,129,762
	1,335,000	New Jersey State Turnpike Authority		7.414		01/01/40		1,954,440
	1,000,000	New Jersey State Turnpike Authority		7.102		01/01/41		1,424,500

128

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	800,000	New Jersey Transportation Trust Fund Authority		5.754	%	12/15/28	$	942,392
	360,000	New Jersey Transportation Trust Fund Authority		6.104		12/15/28		370,163
	500,000	New Jersey Transportation Trust Fund Authority		4.081		06/15/39		484,565
	195,000	New Jersey Transportation Trust Fund Authority		4.131		06/15/42		188,807
	2,385,000	New York City Municipal Water Finance Authority		5.440		06/15/43		3,362,874
	1,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue		5.767		08/01/36		1,269,150
	660,000	New York City Water & Sewer System		5.790		06/15/41		664,594
	440,000	New York City Water & Sewer System		5.790		06/15/41		442,411
	600,000	New York State Dormitory Authority		5.289		03/15/33		701,970
	130,000	New York State Dormitory Authority		5.628		03/15/39		153,787
	545,000	New York State Dormitory Authority		5.600		03/15/40		660,311
	500,000	New York State Dormitory Authority		3.142		07/01/43		496,095
	200,000	New York State Dormitory Authority		4.946		08/01/48		212,992
	500,000	New York State Thruway Authority		2.900		01/01/35		493,975
	110,000	New York State Thruway Authority		3.500		01/01/42		111,187
	1,000,000	New York State Urban Development Corp		3.900		03/15/33		1,130,270
	400,000	New York State Urban Development Corp		5.838		03/15/40		515,788
	1,000,000	North Texas Tollway Authority		6.718		01/01/49		1,583,160
	675,000	Ohio State Water Development Authority		4.879		12/01/34		754,468
	605,000	Ohio Turnpike & Infrastructure Commission		3.216		02/15/48		608,164
	750,000	Oregon School Boards Association		4.759		06/30/28		797,873
	250,000	Oregon School Boards Association		5.680		06/30/28		289,633
	300,000	Permanent University Fund-Texas A&M University System		3.660		07/01/47		320,640
	200,000	Permanent University Fund-University of Texas System		3.376		07/01/47		202,272
	1,215,000	Port Authority of New York & New Jersey		6.040		12/01/29		1,608,198
	500,000	Port Authority of New York & New Jersey		5.647		11/01/40		672,340
	300,000	Port Authority of New York & New Jersey		4.823		06/01/45		330,525
	1,000,000	Port Authority of New York & New Jersey		5.310		08/01/46		1,060,160
	200,000	Port Authority of New York & New Jersey		4.031		09/01/48		210,020
	400,000	Port Authority of New York & New Jersey		4.229		10/15/57		449,856
	2,200,000	Port Authority of New York & New Jersey		4.810		10/15/65		2,626,888
	250,000	Port Authority of New York & New Jersey		3.287		08/01/69		231,973
	220,000	Princeton University		5.700		03/01/39		308,287
	750,000	Regents of the University of California Medical Center Pooled Revenue		3.006		05/15/50		681,945
	750,000	Regents of the University of California Medical Center Pooled Revenue		3.256		05/15/60		702,180
	750,000	Regents of the University of California Medical Center Pooled Revenue		3.706		05/15/20		772,380
	500,000	Rutgers The State University of New Jersey		3.270		05/01/43		500,345
	500,000	Rutgers The State University of New Jersey		3.915		05/01/19		597,090
	200,000	Sales Tax Securitization Corp		4.637		01/01/40		237,472
	200,000	Sales Tax Securitization Corp		3.587		01/01/43		205,744
	1,000,000	Sales Tax Securitization Corp		3.820		01/01/48		1,032,920
	200,000	Sales Tax Securitization Corp		4.787		01/01/48		245,166
	100,000	Salt River Project Agricultural Improvement & Power District		4.839		01/01/41		133,451
	435,000	San Diego County Regional Transportation Commission		3.248		04/01/48		426,387
	500,000	San Diego County Water Authority		6.138		05/01/49		689,805
	100,000	San Jose Redevelopment Agency		3.375		08/01/34		100,889

129

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	800,000	Santa Clara Valley Transportation Authority		5.876	%	04/01/32	$	994,504
	270,000	South Carolina Public Service Authority		2.388		12/01/23		276,167
	300,000	State of California		2.800		04/01/21		304,302
	645,000	State of California		5.700		11/01/21		688,783
	200,000	State of California		3.375		04/01/25		215,656
	200,000	State of California		3.500		04/01/28		221,862
	300,000	State of California		4.500		04/01/33		345,270
	250,000	State of California		7.500		04/01/34		394,267
	225,000	State of California		4.600		04/01/38		247,741
	1,285,000	State of California		7.550		04/01/39		2,085,169
	3,400,000	State of California		7.300		10/01/39		5,224,270
	2,740,000	State of California		7.625		03/01/40		4,420,442
	1,500,000	State of California		7.600		11/01/40		2,496,180
	200,000	State of California Department of Water Resources Power Supply Revenue		2.000		05/01/22		203,042
	300,000	State of Connecticut		5.090		10/01/30		355,980
	620,000	State of Connecticut		5.850		03/15/32		761,093
	5,950,000	State of Illinois		5.100		06/01/33		5,906,149
	1,295,000	State of Illinois		6.725		04/01/35		1,399,817
	500,000	State of Illinois		5.650		12/01/38		523,075
	500,000	State of Kansas Department of Transportation		4.596		09/01/35		608,180
	202,856	State of Oregon		5.762		06/01/23		215,143
	85,000	State of Oregon		5.892		06/01/27		99,802
	100,000	State of Oregon Department of Transportation		5.834		11/15/34		137,409
	600,000	State of Texas		4.631		04/01/33		735,060
	50,000	State of Texas		5.517		04/01/39		68,692
	1,000,000	State of Texas		4.681		04/01/40		1,248,470
	500,000	State of Utah		3.539		07/01/25		525,085
	200,000	State of Washington		5.090		08/01/33		252,764
	200,000	State of Wisconsin		3.154		05/01/27		198,232
	200,000	State of Wisconsin		3.954		05/01/36		217,334
	604,000	State Public School Building Authority		5.000		09/15/27		700,719
	100,000	Sumter Landing Community Development District		4.172		10/01/47		112,414
	430,000	Texas Private Activity Bond Surface Transportation Corp		3.922		12/31/49		424,978
	575,000	Texas Transportation Commission State Highway Fund		5.028		04/01/26		647,007
	1,190,000	Texas Transportation Commission State Highway Fund		5.178		04/01/30		1,432,486
	100,000	The Ohio State University		4.910		06/01/40		119,077
	500,000	The Ohio State University		3.798		12/01/46		509,015
	200,000	The Ohio State University		4.048		12/01/56		209,540
	100,000	Trustees of the University of Pennsylvania		4.674		09/01/12		144,220
	200,000	University of California		3.063		07/01/25		214,384
	500,000	University of California		3.349		07/01/29		543,695
	200,000	University of California		5.770		05/15/43		270,882
	200,000	University of California		3.931		05/15/45		217,694
	200,000	University of California		4.131		05/15/45		222,018
	1,500,000	University of California		5.946		05/15/45		2,017,305
	860,000	University of California		4.858		05/15/12		1,112,685
	200,000	University of California		4.767		05/15/15		251,022
	500,000	University of Chicago		2.761		04/01/45		472,442
	300,000	University of Chicago		4.003		10/01/53		350,134

130

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	500,000	University of Nebraska Facilities Corp		3.037	%	10/01/49	$	465,780
	200,000	University of Notre Dame du Lac		3.438		02/15/45		211,422
	200,000	University of Notre Dame du Lac		3.394		02/15/48		200,026
	300,000	University of Southern California		3.028		10/01/39		289,201
	200,000	University of Southern California		3.841		10/01/47		218,657
	500,000	University of Southern California		2.805		10/01/50		502,797
	200,000	University of Southern California		5.250		10/01/11		333,744
	1,000,000	University of Southern California		3.226		10/01/20		1,032,491
	200,000	University of Texas System		3.852		08/15/46		232,066
	700,000	University of Texas System		4.794		08/15/46		812,756
	500,000	University of Virginia		3.227		09/01/19		469,350
	150,000	Virginia Commonwealth Transportation Board		5.350		05/15/35		195,569
	200,000	William Marsh Rice University		3.574		05/15/45		211,800
	200,000	William Marsh Rice University		3.774		05/15/55		222,184
		TOTAL MUNICIPAL BONDS						125,823,208
U.S. TREASURY SECURITIES - 38.9%
	21,250,000	United States Treasury Bond		4.500		02/15/36		32,659,424
	22,400,000	United States Treasury Bond		5.000		05/15/37		36,795,500
	214,483,000	United States Treasury Bond		3.500		02/15/39		305,345,036
	2,000,000	United States Treasury Bond		4.500		08/15/39		3,202,656
	44,850,000	United States Treasury Bond		4.375		11/15/39		70,962,861
	17,585,000	United States Treasury Bond		3.875		08/15/40		26,385,743
	11,185,000	United States Treasury Bond		4.250		11/15/40		17,580,548
	26,350,000	United States Treasury Bond		4.375		05/15/41		42,266,018
	10,000,000	United States Treasury Bond		3.750		08/15/41		14,855,078
	104,300,000	United States Treasury Bond		3.125		11/15/41		142,430,614
	18,550,000	United States Treasury Bond		3.125		02/15/42		25,354,807
	22,000,000	United States Treasury Bond		3.000		05/15/42		29,534,141
	20,000,000	United States Treasury Bond		2.750		08/15/42		25,826,562
	10,250,000	United States Treasury Bond		2.875		05/15/43		13,506,777
	16,000,000	United States Treasury Bond		2.500		02/15/45		19,981,875
	22,000,000	United States Treasury Bond		3.000		05/15/45		29,925,156
	16,000,000	United States Treasury Bond		2.875		08/15/45		21,393,125
	27,000,000	United States Treasury Bond		2.500		05/15/46		33,966,211
	13,300,000	United States Treasury Bond		2.875		11/15/46		17,955,520
	28,000,000	United States Treasury Bond		3.000		02/15/47		38,704,531
	30,000,000	United States Treasury Bond		2.750		08/15/47		39,655,078
	45,000,000	United States Treasury Bond		2.750		11/15/47		59,563,476
	38,500,000	United States Treasury Bond		3.000		02/15/48		53,293,926
	48,500,000	United States Treasury Bond		3.125		05/15/48		68,767,695
	35,500,000	United States Treasury Bond		3.000		08/15/48		49,358,867
	35,000,000	United States Treasury Bond		3.375		11/15/48		51,964,063
	132,500,000	United States Treasury Bond		3.000		02/15/49		184,770,215
	10,500,000	United States Treasury Bond		2.875		05/15/49		14,338,652
	7,500,000	United States Treasury Bond		2.250		08/15/49		9,124,805
	46,000,000	United States Treasury Bond		2.375		11/15/49		57,413,750
	150,000	United States Treasury Note		2.375		04/15/21		153,480
	600,000	United States Treasury Note		2.250		04/30/21		613,734
	13,000,000	United States Treasury Note		2.625		05/15/21		13,362,578
	90,025,000	United States Treasury Note		1.375		05/31/21		91,340,209
	14,000,000	United States Treasury Note		2.125		05/31/21		14,323,750
	25,000,000	United States Treasury Note		1.125		06/30/21		25,310,547
	78,000,000	United States Treasury Note		1.625		06/30/21		79,438,125

131

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	39,000,000	United States Treasury Note		1.125	%	07/31/21	$	39,492,070
	27,610,000	United States Treasury Note		2.125		08/15/21		28,341,234
	25,000,000	United States Treasury Note		1.125		08/31/21		25,326,172
	43,000,000	United States Treasury Note		2.750		09/15/21		44,573,867
	10,000,000	United States Treasury Note		1.500		10/31/21		10,201,953
	20,000,000	United States Treasury Note		2.875		11/15/21		20,860,938
	13,379,100	United States Treasury Note		8.000		11/15/21		15,069,779
	32,000,000	United States Treasury Note		1.750		11/30/21		32,816,250
	26,700,000	United States Treasury Note		2.000		12/31/21		27,523,945
	24,300,000	United States Treasury Note		1.875		01/31/22		25,031,848
	60,000,000	United States Treasury Note		1.875		02/28/22		61,889,063
	10,000,000	United States Treasury Note		2.375		03/15/22		10,419,531
	100,000,000	United States Treasury Note		0.375		03/31/22		100,265,625
	51,000,000	United States Treasury Note		1.875		03/31/22		52,673,438
	35,000,000	United States Treasury Note		2.250		04/15/22		36,431,445
	92,000,000	United States Treasury Note		1.875		04/30/22		95,122,969
	25,000,000	United States Treasury Note		2.125		05/15/22		25,997,070
	33,000,000	United States Treasury Note		1.750		05/31/22		34,069,922
	30,000,000	United States Treasury Note		1.750		06/30/22		31,027,734
	63,000,000	United States Treasury Note		1.875		07/31/22		65,345,273
	55,000,000	United States Treasury Note		1.625		08/31/22		56,806,836
	35,000,000	United States Treasury Note		1.875		09/30/22		36,417,773
	5,000,000	United States Treasury Note		1.375		10/15/22		5,140,820
	65,000,000	United States Treasury Note		2.000		10/31/22		67,904,688
	31,750,000	United States Treasury Note		1.625		11/15/22		32,873,652
	108,000,000	United States Treasury Note		2.000		11/30/22		112,935,937
	15,000,000	United States Treasury Note		1.625		12/15/22		15,551,367
	60,000,000	United States Treasury Note		2.625		02/28/23		64,082,813
	80,000,000	United States Treasury Note		2.500		03/31/23		85,287,500
	30,000,000	United States Treasury Note		2.750		04/30/23		32,268,750
	80,000,000	United States Treasury Note		2.750		05/31/23		86,193,750
	91,500,000	United States Treasury Note		2.625		06/30/23		98,380,371
	80,000,000	United States Treasury Note		2.750		07/31/23		86,493,750
	116,000,000	United States Treasury Note		2.750		08/31/23		125,588,125
	35,000,000	United States Treasury Note		2.875		09/30/23		38,137,695
	13,000,000	United States Treasury Note		2.750		11/15/23		14,134,453
	10,000,000	United States Treasury Note		2.125		11/30/23		10,656,641
	65,000,000	United States Treasury Note		2.875		11/30/23		71,075,976
	10,000,000	United States Treasury Note		2.250		12/31/23		10,717,969
	55,000,000	United States Treasury Note		2.625		12/31/23		59,739,453
	129,300,000	United States Treasury Note		2.500		01/31/24		140,002,606
	70,000,000	United States Treasury Note		2.375		02/29/24		75,624,609
	325,000,000	United States Treasury Note		2.125		03/31/24		348,080,077
	174,000,000	United States Treasury Note		2.250		04/30/24		187,457,813
	111,500,000	United States Treasury Note		2.000		05/31/24		119,130,781
	152,000,000	United States Treasury Note		1.750		06/30/24		160,977,500
	212,000,000	United States Treasury Note		1.750		07/31/24		224,662,031
	22,000,000	United States Treasury Note		1.250		08/31/24		22,871,406
	81,000,000	United States Treasury Note		1.500		09/30/24		85,119,610
	90,500,000	United States Treasury Note		1.500		10/31/24		95,184,082
	40,005,000	United States Treasury Note		2.250		11/15/24		43,446,055
	61,900,000	United States Treasury Note		1.500		11/30/24		65,190,855
	75,000,000	United States Treasury Note		1.750		12/31/24		79,866,211

132

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	40,000,000	United States Treasury Note		2.250	%	12/31/24	$	43,518,750
	13,000,000	United States Treasury Note		1.375		01/31/25		13,620,547
	40,000,000	United States Treasury Note		1.250		02/28/25		41,485,938
	75,000,000	United States Treasury Note		0.500		03/31/25		75,474,609
	8,000,000	United States Treasury Note		2.625		03/31/25		8,881,875
	20,000,000	United States Treasury Note		2.750		08/31/25		22,465,625
	30,000,000	United States Treasury Note		3.000		09/30/25		34,136,719
	30,000,000	United States Treasury Note		2.250		11/15/25		32,953,125
	50,000,000	United States Treasury Note		2.250		03/31/26		55,191,406
	30,000,000	United States Treasury Note		1.625		05/15/26		32,017,969
	71,000,000	United States Treasury Note		1.625		09/30/26		75,997,734
	10,000,000	United States Treasury Note		1.625		10/31/26		10,705,859
	89,500,000	United States Treasury Note		1.750		12/31/26		96,687,969
	46,000,000	United States Treasury Note		2.250		08/15/27		51,635,000
	47,000,000	United States Treasury Note		2.750		02/15/28		54,815,586
	66,000,000	United States Treasury Note		2.875		05/15/28		77,849,063
	85,000,000	United States Treasury Note		3.125		11/15/28		102,650,781
	50,000,000	United States Treasury Note		2.625		02/15/29		58,464,844
	92,000,000	United States Treasury Note		2.375		05/15/29		105,871,875
	22,000,000	United States Treasury Note		1.625		08/15/29		23,888,047
	103,000,000	United States Treasury Note		1.500		02/15/30		111,038,829
	5,000,000	United States Treasury Note		2.000		02/15/50		5,807,227
		TOTAL U.S. TREASURY SECURITIES						6,437,066,591
		TOTAL GOVERNMENT BONDS						11,802,089,100
		(Cost $10,910,178,977)
STRUCTURED ASSETS - 2.7%
ASSET BACKED - 0.8%
	188,726	American Airlines Pass Through Trust		4.950		01/15/23		191,784
		Series - 2013 2 (Class A)
	281,703	American Airlines Pass Through Trust		4.000		07/15/25		280,962
		Series - 2013 1 (Class A)
	217,959	American Airlines Pass Through Trust		3.700		10/01/26		210,005
		Series - 2014 1 (Class A)
	233,254	American Airlines Pass Through Trust		3.375		05/01/27		216,313
		Series - 2015 1 (Class A)
	162,109	American Airlines Pass Through Trust		3.600		09/22/27		152,469
		Series - 2015 2 (Class AA)
	166,624	American Airlines Pass Through Trust		3.575		01/15/28		158,073
		Series - 2016 1 (Class AA)
	491,338	American Airlines Pass Through Trust		3.200		06/15/28		534,086
		Series - 2016 2 (Class AA)
	255,750	American Airlines Pass Through Trust		3.650		02/15/29		243,415
		Series - 2017 1 (Class AA)
	1,476,905	American Airlines Pass Through Trust		3.150		02/15/32		1,329,759
		Series - 2019 1 (Class )
	1,000,000	American Express Credit Account Master Trust		2.990		12/15/23		1,016,220
		Series - 2018 4 (Class A)
	2,000,000	American Express Credit Account Master Trust		2.870		10/15/24		2,060,618
		Series - 2019 1 (Class A)
	4,250,000	American Express Credit Account Master Trust		2.670		11/15/24		4,367,662
		Series - 2019 2 (Class A)

133

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	192,590	AmeriCredit Automobile Receivables Trust		1.830	%	12/08/21	$	192,502
		Series - 2016 4 (Class B)
	1,325,000	AmeriCredit Automobile Receivables Trust		2.600		09/18/23		1,301,230
		Series - 2017 4 (Class C)
	1,000,000	AmeriCredit Automobile Receivables Trust		2.970		11/20/23		1,005,587
		Series - 2019 1 (Class A3)
	1,000,000	AmeriCredit Automobile Receivables Trust		1.110		08/19/24		977,111
		Series - 2020 1 (Class A3)
	500,000	AmeriCredit Automobile Receivables Trust		1.480		01/21/25		471,732
		Series - 2020 1 (Class B)
	1,500,000	BMW Vehicle Lease Trust		3.360		03/21/22		1,501,108
		Series - 2018 1 (Class A4)
	15,000,000	Cantor Commercial Real Estate Lending		3.523		05/15/52		16,176,225
		Series - 2019 CF1 (Class A4)
	6,000,000	Cantor Commercial Real Estate Lending		3.623		05/15/52		6,311,980
		Series - 2019 CF1 (Class A2)
	2,000,000	Cantor Commercial Real Estate Lending		3.660		05/15/52		2,150,056
		Series - 2019 CF1 (Class ASB)
	1,200,000	Capital One Multi-Asset Execution Trust		2.080		03/15/23		1,199,211
		Series - 2015 A2 (Class A2)
	1,500,000	Capital One Multi-Asset Execution Trust		1.990		07/17/23		1,500,900
		Series - 2017 A4 (Class A4)
	4,000,000	Capital One Multi-Asset Execution Trust		2.840		12/15/24		4,113,044
		Series - 2019 A1 (Class A1)
	2,500,000	Capital One Multi-Asset Execution Trust		2.060		08/15/28		2,499,049
		Series - 2019 A3 (Class A3)
	1,700,000	Capital One Prime Auto Receivables Trust		2.510		11/15/23		1,718,374
		Series - 2019 1 (Class A3)
	2,000,000	CarMax Auto Owner Trust		2.220		11/15/22		1,996,815
		Series - 2017 3 (Class A4)
	844,498	CarMax Auto Owner Trust		2.480		11/15/22		842,505
		Series - 2018 1 (Class A3)
	575,000	CarMax Auto Owner Trust		2.410		12/15/22		572,956
		Series - 2017 2 (Class B)
	1,000,000	CarMax Auto Owner Trust		2.770		12/16/24		1,004,505
		Series - 2019 2 (Class A4)
	105,206	CenterPoint Energy Transition Bond Co II LLC		2.161		10/15/21		105,131
		Series - 2012 1 (Class A2)
	1,600,000	Chase Issuance Trust		1.840		04/15/22		1,598,719
		Series - 2015 A4 (Class A4)
	1,500,000	Chase Issuance Trust		2.770		03/15/23		1,515,591
		Series - 2014 A2 (Class A2)
	1,000,000	Chase Issuance Trust		2.160		09/15/24		1,020,752
		Series - 2012 A7 (Class A7)
	1,000,000	CitiBank Credit Card Issuance Trust		1.920		04/07/22		999,900
		Series - 2017 A3 (Class A3)
	2,000,000	CitiBank Credit Card Issuance Trust		1.860		08/08/22		1,998,195
		Series - 2017 A8 (Class A8)
	2,000,000	CitiBank Credit Card Issuance Trust		2.880		01/23/23		2,017,394
		Series - 2014 A1 (Class A1)
	1,250,000	CitiBank Credit Card Issuance Trust		2.190		11/20/23		1,270,072
		Series - 2016 A2 (Class A2)
	3,500,000	Discover Card Execution Note Trust		1.880		02/15/23		3,495,917
		Series - 2017 A6 (Class A6)

134

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	3,000,000		FHLMC Multifamily Structured Pass Through Certificates		2.307	%	08/25/22	$	3,066,394
			Series - 2012 K023 (Class A2)
	173,344		FHLMC Multifamily Structured Pass Through Certificates		2.779		09/25/22		176,973
			Series - 2013 K030 (Class A1)
	500,000		FHLMC Multifamily Structured Pass Through Certificates		2.510		11/25/22		514,513
			Series - 2013 K026 (Class A2)
	500,000		FHLMC Multifamily Structured Pass Through Certificates		2.637		01/25/23		516,886
			Series - 2013 K027 (Class A2)
	42,119		FHLMC Multifamily Structured Pass Through Certificates		2.669		02/25/23		43,151
			Series - 2013 K034 (Class A1)
	3,000,000	i	FHLMC Multifamily Structured Pass Through Certificates		3.060		07/25/23		3,170,184
			Series - 2013 K033 (Class A2)
	1,750,000	i	FHLMC Multifamily Structured Pass Through Certificates		3.531		07/25/23		1,875,405
			Series - 2013 K034 (Class A2)
	1,500,000	i	FHLMC Multifamily Structured Pass Through Certificates		3.527		10/25/23		1,613,108
			Series - 2014 K036 (Class A2)
	3,000,000		FHLMC Multifamily Structured Pass Through Certificates		3.023		01/25/25		3,229,027
			Series - 2015 K045 (Class A2)
	975,000		Ford Credit Auto Owner Trust		2.240		06/15/22		971,559
			Series - 2017 A (Class B)
	3,000,000		Ford Credit Auto Owner Trust		2.230		10/15/23		3,026,830
			Series - 2019 B (Class A3)
	2,350,000		Ford Credit Floorplan Master Owner Trust		2.230		09/15/24		2,255,845
			Series - 2019 3 (Class A1)
	850,000		Ford Credit Floorplan Master Owner Trust		2.440		09/15/26		850,137
			Series - 2019 4 (Class A)
	1,400,000		GM Financial Automobile Leasing Trust		3.300		07/20/22		1,406,452
			Series - 2018 3 (Class A4)
	1,000,000		GM Financial Consumer Automobile Receivables Trust		2.710		08/16/24		1,006,487
			Series - 2019 2 (Class A4)
	2,000,000		Honda Auto Receivables Owner Trust		2.520		06/21/23		2,021,785
			Series - 2019 2 (Class A3)
	2,068,000		Honda Auto Receivables Owner Trust		3.160		08/19/24		2,126,433
			Series - 2018 2 (Class A4)
	629,136		Hyundai Auto Receivables Trust		1.770		01/18/22		627,816
			Series - 2017 B (Class A3)
	1,500,000		Hyundai Auto Receivables Trust		1.960		02/15/23		1,507,369
			Series - 2017 B (Class A4)
	2,000,000		Hyundai Auto Receivables Trust		3.030		11/17/25		2,012,799
			Series - 2019 A (Class C)
	2,000,000		Nissan Auto Receivables Owner Trust		2.900		10/16/23		2,040,608
			Series - 2019 A (Class A3)
	2,000,000		Nissan Auto Receivables Owner Trust		2.500		11/15/23		2,028,551
			Series - 2019 B (Class A3)

135

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,000,000		Synchrony Card Funding LLC		2.340	%	06/15/25	$	1,973,984
			Series - 2019 A2 (Class A)
	218,318		United Airlines Pass Through Trust		4.300		08/15/25		218,309
			Series - 2013 1 (Class A)
	223,746		United Airlines Pass Through Trust		3.750		09/03/26		225,386
			Series - 2014 2 (Class A)
	166,153		United Airlines Pass Through Trust		3.450		12/01/27		166,745
			Series - 2015 1 (Class AA)
	173,617		United Airlines Pass Through Trust		3.100		07/07/28		161,083
			Series - 2016 1 (Class AA)
	173,618		United Airlines Pass Through Trust		3.450		07/07/28		160,640
			Series - 2016 1 (Class A)
	357,710		United Airlines Pass Through Trust		2.875		10/07/28		331,920
			Series - 2016 2 (Class A)
	1,399,540		United Airlines Pass Through Trust		3.500		03/01/30		1,359,276
			Series - 2018 1 (Class AA)
	355,532		United Airlines Pass Through Trust		4.150		08/25/31		368,618
			Series - 2019 1 (Class AA)
	250,000		United Airlines Pass Through Trust		2.700		05/01/32		224,864
			Series - 2019 2 (Class )
	118,020		US Airways Pass Through Trust		4.625		06/03/25		116,813
			Series - 2012 2 (Class A)
	195,708		US Airways Pass Through Trust		3.950		11/15/25		195,592
			Series - 2013 1 (Class A)
	1,215,000		World Financial Network Credit Card Master Trust		2.550		06/17/24		1,219,664
			Series - 2015 B (Class A)
	8,000,000		World Financial Network Credit Card Master Trust		3.070		12/16/24		7,977,899
			Series - 2018 A (Class A)
	3,311,239		World Omni Auto Receivables Trust		2.500		04/17/23		3,317,075
			Series - 2018 A (Class A3)
	1,000,000		World Omni Auto Receivables Trust		2.730		02/15/24		1,001,402
			Series - 2018 A (Class A4)
	1,500,000		World Omni Auto Receivables Trust		3.330		04/15/24		1,538,149
			Series - 2018 D (Class A3)
	2,000,000		World Omni Auto Receivables Trust		3.670		12/16/24		2,102,658
			Series - 2018 D (Class B)
			TOTAL ASSET BACKED						129,066,316
OTHER MORTGAGE BACKED – 1.9%
	2,000,000		BANK		3.538		11/15/54		2,150,706
			Series - 2017 BNK9 (Class A4)
	1,500,000		BANK		3.390		06/15/60		1,588,860
			Series - 2017 BNK5 (Class A5)
	5,000,000		BANK		3.641		02/15/61		5,316,519
			Series - 2018 BN10 (Class ASB)
	2,000,000	i	BANK		3.898		02/15/61		2,026,998
			Series - 2018 BN10 (Class AS)
	8,000,000		BANK		3.584		05/15/62		8,646,806
			Series - 2019 BN18 (Class A4)
	3,000,000		Barclays Commercial Mortgage Trust		3.674		02/15/50		3,177,992
			Series - 2017 C1 (Class A4)
	19,500,000		Barclays Commercial Mortgage Trust		2.690		02/15/53		20,042,946
			Series - 2020 C6 (Class A2)

136

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	3,000,000		BENCHMARK Mortgage Trust		3.571	%	01/15/51	$	3,098,192
			Series - 2018 B1 (Class A2)
	1,000,000	i	BENCHMARK Mortgage Trust		3.878		01/15/51		1,042,730
			Series - 2018 B1 (Class AM)
	1,000,000		BENCHMARK Mortgage Trust		3.976		07/15/51		1,051,533
			Series - 2018 B4 (Class A2)
	1,000,000	i	BENCHMARK Mortgage Trust		4.562		07/15/51		790,287
			Series - 2018 B4 (Class C)
	2,615,000		BENCHMARK Mortgage Trust		3.393		05/15/52		2,757,354
			Series - 2019 B11 (Class ASB)
	5,850,000		BENCHMARK Mortgage Trust		3.542		05/15/52		6,291,936
			Series - 2019 B11 (Class A5)
	1,000,000		BENCHMARK Mortgage Trust		2.944		02/15/53		964,878
			Series - 2020 B16 (Class AM)
	1,500,000		BENCHMARK Mortgage Trust		3.176		02/15/53		1,284,272
			Series - 2020 B16 (Class B)
	1,500,000	i	BENCHMARK Mortgage Trust		3.536		02/15/53		1,041,511
			Series - 2020 B16 (Class C)
	2,000,000	i	BENCHMARK Mortgage Trust		4.510		05/15/53		2,285,670
			Series - 2018 B7 (Class A4)
	5,000,000		BENCHMARK Mortgage Trust		2.914		12/15/72		5,130,358
			Series - 2019 B15 (Class A2)
	1,000,000	i	CD Commercial Mortgage Trust		3.526		11/10/49		1,068,451
			Series - 2016 CD2 (Class A4)
	2,000,000		CD Commercial Mortgage Trust		3.631		02/10/50		2,138,706
			Series - 2017 CD3 (Class A4)
	1,000,000		CD Commercial Mortgage Trust		3.025		08/15/50		1,020,436
			Series - 2017 CD5 (Class A2)
	2,500,000		CD Commercial Mortgage Trust		3.431		08/15/50		2,681,384
			Series - 2017 CD5 (Class A4)
	1,750,000		CD Commercial Mortgage Trust		4.279		08/15/51		1,971,570
			Series - 2018 CD7 (Class A4)
	1,000,000	i	CD Mortgage Trust		3.684		08/15/50		1,000,413
			Series - 2017 CD5 (Class AS)
	1,053,000		Citigroup Commercial Mortgage Trust		3.422		04/10/46		1,049,858
			Series - 2013 GC11 (Class AS)
	755,000		Citigroup Commercial Mortgage Trust		4.023		03/10/47		800,500
			Series - 2014 GC19 (Class A4)
	440,887		Citigroup Commercial Mortgage Trust		3.622		07/10/47		463,594
			Series - 2014 GC23 (Class A4)
	500,000		Citigroup Commercial Mortgage Trust		3.635		10/10/47		517,324
			Series - 2014 GC25 (Class A4)
	1,000,000		Citigroup Commercial Mortgage Trust		3.137		02/10/48		1,014,405
			Series - 2015 GC27 (Class A5)
	1,000,000		Citigroup Commercial Mortgage Trust		3.571		02/10/48		1,000,839
			Series - 2015 GC27 (Class AS)
	1,000,000		Citigroup Commercial Mortgage Trust		3.616		02/10/49		1,062,555
			Series - 2016 GC36 (Class A5)
	2,000,000		Citigroup Commercial Mortgage Trust		3.314		04/10/49		2,049,092
			Series - 2016 GC37 (Class A4)
	500,000		Citigroup Commercial Mortgage Trust		3.576		04/10/49		499,507
			Series - 2016 GC37 (Class AS)
	1,500,000		Citigroup Commercial Mortgage Trust		2.832		08/10/49		1,506,323
			Series - 2016 C2 (Class A4)

137

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000		Citigroup Commercial Mortgage Trust		3.465	%	09/15/50	$	1,044,900
			Series - 2017 P8 (Class A4)
	2,000,000		Citigroup Commercial Mortgage Trust		4.074		06/10/51		2,094,942
			Series - 2018 C5 (Class A2)
	1,480,000		Citigroup Commercial Mortgage Trust		3.778		09/10/58		1,562,861
			Series - 2015 GC33 (Class A4)
	580,000		COMM Mortgage Trust		4.063		12/10/44		587,176
			Series - 2012 LC4 (Class AM)
	135,524		COMM Mortgage Trust		2.752		08/15/45		135,569
			Series - 2012 CR2 (Class ASB)
	320,949		COMM Mortgage Trust		2.941		01/10/46		326,253
			Series - 2013 LC6 (Class A4)
	320,069		COMM Mortgage Trust		3.213		03/10/46		327,855
			Series - 2013 CR7 (Class A4)
	1,000,000		COMM Mortgage Trust		4.046		10/10/46		1,056,762
			Series - 2013 CR12 (Class A4)
	295,009		COMM Mortgage Trust		2.928		02/10/47		294,558
			Series - 2014 CR15 (Class A2)
	2,750,000		COMM Mortgage Trust		3.955		02/10/47		2,901,781
			Series - 2014 CR14 (Class A3)
	500,000		COMM Mortgage Trust		3.961		03/10/47		521,012
			Series - 2014 UBS2 (Class A5)
	1,000,000		COMM Mortgage Trust		4.051		04/10/47		1,058,207
			Series - 2014 CR16 (Class A4)
	1,000,000		COMM Mortgage Trust		3.819		06/10/47		1,039,495
			Series - 2014 UBS3 (Class A4)
	1,000,000		COMM Mortgage Trust		3.694		08/10/47		1,037,685
			Series - 2014 UBS4 (Class A5)
	924,000		COMM Mortgage Trust		3.326		11/10/47		961,349
			Series - 2014 CR20 (Class A3)
	1,000,000		COMM Mortgage Trust		3.590		11/10/47		1,051,943
			Series - 2014 CR20 (Class A4)
	1,000,000	i	COMM Mortgage Trust		4.339		12/10/47		989,012
			Series - 2014 CR21 (Class B)
	3,150,000		COMM Mortgage Trust		3.183		02/10/48		3,272,434
			Series - 2015 LC19 (Class A4)
	1,000,000	i	COMM Mortgage Trust		4.241		02/10/48		856,332
			Series - 2015 LC19 (Class C)
	1,700,000		COMM Mortgage Trust		3.708		07/10/48		1,807,018
			Series - 2015 LC21 (Class A4)
	996,711		COMM Mortgage Trust		3.432		08/10/48		1,046,991
			Series - 2015 CR24 (Class A4)
	1,000,000		COMM Mortgage Trust		3.759		08/10/48		1,055,496
			Series - 2015 CR25 (Class A4)
	1,500,000		COMM Mortgage Trust		3.221		10/10/48		1,500,828
			Series - 2015 LC23 (Class A2)
	1,500,000		COMM Mortgage Trust		3.774		10/10/48		1,606,152
			Series - 2015 LC23 (Class A4)
	500,000		COMM Mortgage Trust		4.258		08/10/50		531,177
			Series - 2013 CR11 (Class A4)
	5,000,000		COMM Mortgage Trust		2.827		08/15/57		5,104,878
			Series - 2019 GC44 (Class A2)

138

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	3,000,000		COMM Mortgage Trust		3.263	%	08/15/57	$	3,022,067
			Series - 2019 GC44 (Class AM)
	650,000	i	CSAIL Commercial Mortgage Trust		4.925		01/15/49		557,177
			Series - 2016 C6 (Class C)
	119,004		CSAIL Commercial Mortgage Trust		2.608		11/15/49		118,797
			Series - 2016 C7 (Class A3)
	2,000,000	i	CSAIL Commercial Mortgage Trust		4.224		08/15/51		2,159,532
			Series - 2018 CX12 (Class A4)
	10,000,000		CSAIL Commercial Mortgage Trust		4.053		03/15/52		10,808,950
			Series - 2019 C15 (Class A4)
	2,000,000		DBGS Mortgage Trust		4.358		10/15/51		2,130,467
			Series - 2018 C1 (Class A2)
	5,790,000		DBGS Mortgage Trust		4.466		10/15/51		6,564,247
			Series - 2018 C1 (Class A4)
	2,000,000		DBJPM		2.691		05/10/49		2,004,113
			Series - 2016 C1 (Class A2)
	3,500,000		DBJPM		3.276		05/10/49		3,684,252
			Series - 2016 C1 (Class A4)
	1,000,000		DBJPM		3.539		05/10/49		1,005,742
			Series - 2016 C1 (Class AM)
	1,590,000		DBJPM		3.328		06/10/50		1,694,435
			Series - 2017 C6 (Class A5)
	126,508		GS Mortgage Securities Corp II		3.314		01/10/45		127,119
			Series - 2012 GC6 (Class AAB)
	300,000		GS Mortgage Securities Corp II		2.943		02/10/46		304,781
			Series - 2013 GC10 (Class A5)
	300,000		GS Mortgage Securities Corp II		3.279		02/10/46		298,009
			Series - 2013 GC10 (Class AS)
	800,000		GS Mortgage Securities Corp II		3.382		05/10/50		821,154
			Series - 2015 GC30 (Class A4)
	1,731,000		GS Mortgage Securities Trust		3.707		08/10/44		1,742,548
			Series - 2011 GC5 (Class A4)
	498,119		GS Mortgage Securities Trust		3.482		01/10/45		504,717
			Series - 2012 GC6 (Class A3)
	195,000		GS Mortgage Securities Trust		4.740		05/10/45		194,216
			Series - 2012 GCJ7 (Class B)
	500,000		GS Mortgage Securities Trust		3.135		06/10/46		511,716
			Series - 2013 GC12 (Class A4)
	392,254		GS Mortgage Securities Trust		3.813		11/10/46		404,584
			Series - 2013 GC16 (Class AAB)
	1,000,000		GS Mortgage Securities Trust		4.074		01/10/47		1,055,365
			Series - 2014 GC18 (Class A4)
	1,500,000		GS Mortgage Securities Trust		3.964		11/10/47		1,526,257
			Series - 2014 GC26 (Class AS)
	1,900,000		GS Mortgage Securities Trust		3.136		02/10/48		1,940,437
			Series - 2015 GC28 (Class A4)
	2,000,000		GS Mortgage Securities Trust		2.922		05/10/49		2,056,852
			Series - 2016 GS2 (Class AAB)
	1,500,000		GS Mortgage Securities Trust		3.178		11/10/49		1,552,248
			Series - 2016 GS4 (Class A3)
	1,350,000	i	GS Mortgage Securities Trust		3.799		11/10/49		1,071,951
			Series - 2016 GS4 (Class C)
	1,000,000		GS Mortgage Securities Trust		2.945		08/10/50		1,015,713
			Series - 2017 GS7 (Class A2)

139

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,500,000		GS Mortgage Securities Trust		3.430	%	08/10/50	$	1,549,183
			Series - 2017 GS7 (Class A4)
	1,000,000		GS Mortgage Securities Trust		3.872		02/10/52		1,054,941
			Series - 2019 GC38 (Class A2)
	2,500,000		GS Mortgage Securities Trust		3.968		02/10/52		2,698,762
			Series - 2019 GC38 (Class A4)
	500,000	i	GS Mortgage Securities Trust		4.309		02/10/52		478,885
			Series - 2019 GC38 (Class B)
	2,500,000		GS Mortgage Securities Trust		2.898		02/13/53		2,567,383
			Series - 2020 GC45 (Class A2)
	4,000,000		GS Mortgage Securities Trust		3.173		02/13/53		3,764,114
			Series - 2020 GC45 (Class AS)
	2,000,000		GS Mortgage Securities Trust		3.405		02/13/53		1,740,364
			Series - 2020 GC45 (Class B)
	300,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		5.157		05/15/45		276,708
			Series - 2012 C6 (Class D)
	286,032		JP Morgan Chase Commercial Mortgage Securities Corp		3.483		06/15/45		290,057
			Series - 2012 CBX (Class A4)
	413,139	i	JP Morgan Chase Commercial Mortgage Securities Corp		3.994		01/15/46		433,964
			Series - 2013 C13 (Class A4)
	1,500,000		JP Morgan Chase Commercial Mortgage Securities Corp		2.960		04/15/46		1,528,490
			Series - 2013 LC11 (Class A5)
	103,101		JP Morgan Chase Commercial Mortgage Securities Corp		4.171		08/15/46		104,970
			Series - 2011 C5 (Class A3)
	500,000		JP Morgan Chase Commercial Mortgage Securities Corp		4.166		12/15/46		530,421
			Series - 2013 C16 (Class A4)
	237,617		JP Morgan Chase Commercial Mortgage Securities Corp		2.702		12/15/47		238,773
			Series - 2013 C10 (Class ASB)
	238,547		JP Morgan Chase Commercial Mortgage Securities Corp		2.840		12/15/47		241,301
			Series - 2012 LC9 (Class A5)
	492,248		JP Morgan Chase Commercial Mortgage Securities Corp		3.143		12/15/47		503,170
			Series - 2013 C10 (Class A5)
	574,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.372		12/15/47		575,905
			Series - 2013 C10 (Class AS)
	1,000,000		JP Morgan Chase Commercial Mortgage Securities Corp		2.822		08/15/49		1,019,493
			Series - 2016 JP2 (Class A4)
	1,400,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.109		07/15/50		1,429,611
			Series - 2017 JP6 (Class A3)
	1,000,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.038		09/15/50		1,016,903
			Series - 2017 JP7 (Class A2)
	2,500,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.454		09/15/50		2,651,416
			Series - 2017 JP7 (Class A5)
	2,150,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.219		06/13/52		2,239,267
			Series - 2019 COR5 (Class ASB)
	2,000,000		JPMBB Commercial Mortgage Securities Trust		3.801		09/15/47		2,116,764
			Series - 2014 C22 (Class A4)
	1,875,000	i	JPMBB Commercial Mortgage Securities Trust		4.118		05/15/48		1,811,199
			Series - 2015 C29 (Class B)
	2,700,000		JPMBB Commercial Mortgage Securities Trust		3.227		10/15/48		2,803,287
			Series - 2015 C28 (Class A4)

140

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,100,000		JPMBB Commercial Mortgage Securities Trust		3.532	%	10/15/48	$	1,107,086
			Series - 2015 C28 (Class AS)
	2,000,000		JPMBB Commercial Mortgage Securities Trust		3.770		12/15/48		2,136,867
			Series - 2015 C33 (Class A4)
	1,000,000		JPMBB Commercial Mortgage Securities Trust		3.576		03/15/49		1,059,566
			Series - 2016 C1 (Class A5)
	500,000		JPMBB Commercial Mortgage Securities Trust		3.970		03/15/49		513,911
			Series - 2016 C1 (Class AS)
	500,000	i	JPMBB Commercial Mortgage Securities Trust		4.737		03/15/49		493,382
			Series - 2016 C1 (Class B)
	1,000,000	i	JPMDB Commercial Mortgage Securities Trust		3.990		06/15/49		944,245
			Series - 2016 C2 (Class B)
	5,922,824		JPMDB Commercial Mortgage Securities Trust		3.141		12/15/49		6,222,995
			Series - 2016 C4 (Class A3)
	5,000,000		JPMDB Commercial Mortgage Securities Trust		2.946		11/13/52		5,132,733
			Series - 2019 COR6 (Class A2)
	363,456		Latam Airlines Pass Through Trust		4.200		11/15/27		327,110
			Series - 2015-1 (Class )
	60,000		Morgan Stanley Bank of America Merrill Lynch Trust		2.918		02/15/46		60,178
			Series - 2013 C7 (Class A4)
	551,553		Morgan Stanley Bank of America Merrill Lynch Trust		2.834		05/15/46		552,432
			Series - 2013 C9 (Class A3)
	1,250,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.102		05/15/46		1,260,990
			Series - 2013 C9 (Class A4)
	500,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.456		05/15/46		498,717
			Series - 2013 C9 (Class AS)
	240,000	i	Morgan Stanley Bank of America Merrill Lynch Trust		3.708		05/15/46		235,972
			Series - 2013 C9 (Class B)
	132,666		Morgan Stanley Bank of America Merrill Lynch Trust		3.824		10/15/46		135,591
			Series - 2013 C12 (Class ASB)
	239,714		Morgan Stanley Bank of America Merrill Lynch Trust		3.669		02/15/47		240,684
			Series - 2014 C14 (Class A3)
	1,047,871		Morgan Stanley Bank of America Merrill Lynch Trust		3.654		04/15/47		1,081,004
			Series - 2014 C15 (Class ASB)
	2,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.892		06/15/47		2,081,811
			Series - 2014 C16 (Class A5)
	3,500,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.249		02/15/48		3,566,008
			Series - 2015 C20 (Class A4)
	1,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.306		04/15/48		1,044,267
			Series - 2015 C22 (Class A4)
	1,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.732		05/15/48		1,061,315
			Series - 2015 C24 (Class A4)
	3,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.134		12/15/48		3,025,335
			Series - 2013 C8 (Class A4)
	2,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.599		05/15/50		2,163,368
			Series - 2017 C33 (Class A5)
	1,250,000		Morgan Stanley Capital I Trust		3.244		03/15/45		1,257,421
			Series - 2012 C4 (Class A4)

141

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	535,000		Morgan Stanley Capital I Trust		3.594	%	03/15/49	$	555,727
			Series - 2016 UBS9 (Class A4)
	1,000,000		Morgan Stanley Capital I Trust		3.997		07/15/51		1,051,582
			Series - 2018 H3 (Class A2)
	1,000,000	i	Morgan Stanley Capital I Trust		4.850		07/15/51		810,144
			Series - 2018 H3 (Class C)
	1,500,000	i	Morgan Stanley Capital I Trust		4.238		10/15/51		1,653,308
			Series - 2018 L1 (Class ASB)
	2,000,000		Morgan Stanley Capital I Trust		4.288		10/15/51		2,135,379
			Series - 2018 L1 (Class A2)
	1,500,000	i	Morgan Stanley Capital I Trust		4.407		10/15/51		1,712,023
			Series - 2018 L1 (Class A4)
	1,000,000		Morgan Stanley Capital I Trust		4.071		03/15/52		1,120,335
			Series - 2019 L2 (Class A4)
	5,000,000		Morgan Stanley Capital I Trust		3.224		06/15/52		5,246,516
			Series - 2019 H6 (Class ASB)
	750,000		Morgan Stanley Capital I Trust		3.417		06/15/52		791,818
			Series - 2019 H6 (Class A4)
	1,500,000		UBS Barclays Commercial Mortgage Trust		3.185		03/10/46		1,521,755
			Series - 2013 C5 (Class A4)
	500,000		UBS Barclays Commercial Mortgage Trust		3.244		04/10/46		508,519
			Series - 2013 C6 (Class A4)
	1,000,000		UBS Barclays Commercial Mortgage Trust		3.525		05/10/63		1,008,706
			Series - 2012 C2 (Class A4)
	326,470		UBS Citigroup Commercial Mortgage Trust		3.595		01/10/45		329,999
			Series - 2011 C1 (Class A3)
	100,000		UBS Commercial Mortgage Trust		4.822		05/10/45		100,744
			Series - 2012 C1 (Class B)
	1,000,000		UBS Commercial Mortgage Trust		2.998		08/15/50		1,019,936
			Series - 2017 C3 (Class A2)
	1,500,000		UBS Commercial Mortgage Trust		3.426		08/15/50		1,548,346
			Series - 2017 C3 (Class A4)
	1,000,000	i	UBS Commercial Mortgage Trust		3.739		08/15/50		1,003,735
			Series - 2017 C3 (Class AS)
	1,000,000		UBS Commercial Mortgage Trust		3.147		10/15/50		1,020,914
			Series - 2017 C4 (Class A2)
	10,000,000		UBS Commercial Mortgage Trust		3.713		02/15/51		10,363,785
			Series - 2018 C8 (Class A2)
	11,000,000		UBS Commercial Mortgage Trust		4.313		05/15/51		12,121,302
			Series - 2018 C10 (Class A4)
	2,000,000		UBS Commercial Mortgage Trust		4.296		08/15/51		2,263,594
			Series - 2018 C12 (Class A5)
	2,400,000	i	UBS Commercial Mortgage Trust		5.271		12/15/51		1,997,176
			Series - 2018 C14 (Class C)
	875,000	i	Wells Fargo Commercial Mortgage Trust		3.872		05/15/48		887,004
			Series - 2015 C28 (Class AS)

142

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,000,000		Wells Fargo Commercial Mortgage Trust		3.695	%	11/15/48	$	2,085,819
			Series - 2015 C31 (Class A4)
	480,000	i	Wells Fargo Commercial Mortgage Trust		4.224		12/15/48		461,095
			Series - 2015 NXS4 (Class B)
	2,000,000		Wells Fargo Commercial Mortgage Trust		2.652		08/15/49		1,968,116
			Series - 2016 BNK1 (Class A3)
	500,000		Wells Fargo Commercial Mortgage Trust		2.967		08/15/49		449,487
			Series - 2016 BNK1 (Class B)
	1,000,000		Wells Fargo Commercial Mortgage Trust		3.377		11/15/49		999,273
			Series - 2016 NXS6 (Class AS)
	2,000,000		Wells Fargo Commercial Mortgage Trust		4.152		08/15/51		2,149,877
			Series - 2018 C46 (Class A4)
	2,700,000		Wells Fargo Commercial Mortgage Trust		3.760		03/15/52		2,863,901
			Series - 2019 C49 (Class A4)
	2,000,000		Wells Fargo Commercial Mortgage Trust		3.635		05/15/52		2,145,209
			Series - 2019 C50 (Class ASB)
	3,250,000		Wells Fargo Commercial Mortgage Trust		4.192		05/15/52		3,020,814
			Series - 2019 C50 (Class B)
	10,000,000		Wells Fargo Commercial Mortgage Trust		3.040		10/15/52		10,314,485
			Series - 2019 C53 (Class A4)
	117,000		Wells Fargo Commercial Mortgage Trust		3.896		03/15/59		94,459
			Series - 2016 C33 (Class C)
	1,075,000		WF-RBS Commercial Mortgage Trust		3.037		03/15/45		1,068,431
			Series - 2013 C11 (Class A4)
	250,000	i	WF-RBS Commercial Mortgage Trust		4.813		06/15/45		234,384
			Series - 2012 C7 (Class C)
	400,000		WF-RBS Commercial Mortgage Trust		3.001		08/15/45		405,382
			Series - 2012 C8 (Class A3)
	775,000		WF-RBS Commercial Mortgage Trust		3.241		12/15/45		773,783
			Series - 2012 C10 (Class AS)
	600,000		WF-RBS Commercial Mortgage Trust		3.337		06/15/46		609,593
			Series - 2013 C14 (Class A5)
	500,000	i	WF-RBS Commercial Mortgage Trust		4.646		03/15/47		444,611
			Series - 2014 C19 (Class C)
	1,000,000	i	WF-RBS Commercial Mortgage Trust		4.723		03/15/47		1,001,785
			Series - 2014 C19 (Class B)
	500,000		WF-RBS Commercial Mortgage Trust		3.198		03/15/48		506,039
			Series - 2013 C12 (Class A4)
			TOTAL OTHER MORTGAGE BACKED						323,421,826
			TOTAL STRUCTURED ASSETS						452,488,142
			(Cost $448,540,211)
			TOTAL BONDS						16,350,550,356
			(Cost $15,372,672,809)

143

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 0.2%
GOVERNMENT AGENCY DEBT - 0.2%
$	786,000	Federal Home Loan Bank (FHLB)		0.050	%	04/03/20	$	785,997
	1,700,000	FHLB		0.001		05/07/20		1,699,881
	6,500,000	FHLB		0.010		05/15/20		6,499,444
	5,000,000	FHLB		0.040		05/26/20		4,999,465
	9,786,000	FHLB		0.090		06/29/20		9,784,306
	10,000,000	FHLB		0.070		10/13/20		9,992,417
		TOTAL GOVERNMENT AGENCY DEBT						33,761,510
		TOTAL SHORT-TERM INVESTMENTS						33,761,510
		(Cost $33,765,642)
		TOTAL INVESTMENTS - 98.9%						16,384,311,866
		(Cost $15,406,438,451)
		OTHER ASSETS & LIABILITIES, NET - 1.1%						175,649,315
		NET ASSETS - 100.0%					$	16,559,961,181
	‡	Perpetual security
	g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2020, the aggregate value of these securities is $121,345,562 or 0.7% of net assets.
	h	All or a portion of these securities were purchased on a delayed delivery basis.
	i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
	j	Zero coupon

144

TIAA-CREF FUNDS – Core Bond Fund

TIAA-CREF FUNDS

CORE BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2020

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 1.7%
AUTOMOBILES & COMPONENTS - 0.0%
$	997,494	i	Clarios Global LP	LIBOR 1 M + 3.500%		4.441	%	04/30/26	$	907,719
	994,898	i	Gates Global LLC	LIBOR 1 M + 2.750%		3.750		04/01/24		857,602
			TOTAL AUTOMOBILES & COMPONENTS							1,765,321
BANKS - 0.0%
	922,670	i	BCPE Rover Merger Sub, Inc	LIBOR 1 M + 4.250%		5.239		11/28/25		755,049
			TOTAL BANKS							755,049
CAPITAL GOODS - 0.1%
	925,000	i	Avolon Borrower US LLC	LIBOR 1 M + 1.500%		2.273		02/05/27		789,719
	701,491	i	Avolon Borrower US LLC	LIBOR 1 M + 1.750%		2.523		01/15/25		621,991
	1,092,985	i	Prometric Holdings Inc	LIBOR 1 M + 3.000%		4.000		01/29/25		819,739
	1,473,693	i	TransDigm, Inc	LIBOR 1 M + 2.250%		3.239		08/22/24		1,364,640
	482,684	i	TransDigm, Inc	LIBOR 1 M + 2.250%		3.239		12/09/25		438,035
			TOTAL CAPITAL GOODS							4,034,124
COMMERCIAL & PROFESSIONAL SERVICES - 0.2%
	2,169,563	i	Allied Universal Holdco LLC	LIBOR 1 M + 4.250%		5.239		07/10/26		1,995,997
	488,732	i	Brightview Landscapes LLC	LIBOR 1 M + 2.500%		3.125		08/15/25		458,186
	1,375,253	i	Clean Harbors, Inc	LIBOR 1 M + 1.750%		2.739		06/28/24		1,248,468
	1,598,428	i	Filtration Group Corp	LIBOR 1 M + 3.000%		3.989		03/28/25		1,380,642
	1,179,953	i	GFL Environmental, Inc	LIBOR 1 M + 3.000%		4.000		05/30/25		1,138,655
	122,551	i	Gopher Sub, Inc	LIBOR 1 M + 3.000%		3.989		02/03/25		102,943
	259,078	i	KAR Auction Services, Inc	LIBOR 1 M + 2.250%		3.188		09/19/26		238,352
	797,959	i	Packers Holdings LLC	LIBOR 1 M + 3.250%		4.250		12/04/24		668,291
	859,159	i	Prime Security Services	LIBOR 1 M + 3.250%		4.606		09/23/26		767,229
	1,492,443	i	Sedgwick Claims Management Services, Inc	LIBOR 1 M + 3.250%		4.239		12/31/25		1,312,111
	1,870,291	i	Spin Holdco, Inc	LIBOR 3 M + 3.250%		5.093		11/14/22		1,659,883
	1,500,000	i	Syneos Health Inc	LIBOR 1 M + 1.750%		2.739		08/01/24		1,440,000
	1,396,396	i	Trans Union LLC	LIBOR 1 M + 1.750%		2.739		11/16/26		1,332,860
	2,000,000	i	XPO Logistics, Inc	LIBOR 3 M + 2.000%		3.613		02/24/25		1,885,720
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							15,629,337
CONSUMER DURABLES & APPAREL - 0.0%
	476,577	i	Academy Ltd	LIBOR 1 M + 4.000%		5.515		07/01/22		254,440
	1,087,388	i	Samsonite IP Holdings Sarl	LIBOR 1 M + 1.750%		2.739		04/25/25		897,095
			TOTAL CONSUMER DURABLES & APPAREL							1,151,535
CONSUMER SERVICES - 0.1%
	1,352,459	i	1011778 BC ULC	LIBOR 1 M + 1.750%		2.739		11/19/26		1,244,262
	1,480,916	i	AlixPartners LLP	LIBOR 1 M + 2.500%		3.500		04/04/24		1,410,573
	859,497	i	Boyd Gaming Corp	LIBOR 1 W + 2.250%		2.934		09/15/23		739,434
	387,305	i	CDS US Intermediate Holdings, Inc	LIBOR 3 M + 3.750%		5.200		07/08/22		195,891
	778,951	i	KUEHG Corp	LIBOR 3 M + 3.750%		5.200		02/21/25		577,203

145

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	1,914,439	i	Scientific Games International, Inc	LIBOR 1 M and 2 M + 2.750%		4.369	%	08/14/24	$	1,537,926
	2,096,027	i	Sterling Midco Holdings, Inc	LIBOR 1 M + 3.500%		4.500		06/19/24		1,708,262
	500,091	i	YUM! Brands	LIBOR 1 M + 1.750%		2.362		04/03/25		471,335
			TOTAL CONSUMER SERVICES							7,884,886
DIVERSIFIED FINANCIALS - 0.0%
	619,492	i	Lions Gate Capital Holdings LLC	LIBOR 1 M + 2.250%		3.239		03/24/25		554,445
			TOTAL DIVERSIFIED FINANCIALS							554,445
ENERGY - 0.1%
	1,425,000	i	Buckeye Partners LP	LIBOR 1 M + 2.750%		4.265		11/02/26		1,299,600
	235,000	i	California Resources Corp	LIBOR 3 M + 10.375%		11.988		12/31/21		11,078
	1,942,539	i	Delek US Holdings, Inc	LIBOR 1 M + 2.250%		3.239		03/31/25		1,445,366
	495,548	i	Ultra Resources, Inc	LIBOR 3 M + 4.000%		5.603		04/12/24		233,319
			TOTAL ENERGY							2,989,363
FOOD, BEVERAGE & TOBACCO - 0.0%
	150,000	i	Froneri US, Inc	LIBOR 1 M + 2.250%		3.239		01/29/27		142,125
	997,494	i	Hostess Brands LLC	LIBOR 1 M and 3 M + 2.250%		4.013		08/01/25		922,682
			TOTAL FOOD, BEVERAGE & TOBACCO							1,064,807
HEALTH CARE EQUIPMENT & SERVICES - 0.3%
	1,090,000	i	Change Healthcare Holdings LLC	LIBOR 1 M + 2.500%		3.500		03/01/24		1,024,600
	1,675,000	i	Da Vinci Purchaser Corp	LIBOR 3 M + 4.000%		5.872		01/08/27		1,574,500
	1,243,758	i	DaVita, Inc	LIBOR 1 M + 1.750%		2.739		08/12/26		1,177,689
	2,881,162	i	Endo Luxembourg Finance I Co Sarl	LIBOR 1 M + 4.250%		5.250		04/29/24		2,571,437
	733,191	i	Envision Healthcare Corp	LIBOR 1 M + 3.750%		4.739		10/10/25		370,261
	994,859	i	ExamWorks Group Inc	LIBOR 3 M and 6 M + 3.250%		4.250		07/27/23		890,399
	1,488,533	i	Gentiva Health Services, Inc	LIBOR 1 M + 3.250%		4.250		07/02/25		1,391,779
	237,848	i	Greatbatch Ltd	LIBOR 1 M + 2.500%		3.510		10/27/22		222,388
	2,069,813	i	Grifols Worldwide Operations USA, Inc	LIBOR 1 W + 2.000%		2.684		11/15/27		1,950,798
	994,778	i	Jaguar Holding Co II	LIBOR 1 M + 2.500%		3.500		08/18/22		946,820
	611,602	i	NMN Holdings III Corp	LIBOR 1 M + 3.750%		4.739		11/13/25		495,397
	131,201	i,r	NMN Holdings III Corp	LIBOR 1 M and 3 M + 3.750%		4.739		11/13/25		106,273
	2,322,060	h,i	RegionalCare Hospital Partners Holdings, Inc	LIBOR 1 M + 3.750%		4.739		11/16/25		2,143,564
	1,946,734	i	Select Medical Corp	LIBOR 1 M + 2.500%		3.430		03/06/25		1,839,663
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							16,705,568
INSURANCE - 0.1%
	1,379,000	i	Acrisure LLC	LIBOR 3 M + 3.500%		5.207		02/15/27		1,213,520
	1,957,576	i	Asurion LLC	LIBOR 1 M + 3.000%		3.989		11/03/24		1,849,909
	1,496,250	i	HUB International Ltd	LIBOR 3 M + 4.000%		5.692		04/25/25		1,402,734
	2,007,954	i	NFP Corp	LIBOR 1 M + 3.250%		4.239		02/15/27		1,713,448
	1,994,885	i	USI, Inc	LIBOR 1 M + 3.000%		3.989		05/16/24		1,815,345
			TOTAL INSURANCE							7,994,956
MATERIALS - 0.2%
	1,991,420	i	Atotech Alpha 3 BV	LIBOR 3 M + 3.000%		4.450		01/31/24		1,812,192
	2,325,403	h,i	Berry Global, Inc	LIBOR 1 M + 2.000%		2.863		10/01/22		2,213,969

146

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	1,942,633	i	Chemours Co	LIBOR 1 M + 1.750%		2.740	%	04/03/25	$	1,767,796
	1,174,050	i	H.B. Fuller Co	LIBOR 1 M + 2.000%		2.773		10/21/24		1,011,890
	1,757,250	i	Messer Industries USA, Inc	LIBOR 3 M + 2.500%		3.950		03/01/26		1,553,409
	1,500,000	i	PQ Corp	LIBOR 3 M + 2.250%		4.027		02/07/27		1,376,250
	350,000	i	Reynolds Consumer Products LLC	LIBOR 3 M + 1.750%		3.501		02/04/27		327,950
	289,396	i	Starfruit US Holdco LLC	LIBOR 1 M + 3.000%		3.863		10/01/25		257,563
	997,494	i	Tamko Building Products, Inc	LIBOR 1 M + 3.250%		4.250		05/29/26		927,669
	1,376,582	i	Tronox Finance LLC	LIBOR 1 M and 3 M + 2.750%		3.739		09/23/24		1,198,603
	554,982	i	Univar USA, Inc	LIBOR 3 M + 2.250%		3.700		07/01/24		518,908
			TOTAL MATERIALS							12,966,199
MEDIA & ENTERTAINMENT - 0.1%
	300,000	h,i	Banijay Group US Holding, Inc	LIBOR 1 M + 3.750%		4.750		03/04/25		264,000
	1,492,500	i	Diamond Sports Group LLC	LIBOR 1 M + 3.250%		4.180		08/24/26		1,149,225
	386,387	i	Nielsen Finance LLC	LIBOR 1 M + 2.000%		3.005		10/04/23		354,993
	748,125	i	Pregis TopCo Corp	LIBOR 1 M + 4.000%		4.989		07/31/26		647,128
	773,063	i	Terrier Media Buyer, Inc	LIBOR 3 M + 4.250%		5.700		12/17/26		682,228
	689,253	i	Univision Communications, Inc	LIBOR 1 M + 2.750%		3.750		03/15/24		580,695
	950,000	i	Virgin Media Bristol LLC	LIBOR 1 M + 2.500%		3.205		01/31/28		874,000
	268,078	i	Wand NewCo 3, Inc	LIBOR 6 M + 3.000%		4.072		02/05/26		238,590
			TOTAL MEDIA & ENTERTAINMENT							4,790,859
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1%
	609,375	i	Alphabet Holding Co, Inc	LIBOR 1 M + 3.500%		4.489		09/26/24		481,748
	987,520	i	Auris Luxembourg III Sarl	LIBOR 1 M + 3.750%		4.739		02/27/26		733,234
	2,209,519	i	Bausch Health Americas, Inc	LIBOR 1 M + 3.000%		3.612		06/02/25		2,090,757
	1,384,286	i	Bausch Health Americas, Inc	LIBOR 1 M + 2.750%		3.362		11/27/25		1,308,150
	1,277,545	i	Horizon Therapeutics USA, Inc	LIBOR 1 M + 2.250%		3.313		05/22/26		1,191,311
	997,169	i	PAREXEL International Corp	LIBOR 1 M + 2.750%		3.739		09/27/24		846,347
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							6,651,547
REAL ESTATE - 0.0%
	1,722,528	i	Cushman & Wakefield plc	LIBOR 1 M + 2.750%		3.739		08/21/25		1,502,906
			TOTAL REAL ESTATE							1,502,906
RETAILING - 0.0%
	299,250	i	Camelot Finance S.A.	LIBOR 1 M + 3.250%		4.239		10/28/26		281,295
	985,019	i	Staples, Inc	LIBOR 1 M + 5.000%		6.515		04/16/26		773,240
			TOTAL RETAILING							1,054,535
SOFTWARE & SERVICES - 0.0%
	675,000	i	Dun & Bradstreet Corp	LIBOR 1 M + 4.000%		4.959		02/06/26		604,969
	68,912	i	IQVIA, Inc	LIBOR 1 M + 1.750%		2.739		03/07/24		63,141
	460,027	i	NeuStar, Inc	LIBOR 3 M and 6 M + 3.500%		4.950		08/08/24		346,860
	1,750,000	i	Web.com Group Inc	LIBOR 3 M + 3.750%		4.945		10/10/25		1,426,250
			TOTAL SOFTWARE & SERVICES							2,441,220
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	373,125	i	CommScope, Inc	LIBOR 1 M + 3.250%		4.239		04/06/26		350,738
	2,278,219	i	Dell International LLC	LIBOR 1 M + 2.000%		2.990		09/19/25		2,165,743

147

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	111,779	†,i	MTS Systems Corp	LIBOR 1 M + 3.250%		4.240	%	07/05/23	$	100,601
	875,000	i	Pitney Bowes, Inc	LIBOR 1 M + 5.500%		6.490		01/17/25		743,750
	899,461	i	Plantronics, Inc	LIBOR 1 M and 3 M + 2.500%		3.459		07/02/25		695,733
	1,500,000	i	TTM Technologies, Inc	LIBOR 1 M + 2.500%		4.081		09/28/24		1,395,000
	987,488	i	VeriFone Systems, Inc	LIBOR 3 M + 4.000%		5.695		08/20/25		608,954
	169,814	i	Western Digital Corp	LIBOR 1 M + 1.750%		3.353		04/29/23		163,021
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							6,223,540
TELECOMMUNICATION SERVICES - 0.1%
	929,731	i	CNT Holdings III Corp	LIBOR 3 M + 3.000%		4.080		01/22/23		826,884
	700,000	i	Front Range BidCo, Inc	LIBOR 1 M + 3.000%		3.989		03/09/27		658,000
	1,417,692	i	Sprint Communications, Inc	LIBOR 1 M + 2.500%		3.500		02/02/24		1,407,059
	994,962	i	Sprint Communications, Inc	LIBOR 1 M + 3.000%		4.000		02/02/24		987,500
			TOTAL TELECOMMUNICATION SERVICES							3,879,443
TRANSPORTATION - 0.1%
	1,469,697	i	American Airlines, Inc	LIBOR 1 M + 2.000%		2.705		12/14/23		1,153,712
	318,766	i	Avis Budget Car Rental LLC	LIBOR 1 M + 1.750%		2.740		08/06/27		255,545
	281,034	i	Kenan Advantage Group, Inc	LIBOR 1 M + 3.000%		4.000		07/29/22		227,022
	1,181,801	i	Kenan Advantage Group, Inc	LIBOR 1 M + 3.000%		4.000		08/01/22		954,671
	1,674,177	i	Vouvray US Finance, LLC	LIBOR 1 M + 3.000%		4.000		03/11/24		1,110,532
			TOTAL TRANSPORTATION							3,701,482
UTILITIES - 0.1%
	981,959	i	Calpine Corp	LIBOR 1 M + 2.250%		3.240		01/15/24		940,717
	2,074,800	i	First Eagle Holdings, Inc	LIBOR 1 M + 2.500%		3.950		02/02/27		1,737,645
	1,990,933	†,i	Gopher Resource LLC	LIBOR 1 M + 3.250%		4.250		03/06/25		1,761,976
	945,250	i	Talen Energy Supply LLC	LIBOR 1 M + 3.750%		4.739		06/26/26		817,641
	920,115	i	Vistra Operations Co LLC	LIBOR 1 M + 1.750%		2.550		12/31/25		870,658
			TOTAL UTILITIES							6,128,637
			TOTAL BANK LOAN OBLIGATIONS							109,869,759
			(Cost $124,339,777)
BONDS - 89.1%
CORPORATE BONDS - 38.4%
AUTOMOBILES & COMPONENTS - 0.3%
	450,000	g	Dana Financing Luxembourg SARL			6.500		06/01/26		396,000
	225,000		Dana, Inc			5.375		11/15/27		182,250
	4,900,000	g	Gates Global LLC			6.250		01/15/26		4,336,500
	1,700,000		General Motors Co			6.600		04/01/36		1,479,502
	825,000		General Motors Co			6.250		10/02/43		655,174
	5,050,000		General Motors Co			5.200		04/01/45		4,002,641
	475,000		General Motors Co			6.750		04/01/46		379,806
	2,750,000	g	Hyundai Capital America			2.375		02/10/23		2,592,490
	2,750,000	g	Hyundai Capital America			3.000		02/10/27		2,551,063
	1,000,000	g,o	IHO Verwaltungs GmbH			6.375		05/15/29		765,000
	1,750,000		Magna International, Inc			3.625		06/15/24		1,821,034
			TOTAL AUTOMOBILES & COMPONENTS							19,161,460

148

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
BANKS - 8.6%
$	1,900,000	g	Akbank TAS		7.200	%	03/16/27	$	1,610,214
	4,100,000	g	Australia & New Zealand Banking Group Ltd		2.950		07/22/30		3,884,893
	2,000,000	g	Banco de Bogota S.A.		4.375		08/03/27		1,785,830
	2,100,000	g	Banco de Credito del Peru		2.700		01/11/25		1,921,500
	6,300,000	g	Banco del Estado de Chile		2.668		01/08/21		6,252,750
	2,375,000	g	Banco del Estado de Chile		2.704		01/09/25		2,210,555
	2,000,000	g	Banco Internacional del Peru SAA Interbank		3.375		01/18/23		1,890,000
	4,200,000		Banco Santander S.A.		3.800		02/23/28		4,121,530
	1,700,000		Bancolombia S.A.		3.000		01/29/25		1,523,217
	1,325,000		Bancolombia S.A.		4.625		12/18/29		1,159,375
	3,000,000	g	Bank Leumi Le-Israel BM		3.275		01/29/31		2,787,120
	10,000,000		Bank of America Corp		3.550		03/05/24		10,365,974
	10,000,000		Bank of America Corp		3.864		07/23/24		10,491,442
	10,000,000		Bank of America Corp		4.000		01/22/25		10,559,926
	2,450,000		Bank of America Corp		3.875		08/01/25		2,626,848
	20,300,000		Bank of America Corp		2.456		10/22/25		20,471,751
	1,000,000		Bank of America Corp		4.450		03/03/26		1,081,467
	5,000,000		Bank of America Corp		4.250		10/22/26		5,335,280
	17,045,000		Bank of America Corp		3.559		04/23/27		17,840,144
	6,800,000		Bank of America Corp		3.248		10/21/27		7,101,878
	3,450,000		Bank of America Corp		3.824		01/20/28		3,578,354
	3,215,000		Bank of America Corp		3.419		12/20/28		3,319,560
	925,000		Bank of America Corp		2.884		10/22/30		923,696
	26,650,000		Bank of America Corp		2.496		02/13/31		25,568,518
	5,000,000		Bank of America Corp		4.083		03/20/51		5,675,864
	4,000,000		Bank of America Corp		6.100		N/A‡		4,040,000
	2,100,000		Barclays plc		4.338		05/16/24		2,025,956
	7,000,000		Barclays plc		3.932		05/07/25		6,717,749
	3,000,000	g	BNG Bank NV		3.000		09/20/23		3,228,578
	2,600,000	g	BPCE S.A.		4.625		07/11/24		2,556,228
	8,670,000	g	Canadian Imperial Bank of Commerce		3.150		06/27/21		8,834,893
	5,845,000		Capital One NA		2.650		08/08/22		5,787,987
	5,750,000		Citigroup, Inc		3.875		03/26/25		6,026,384
	8,000,000		Citigroup, Inc		3.352		04/24/25		8,237,542
	4,025,000		Citigroup, Inc		3.200		10/21/26		4,168,831
	2,200,000		Citigroup, Inc		4.300		11/20/26		2,326,257
	9,250,000		Citigroup, Inc		4.450		09/29/27		9,699,152
	32,075,000		Citigroup, Inc		2.666		01/29/31		31,122,217
	5,550,000		Citigroup, Inc		4.412		03/31/31		6,106,534
	5,000,000		Citigroup, Inc		5.000		N/A‡		4,570,800
	2,225,000		Citizens Bank NA		2.650		05/26/22		2,222,323
	375,000		Cooperatieve Rabobank UA		3.950		11/09/22		377,186
	2,250,000	g	Cooperatieve Rabobank UA		2.625		07/22/24		2,185,836
	4,775,000		Cooperatieve Rabobank UA		3.750		07/21/26		4,601,063
	7,475,000	g	Credit Agricole S.A.		3.250		10/04/24		7,487,650
	1,425,000	g	Credit Agricole S.A.		2.375		01/22/25		1,394,581
	315,000	g	Danske Bank AS		5.375		01/12/24		331,590
	1,525,000	g	DBS Group Holdings Ltd		4.520		12/11/28		1,581,977
	1,000,000		Discover Bank		3.200		08/09/21		995,272
	4,200,000		Discover Bank		2.450		09/12/24		4,023,881
	5,400,000		Discover Bank		3.450		07/27/26		5,280,158
	2,275,000		Discover Bank		2.700		02/06/30		1,977,730

149

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	807,000		Fifth Third Bancorp		3.500	%	03/15/22	$	814,032
	1,475,000		HSBC Holdings plc		3.033		11/22/23		1,464,122
	1,625,000		HSBC Holdings plc		3.803		03/11/25		1,691,773
	1,650,000		HSBC Holdings plc		2.633		11/07/25		1,600,922
	625,000		HSBC Holdings plc		3.900		05/25/26		635,869
	15,640,000		HSBC Holdings plc		4.292		09/12/26		16,350,360
	750,000		HSBC Holdings plc		4.375		11/23/26		796,353
	2,025,000		HSBC Holdings plc		4.041		03/13/28		2,060,981
	2,275,000		HSBC Holdings plc		4.950		03/31/30		2,508,960
	3,850,000		HSBC Holdings plc		3.973		05/22/30		3,954,039
	590,000		HSBC Holdings plc		6.800		06/01/38		719,319
	360,000		Huntington Bancshares, Inc		4.000		05/15/25		376,891
	4,100,000		Huntington National Bank		2.500		08/07/22		4,109,959
	2,075,000	g	ING Groep NV		4.625		01/06/26		2,186,965
	400,000		ING Groep NV		3.950		03/29/27		399,926
	3,000,000	g	Intercorp Financial Services, Inc		4.125		10/19/27		2,724,000
	3,425,000		JPMorgan Chase & Co		2.776		04/25/23		3,468,339
	695,000		JPMorgan Chase & Co		3.875		09/10/24		733,879
	10,000,000		JPMorgan Chase & Co		4.023		12/05/24		10,594,803
	9,400,000		JPMorgan Chase & Co		2.301		10/15/25		9,400,969
	2,500,000		JPMorgan Chase & Co		3.200		06/15/26		2,596,289
	13,000,000		JPMorgan Chase & Co		4.203		07/23/29		14,280,739
	19,405,000		JPMorgan Chase & Co		3.702		05/06/30		20,841,532
	18,950,000		JPMorgan Chase & Co		2.739		10/15/30		19,029,398
	700,000		JPMorgan Chase & Co		4.260		02/22/48		841,031
	3,500,000		JPMorgan Chase & Co		4.600		N/A‡		3,063,200
	5,000,000		JPMorgan Chase & Co		5.000		N/A‡		4,687,500
	26,075,000		JPMorgan Chase Bank NA		3.086		04/26/21		26,064,130
	7,200,000		Mitsubishi UFJ Financial Group, Inc		2.193		02/25/25		7,128,949
	2,700,000		Mitsubishi UFJ Financial Group, Inc		2.559		02/25/30		2,594,964
	1,550,000		MUFG Americas Holdings Corp		3.500		06/18/22		1,579,588
	4,150,000		PNC Bank NA		2.600		07/21/20		4,143,620
	1,800,000		PNC Bank NA		2.450		11/05/20		1,803,358
	5,050,000		PNC Bank NA		2.700		10/22/29		4,897,917
	1,500,000		PNC Financial Services Group, Inc		3.900		04/29/24		1,601,502
	10,000,000	g	Royal Bank of Canada		3.350		10/22/21		10,346,707
	5,100,000		Royal Bank of Canada		2.550		07/16/24		5,193,673
	5,000,000		Royal Bank of Scotland Group plc		3.498		05/15/23		4,936,469
	3,125,000		Santander Holdings USA, Inc		3.400		01/18/23		3,087,230
	3,600,000	g	Skandinaviska Enskilda Banken AB		2.625		11/17/20		3,592,072
	6,500,000		Sumitomo Mitsui Financial Group, Inc		2.696		07/16/24		6,496,109
	3,350,000		Toronto-Dominion Bank		1.850		09/11/20		3,345,706
	1,300,000		Toronto-Dominion Bank		3.625		09/15/31		1,292,733
	1,675,000		Truist Bank		3.525		10/26/21		1,676,433
	570,000		Truist Bank		2.450		08/01/22		571,169
	1,075,000		Truist Bank		2.750		05/01/23		1,088,268
	10,000,000		Truist Bank		3.689		08/02/24		10,373,829
	2,250,000		Truist Bank		2.150		12/06/24		2,228,761
	2,500,000	g	Turkiye Garanti Bankasi AS.		6.125		05/24/27		1,987,500
	3,050,000	g	UBS Group AG.		3.126		08/13/30		2,975,735
	1,400,000	g	United Overseas Bank Ltd		3.750		04/15/29		1,452,106
	9,100,000		Wells Fargo Bank NA		3.325		07/23/21		9,114,885
	17,400,000		Wells Fargo Bank NA		2.082		09/09/22		17,317,723
	3,875,000		Westpac Banking Corp		4.110		07/24/34		3,760,417
			TOTAL BANKS					$	564,579,744

150

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
CAPITAL GOODS - 1.1%
	2,000,000	g	Adaro Indonesia PT			4.250	%	10/31/24		1,631,000
	450,000		Anixter, Inc			6.000		12/01/25		440,437
	500,000	g	Beacon Escrow Corp			4.875		11/01/25		451,250
	200,000	g	Beacon Roofing Supply, Inc			4.500		11/15/26		184,560
	2,000,000	g	BOC Aviation Ltd			3.000		09/11/29		1,959,260
	3,850,000	g	Carrier Global Corp			2.722		02/15/30		3,542,356
	225,000	g	Cloud Crane LLC			10.125		08/01/24		177,187
	232,000		General Electric Co			6.875		01/10/39		289,439
	1,250,000	g	Gold Fields Orogen Holdings BVI Ltd			6.125		05/15/29		1,181,250
	2,500,000		Illinois Tool Works, Inc			2.650		11/15/26		2,527,966
	500,000		Ingersoll-Rand Global Holding Co Ltd			3.750		08/21/28		507,513
	4,005,000		Ingersoll-Rand Luxembourg Finance S.A.			3.800		03/21/29		4,049,229
	7,000,000		John Deere Capital Corp			3.650		10/12/23		7,379,579
	640,000		John Deere Capital Corp			2.650		06/24/24		630,095
	1,350,000		Lam Research Corp			3.750		03/15/26		1,432,284
	1,525,000		Lam Research Corp			4.000		03/15/29		1,731,631
	2,075,000		Lockheed Martin Corp			2.500		11/23/20		2,079,744
	2,503,000	g	Molex Electronic Technologies LLC			3.900		04/15/25		2,693,781
	1,600,000		Mosaic Co			4.875		11/15/41		1,290,416
	2,800,000	g	NBM US Holdings, Inc			6.625		08/06/29		2,520,000
	5,775,000		Northrop Grumman Corp			3.250		01/15/28		6,058,854
	1,950,000	g	Otis Worldwide Corp			2.565		02/15/30		1,888,639
	10,825,000		Parker-Hannifin Corp			3.250		06/14/29		10,923,204
	2,500,000		Roper Technologies, Inc			3.800		12/15/26		2,570,443
	850,000		Roper Technologies, Inc			4.200		09/15/28		915,171
	1,000,000		Roper Technologies, Inc			2.950		09/15/29		993,642
	500,000		TransDigm UK Holdings plc			6.875		05/15/26		465,000
	250,000		Trimble, Inc			4.900		06/15/28		269,274
	845,000		United Technologies Corp			3.650		08/16/23		888,454
	6,975,000		United Technologies Corp			4.125		11/16/28		7,699,730
	5,000,000		United Technologies Corp			4.500		06/01/42		5,806,418
			TOTAL CAPITAL GOODS							75,177,806
COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
	500,000		ADT Corp			4.125		06/15/23		488,745
	1,000,000		AECOM			5.125		03/15/27		900,000
	325,000	g	ASGN, Inc			4.625		05/15/28		304,687
	2,072,492	g	British Airways			3.800		09/20/31		1,865,243
	125,000	g	GFL Environmental, Inc			5.125		12/15/26		121,875
	1,500,000	g,i	Nakama Re Ltd	LIBOR 6 M + 2.200%		2.912		10/13/21		1,452,000
	2,125,000	g	Prime Security Services Borrower LLC			5.750		04/15/26		2,082,500
	705,000	g	Prime Security Services Borrower LLC			6.250		01/15/28		608,063
	3,400,000		Republic Services, Inc			3.550		06/01/22		3,488,041
	2,225,000		Republic Services, Inc			2.900		07/01/26		2,248,987
	100,000	g	Ritchie Bros Auctioneers, Inc			5.375		01/15/25		101,000
	650,000		United Rentals North America, Inc			5.500		07/15/25		637,000
	1,000,000		United Rentals North America, Inc			5.875		09/15/26		1,012,800
	580,000		Visa, Inc			3.150		12/14/25		631,836
	4,725,000		Visa, Inc			2.050		04/15/30		4,718,149
	900,000		Visa, Inc			2.700		04/15/40		893,376
	1,800,000		Waste Management, Inc			2.900		09/15/22		1,807,571

151

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,550,000		Waste Management, Inc		2.950	%	06/15/24	$	1,576,045
	3,025,000		Waste Management, Inc		3.150		11/15/27		3,125,073
	8,075,000		Waste Management, Inc		3.450		06/15/29		8,641,227
	550,000		Waste Management, Inc		4.100		03/01/45		610,088
	1,475,000		Waste Management, Inc		4.150		07/15/49		1,696,236
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						39,010,542
CONSUMER DURABLES & APPAREL - 0.0%
	750,000		Leggett & Platt, Inc		4.400		03/15/29		774,251
	800,000		Lennar Corp		4.500		04/30/24		782,432
	650,000	g	LGI Homes, Inc		6.875		07/15/26		565,500
			TOTAL CONSUMER DURABLES & APPAREL						2,122,183
CONSUMER SERVICES - 0.4%
	16,500,000		Anheuser-Busch Cos LLC		3.650		02/01/26		17,329,133
	5,500,000		Anheuser-Busch Cos LLC		4.900		02/01/46		6,003,289
	200,000		Boyd Gaming Corp		6.375		04/01/26		173,000
	540,000		Boyd Gaming Corp		6.000		08/15/26		464,400
	540,000	g	International Game Technology plc		6.250		01/15/27		469,800
	1,400,000		Sands China Ltd		5.400		08/08/28		1,311,814
	100,000	g	Yum! Brands, Inc		7.750		04/01/25		105,000
			TOTAL CONSUMER SERVICES						25,856,436
DIVERSIFIED FINANCIALS - 3.9%
	600,000		AerCap Ireland Capital DAC		5.000		10/01/21		538,225
	4,100,000		AerCap Ireland Capital DAC		3.650		07/21/27		3,177,465
	1,775,000		American Express Co		2.500		08/01/22		1,805,677
	710,000		American Express Co		2.650		12/02/22		718,212
	1,250,000		American Express Co		3.700		08/03/23		1,313,258
	2,000,000		American Express Credit Corp		3.300		05/03/27		2,107,583
	1,700,000		Ameriprise Financial, Inc		3.000		03/22/22		1,720,887
	1,750,000		Australia & New Zealand Banking Group Ltd		2.625		05/19/22		1,775,364
	2,000,000	g	Banco BTG Pactual S.A.		4.500		01/10/25		1,740,000
	3,750,000		Bank of Montreal		3.803		12/15/32		3,642,394
	455,000	g	BBVA Bancomer S.A.		5.350		11/12/29		414,050
	2,850,000	g	BBVA Bancomer S.A.		5.125		01/18/33		2,359,800
	1,740,000		Berkshire Hathaway, Inc		3.125		03/15/26		1,864,314
	5,550,000	g	BNP Paribas S.A.		2.819		11/19/25		5,483,039
	3,650,000	g	BNP Paribas S.A.		3.052		01/13/31		3,458,702
	7,868,000		Capital One Bank USA NA		3.375		02/15/23		7,697,658
	3,000,000		Capital One Bank USA NA		2.280		01/28/26		2,716,739
	2,490,000		Capital One Financial Corp		3.750		03/09/27		2,437,483
	1,900,000	g	Comcel Trust		6.875		02/06/24		1,843,019
	2,500,000	g	Credit Suisse Group AG.		2.997		12/14/23		2,433,681
	2,475,000	g	Credit Suisse Group AG.		4.282		01/09/28		2,534,561
	3,950,000		Credit Suisse Group Funding Guernsey Ltd		3.800		06/09/23		4,039,855
	1,650,000		Credit Suisse Group Funding Guernsey Ltd		3.750		03/26/25		1,667,223
	545,000		Discover Financial Services		5.200		04/27/22		566,052
	2,075,000		Ford Motor Credit Co LLC		3.096		05/04/23		1,836,375
	5,000,000		Ford Motor Credit Co LLC		3.664		09/08/24		4,450,000
	5,640,000		GE Capital International Funding Co		2.342		11/15/20		5,608,077
	7,700,000		GE Capital International Funding Co		3.373		11/15/25		7,739,893
	10,280,000		GE Capital International Funding Co		4.418		11/15/35		11,106,208

152

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	8,625,000		General Motors Financial Co, Inc		5.650	%	01/17/29	$	7,726,035
	1,280,000		Goldman Sachs Group, Inc		5.750		01/24/22		1,358,106
	5,000,000		Goldman Sachs Group, Inc		3.625		02/20/24		5,173,421
	4,650,000		Goldman Sachs Group, Inc		3.500		01/23/25		4,766,998
	17,100,000		Goldman Sachs Group, Inc		3.691		06/05/28		17,572,811
	6,800,000		Goldman Sachs Group, Inc		2.600		02/07/30		6,389,002
	360,000		Goldman Sachs Group, Inc		6.750		10/01/37		484,139
	1,900,000		Goldman Sachs Group, Inc		4.017		10/31/38		1,907,949
	600,000		Goldman Sachs Group, Inc		4.800		07/08/44		706,952
	1,675,000	g	Grupo Aval Ltd		4.375		02/04/30		1,344,187
	500,000		Icahn Enterprises LP		4.750		09/15/24		458,750
	925,000		Icahn Enterprises LP		5.250		05/15/27		854,469
	4,875,000	g	ICICI Bank Ltd		3.800		12/14/27		4,428,726
	1,900,000		International Lease Finance Corp		5.875		08/15/22		1,698,548
	500,000	g	Jefferies Finance LLC		6.250		06/03/26		462,500
	475,000		Legg Mason, Inc		3.950		07/15/24		471,390
	2,400,000		Morgan Stanley		3.125		01/23/23		2,454,626
	13,395,000		Morgan Stanley		2.720		07/22/25		13,560,817
	1,040,000		Morgan Stanley		4.000		07/23/25		1,113,052
	14,325,000		Morgan Stanley		3.125		07/27/26		14,807,649
	100,000		Morgan Stanley		3.625		01/20/27		105,705
	685,000		Morgan Stanley		3.950		04/23/27		713,669
	16,500,000		Morgan Stanley		2.699		01/22/31		16,146,311
	4,200,000		Morgan Stanley		5.597		03/24/51		5,932,377
	2,000,000		National Rural Utilities Cooperative Finance Corp		3.400		02/07/28		2,072,868
	2,475,000	g	Power Finance Corp Ltd		3.950		04/23/30		2,086,920
	775,000	g	Quicken Loans, Inc		5.250		01/15/28		757,795
	7,400,000		Shire Acquisitions Investments Ireland DAC		3.200		09/23/26		7,568,174
	550,000		Springleaf Finance Corp		5.375		11/15/29		503,536
	550,000		State Street Corp		3.300		12/16/24		578,323
	1,100,000	g	Swiss Re Finance Luxembourg SA		5.000		04/02/49		1,115,733
	4,800,000		Synchrony Financial		4.250		08/15/24		4,621,544
	1,050,000	g	UBS AG.		2.450		12/01/20		1,046,140
	5,075,000	g	UBS Group AG.		2.859		08/15/23		5,031,036
	3,075,000		Unilever Capital Corp		2.900		05/05/27		3,259,910
	3,650,000		Wells Fargo & Co		3.750		01/24/24		3,864,131
	3,425,000		Wells Fargo & Co		3.550		09/29/25		3,612,377
	6,050,000		Wells Fargo & Co		3.000		04/22/26		6,227,166
	11,650,000		Wells Fargo & Co		2.879		10/30/30		11,552,481
	3,000,000		Wells Fargo & Co		5.875		N/A‡		3,045,000
			TOTAL DIVERSIFIED FINANCIALS						256,377,117
ENERGY - 2.8%
	1,450,000	g	Abu Dhabi Crude Oil Pipeline LLC		4.600		11/02/47		1,449,179
	1,075,000		AmeriGas Partners LP		5.875		08/20/26		1,029,635
	175,000	g	Antero Midstream Partners LP		5.750		03/01/27		112,000
	1,425,000		Archrock Partners LP		6.000		10/01/22		1,425,000
	5,550,000		BP Capital Markets America, Inc		3.000		02/24/50		5,159,838
	335,000		BP Capital Markets plc		2.520		09/19/22		331,631
	74,000	†,g	California Resources Corp		8.000		12/15/22		1,110
	58,000	†	California Resources Corp		6.000		11/15/24		1,160
	1,000,000		Cheniere Energy Partners LP		5.625		10/01/26		930,000

153

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	565,000		Chevron Corp		2.355	%	12/05/22	$	572,580
	1,125,000		Crestwood Midstream Partners LP		5.750		04/01/25		644,130
	1,500,000	g	Denbury Resources, Inc		7.750		02/15/24		225,300
	5,075,000		Diamondback Energy, Inc		2.875		12/01/24		3,545,436
	3,625,000		Diamondback Energy, Inc		3.250		12/01/26		2,558,230
	2,000,000		Ecopetrol S.A.		5.375		06/26/26		1,944,000
	1,850,000		Ecopetrol S.A.		5.875		05/28/45		1,639,119
	4,175,000		Enbridge, Inc		3.125		11/15/29		3,858,351
	2,300,000		Energy Transfer Operating LP		2.900		05/15/25		1,942,093
	4,775,000		Energy Transfer Operating LP		4.750		01/15/26		4,219,276
	8,000,000		Energy Transfer Operating LP		5.250		04/15/29		6,774,290
	5,250,000		Energy Transfer Operating LP		3.750		05/15/30		4,112,037
	4,100,000		Energy Transfer Operating LP		6.250		04/15/49		3,469,872
	5,625,000		Energy Transfer Operating LP		5.000		05/15/50		4,342,064
	1,250,000		Enterprise Products Operating LLC		3.700		02/15/26		1,247,607
	2,700,000		Enterprise Products Operating LLC		3.125		07/31/29		2,487,342
	350,000		Enterprise Products Operating LLC		2.800		01/31/30		318,018
	3,000,000		Enterprise Products Operating LLC		4.900		05/15/46		2,887,630
	1,425,000		Enterprise Products Operating LLC		4.250		02/15/48		1,330,871
	2,200,000		Enterprise Products Operating LLC		4.800		02/01/49		2,202,496
	1,800,000		Enterprise Products Operating LLC		4.200		01/31/50		1,685,436
	6,600,000		Enterprise Products Operating LLC		3.700		01/31/51		5,889,655
	2,625,000		Enterprise Products Operating LLC		3.950		01/31/60		2,209,112
	1,500,000	g	Gazprom OAO Via Gaz Capital S.A.		5.150		02/11/26		1,566,579
	1,100,000		Genesis Energy LP		6.500		10/01/25		795,080
	3,000,000	g	Geopark Ltd		5.500		01/17/27		1,425,000
	1,200,000	g	KazMunayGas National Co JSC		5.375		04/24/30		1,175,416
	1,250,000		Kinder Morgan Energy Partners LP		5.400		09/01/44		1,242,358
	535,000		Kinder Morgan, Inc		5.300		12/01/34		515,713
	8,600,000		Marathon Oil Corp		4.400		07/15/27		5,741,663
	11,590,000		Marathon Petroleum Corp		3.800		04/01/28		10,443,924
	1,000,000		Marathon Petroleum Corp		4.750		09/15/44		761,081
	90,000	g	MPLX LP		6.375		05/01/24		85,535
	550,000	g	MPLX LP		5.250		01/15/25		484,113
	270,000		MPLX LP		4.875		06/01/25		222,348
	5,400,000		MPLX LP		4.000		03/15/28		4,799,130
	5,925,000		MPLX LP		4.500		04/15/38		4,630,788
	2,175,000		MPLX LP		4.700		04/15/48		1,683,734
	1,192,000		Murphy Oil Corp		5.875		12/01/27		623,178
	200,000		Murphy Oil USA, Inc		5.625		05/01/27		195,960
	300,000		Noble Energy, Inc		3.900		11/15/24		247,477
	1,400,000		Noble Energy, Inc		3.850		01/15/28		991,117
	2,700,000		Noble Energy, Inc		5.050		11/15/44		1,667,701
	500,000		NuStar Logistics LP		6.000		06/01/26		370,000
	2,000,000		Occidental Petroleum Corp		3.500		06/15/25		1,027,947
	475,000		Occidental Petroleum Corp		5.550		03/15/26		253,323
	1,975,000		Occidental Petroleum Corp		4.300		08/15/39		839,765
	2,300,000		ONEOK, Inc		4.000		07/13/27		1,893,253
	4,750,000		ONEOK, Inc		4.350		03/15/29		3,872,870
	9,730,000		ONEOK, Inc		3.400		09/01/29		7,270,823
	2,750,000		ONEOK, Inc		3.100		03/15/30		2,067,519
	2,750,000		ONEOK, Inc		4.500		03/15/50		2,070,558
	850,000	g	Pertamina Persero PT		3.650		07/30/29		778,506
	2,000,000	g	Pertamina Persero PT		5.625		05/20/43		2,020,544

154

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,425,000	g	Peru LNG Srl		5.375	%	03/22/30	$	1,430,750
	1,167,000		Petrobras Global Finance BV		5.999		01/27/28		1,130,240
	326,000	g	Petrobras Global Finance BV		5.093		01/15/30		297,475
	2,000,000		Petrobras Global Finance BV		6.900		03/19/49		1,949,800
	2,550,000		Petroleos Mexicanos		6.500		03/13/27		1,887,255
	2,100,000		Petroleos Mexicanos		5.350		02/12/28		1,449,000
	2,700,000	g	Petroleos Mexicanos		5.950		01/28/31		1,856,520
	6,000,000		Phillips 66		3.900		03/15/28		5,932,296
	5,000,000		Phillips 66 Partners LP		3.750		03/01/28		4,673,469
	1,925,000		Phillips 66 Partners LP		3.150		12/15/29		1,577,548
	775,000		Phillips 66 Partners LP		4.680		02/15/45		634,580
	450,000		Regency Energy Partners LP		4.500		11/01/23		407,625
	270,000		Sabine Pass Liquefaction LLC		5.875		06/30/26		257,161
	3,125,000		Sabine Pass Liquefaction LLC		4.200		03/15/28		2,683,784
	1,325,000		Shell International Finance BV		2.875		05/10/26		1,365,503
	1,750,000		Shell International Finance BV		3.125		11/07/49		1,745,906
	625,000		SM Energy Co		6.625		01/15/27		181,916
	800,000		Southwestern Energy Co		7.500		04/01/26		524,000
	790,000	g	Stena AB		7.000		02/01/24		639,900
	1,975,000		Sunoco Logistics Partners Operations LP		4.000		10/01/27		1,563,174
	450,000		Sunoco Logistics Partners Operations LP		5.400		10/01/47		357,292
	1,500,000		Sunoco LP		6.000		04/15/27		1,290,000
	125,000		Targa Resources Partners LP		5.125		02/01/25		106,550
	475,000		Targa Resources Partners LP		5.875		04/15/26		395,438
	300,000		Targa Resources Partners LP		6.500		07/15/27		255,750
	10,800,000		TransCanada PipeLines Ltd		4.250		05/15/28		11,032,215
	208,750	g	Transocean Guardian Ltd		5.875		01/15/24		167,000
	1,500,000	†,g	Tullow Oil plc		7.000		03/01/25		375,000
	1,260,000		USA Compression Partners LP		6.875		04/01/26		787,500
	500,000		USA Compression Partners LP		6.875		09/01/27		310,000
	480,000		Vale Overseas Ltd		6.875		11/21/36		533,045
	850,000		Williams Partners LP		3.750		06/15/27		779,292
	2,100,000	g	YPF S.A.		6.950		07/21/27		1,082,130
			TOTAL ENERGY						181,966,615
FOOD & STAPLES RETAILING - 1.7%
	5,000,000		CVS Health Corp		3.700		03/09/23		5,204,940
	8,850,000		CVS Health Corp		2.625		08/15/24		8,876,502
	13,200,000		CVS Health Corp		4.100		03/25/25		13,891,903
	495,000		CVS Health Corp		3.875		07/20/25		511,456
	5,425,000		CVS Health Corp		2.875		06/01/26		5,465,216
	13,145,000		CVS Health Corp		4.300		03/25/28		13,960,039
	4,050,000		CVS Health Corp		3.750		04/01/30		4,190,490
	2,250,000		CVS Health Corp		4.780		03/25/38		2,471,087
	4,750,000		CVS Health Corp		5.050		03/25/48		5,394,128
	1,900,000		CVS Health Corp		4.250		04/01/50		1,975,297
	1,246,000		Ingles Markets, Inc		5.750		06/15/23		1,239,770
	1,750,000		Kroger Co		3.700		08/01/27		1,875,501
	3,000,000		Kroger Co		3.875		10/15/46		2,941,195
	575,000		Kroger Co		4.450		02/01/47		632,253
	730,000		SYSCO Corp		3.750		10/01/25		727,699
	515,000		Walgreen Co		3.100		09/15/22		515,903
	15,000,000		Walmart, Inc		3.400		06/26/23		15,953,017

155

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	11,550,000		Walmart, Inc		3.700	%	06/26/28	$	12,984,915
	5,000,000		Walmart, Inc		3.250		07/08/29		5,500,314
	6,900,000		Walmart, Inc		2.375		09/24/29		7,155,382
	2,175,000		Walmart, Inc		3.950		06/28/38		2,567,221
			TOTAL FOOD & STAPLES RETAILING						114,034,228
FOOD, BEVERAGE & TOBACCO - 1.0%
	2,775,000		Altria Group, Inc		4.800		02/14/29		2,903,557
	2,700,000		Altria Group, Inc		5.950		02/14/49		3,141,380
	1,416,000		Anheuser-Busch InBev Finance, Inc		3.300		02/01/23		1,457,066
	13,260,000		Anheuser-Busch InBev Worldwide, Inc		4.750		01/23/29		14,578,052
	1,260,000		Anheuser-Busch InBev Worldwide, Inc		4.439		10/06/48		1,287,074
	2,700,000		BAT Capital Corp		4.906		04/02/30		2,769,616
	1,275,000	g	BRF S.A.		4.875		01/24/30		1,071,000
	1,350,000		Coca-Cola Co		3.375		03/25/27		1,490,466
	750,000		Constellation Brands, Inc		4.400		11/15/25		756,618
	2,775,000		Constellation Brands, Inc		3.700		12/06/26		2,772,946
	1,850,000		Constellation Brands, Inc		3.600		02/15/28		1,810,200
	1,150,000		Constellation Brands, Inc		3.150		08/01/29		1,072,195
	2,500,000	g	Cosan Ltd		5.500		09/20/29		2,031,250
	2,750,000		Diageo Capital plc		2.125		10/24/24		2,682,086
	4,075,000		Diageo Capital plc		2.375		10/24/29		3,920,249
	1,875,000	g	Embotelladora Andina S.A.		3.950		01/21/50		1,593,769
	5,000,000		General Mills, Inc		3.700		10/17/23		5,089,104
	625,000		General Mills, Inc		2.875		04/15/30		623,750
	2,000,000	g	Grupo Bimbo SAB de C.V.		4.700		11/10/47		1,886,220
	800,000		JM Smucker Co		2.375		03/15/30		737,350
	2,225,000		JM Smucker Co		3.550		03/15/50		2,029,208
	5,000,000		Kellogg Co		3.400		11/15/27		5,163,226
	2,000,000	g	Kernel Holding S.A.		6.500		10/17/24		1,506,206
	1,100,000		PepsiCo, Inc		3.450		10/06/46		1,236,514
	200,000		Philip Morris International, Inc		6.375		05/16/38		272,347
	1,150,000		Tyson Foods, Inc		3.900		09/28/23		1,222,856
	395,000		Tyson Foods, Inc		4.000		03/01/26		417,839
	1,500,000		Tyson Foods, Inc		3.550		06/02/27		1,554,204
	2,525,000		Tyson Foods, Inc		5.100		09/28/48		3,132,785
			TOTAL FOOD, BEVERAGE & TOBACCO						70,209,133
HEALTH CARE EQUIPMENT & SERVICES - 0.8%
	630,000		Anthem, Inc		3.125		05/15/22		640,792
	4,250,000		Anthem, Inc		3.650		12/01/27		4,388,841
	3,488,000		Becton Dickinson & Co		3.700		06/06/27		3,544,616
	2,100,000		Boston Scientific Corp		4.000		03/01/29		2,222,588
	400,000	g	Centene Corp		5.375		08/15/26		408,000
	1,800,000		Children’s Hospital Medic		4.268		05/15/44		2,115,802
	2,700,000		Cigna Corp		2.400		03/15/30		2,554,011
	2,550,000		Cigna Corp		3.200		03/15/40		2,335,442
	750,000		Covidien International Finance S.A.		3.200		06/15/22		775,361
	1,370,000		Dartmouth-Hitchcock Health		4.178		08/01/48		1,509,496
	2,000,000		HCA, Inc		5.375		02/01/25		2,034,980
	2,815,000		HCA, Inc		5.625		09/01/28		2,946,460
	4,900,000		HCA, Inc		5.500		06/15/47		5,336,235
	6,900,000	g	SBA Tower Trust		2.836		01/15/25		6,664,709
	450,000		Tenet Healthcare Corp		8.125		04/01/22		425,250

156

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	825,000		Tenet Healthcare Corp			4.625	%	07/15/24	$	785,813
	1,500,000		Thermo Fisher Scientific, Inc			4.133		03/25/25		1,607,261
	2,640,000		Thermo Fisher Scientific, Inc			2.950		09/19/26		2,672,033
	620,000		UnitedHealth Group, Inc			2.875		03/15/22		637,015
	1,525,000		UnitedHealth Group, Inc			2.950		10/15/27		1,598,897
	1,375,000		UnitedHealth Group, Inc			3.750		10/15/47		1,537,292
	750,000		Zimmer Biomet Holdings, Inc			3.700		03/19/23		768,524
	1,470,000		Zimmer Biomet Holdings, Inc			3.550		04/01/25		1,479,884
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							48,989,302
HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
	525,000		Ecolab, Inc			4.800		03/24/30		597,676
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS							597,676
INSURANCE - 1.2%
	285,000		Aetna, Inc			6.625		06/15/36		362,371
	1,550,000		Aflac, Inc			3.600		04/01/30		1,569,077
	131,000		Aflac, Inc			6.450		08/15/40		174,206
	1,700,000		Allstate Corp			3.850		08/10/49		1,871,717
	975,000		American Financial Group, Inc			3.500		08/15/26		928,086
	620,000		American International Group, Inc			3.750		07/10/25		620,689
	2,400,000		American International Group, Inc			3.900		04/01/26		2,500,603
	4,725,000		American International Group, Inc			4.200		04/01/28		4,958,437
	5,660,000		Aon Corp			3.750		05/02/29		5,970,733
	3,740,000		Aon plc			3.500		06/14/24		3,905,751
	2,500,000		AXIS Specialty Finance LLC			4.900		01/15/40		2,112,500
	1,150,000		Berkshire Hathaway Finance Corp			1.850		03/12/30		1,117,802
	1,500,000		Berkshire Hathaway Finance Corp			4.250		01/15/49		1,847,267
	1,750,000	g	Centene Corp			4.250		12/15/27		1,753,325
	3,900,000		Chubb INA Holdings, Inc			2.875		11/03/22		3,957,768
	1,100,000		CNA Financial Corp			3.950		05/15/24		1,142,719
	1,350,000		CNA Financial Corp			3.450		08/15/27		1,250,400
	400,000		CNA Financial Corp			3.900		05/01/29		399,055
	3,770,000	g,i	Cranberry RE Ltd	LIBOR 6 M + 1.980%		2.324		07/13/20		3,704,025
	2,300,000	g	Five Corners Funding Trust			4.419		11/15/23		2,474,199
	2,750,000		Hartford Financial Services Group, Inc			2.800		08/19/29		2,677,083
	350,000		Hartford Financial Services Group, Inc			4.300		04/15/43		363,280
	1,675,000		Hartford Financial Services Group, Inc			3.600		08/19/49		1,571,573
	1,875,000		Humana, Inc			3.950		03/15/27		1,907,389
	232,000	g	Liberty Mutual Group, Inc			4.250		06/15/23		236,180
	818,000	g	Liberty Mutual Group, Inc			4.569		02/01/29		904,762
	625,000	g	Liberty Mutual Group, Inc			4.500		06/15/49		608,430
	750,000		Lincoln National Corp			4.000		09/01/23		750,133
	850,000		Lincoln National Corp			3.800		03/01/28		846,342
	5,383,000		Markel Corp			3.500		11/01/27		4,909,651
	1,400,000		Marsh & McLennan Cos, Inc			3.500		06/03/24		1,430,284
	600,000		MetLife, Inc			3.000		03/01/25		590,712
	1,775,000		MetLife, Inc			3.600		11/13/25		1,856,347
	300,000		Principal Financial Group, Inc			3.700		05/15/29		309,872
	940,000		Prudential Financial, Inc			3.500		05/15/24		977,687
	2,000,000		Prudential Financial, Inc			3.905		12/07/47		1,934,024
	1,190,000	g	Prudential Funding LLC			6.750		09/15/23		1,323,113
	2,220,000		Reinsurance Group of America, Inc			3.900		05/15/29		2,167,524

157

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	525,000	g	Swiss Re Treasury US Corp		4.250	%	12/06/42	$	630,637
	880,000		Verisk Analytics, Inc		4.125		03/15/29		928,944
	6,250,000	g,i	Vitality Re IX Ltd		1.610		01/10/22		5,312,500
	2,200,000	g,i	Vitality Re X Ltd		1.760		01/10/23		1,870,000
	650,000		Voya Financial, Inc		5.700		07/15/43		755,661
	365,000		Willis North America, Inc		3.600		05/15/24		376,717
	410,000		WR Berkley Corp		5.375		09/15/20		410,720
			TOTAL INSURANCE						78,270,295
MATERIALS - 1.0%
	100,000	g	Alcoa Nederland Holding BV		6.750		09/30/24		96,970
	100,000	g	Alcoa Nederland Holding BV		7.000		09/30/26		93,000
	2,700,000	g	Anglo American Capital plc		5.625		04/01/30		2,740,945
	170,000	g	Arconic Rolled Products Corp		6.125		02/15/28		173,825
	370,000	g	Bemis Co, Inc		3.100		09/15/26		350,590
	2,500,000	g	Celulosa Arauco y Constitucion S.A.		4.250		04/30/29		2,106,250
	1,025,000	g	Celulosa Arauco y Constitucion S.A.		4.200		01/29/30		878,937
	2,325,000	g	Cemex SAB de C.V.		5.450		11/19/29		1,886,738
	1,750,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.625		08/01/27		1,712,228
	2,000,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.150		01/14/30		1,851,160
	1,250,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.375		02/05/49		1,205,174
	1,000,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.700		01/30/50		862,671
	265,000		DowDuPont, Inc		4.493		11/15/25		284,997
	1,140,000		DowDuPont, Inc		4.725		11/15/28		1,250,462
	4,172,000		DowDuPont, Inc		5.319		11/15/38		4,690,633
	950,000	g	Enviva Partners LP		6.500		01/15/26		926,250
	1,075,000	g	Industrias Penoles SAB de C.V.		4.150		09/12/29		949,134
	3,500,000		International Paper Co		5.150		05/15/46		3,627,052
	1,150,000		International Paper Co		4.350		08/15/48		1,113,510
	5,125,000	g	Inversiones CMPC S.A.		4.375		04/04/27		4,779,114
	775,000	g	Inversiones CMPC S.A.		3.850		01/13/30		697,500
	500,000	g	James Hardie International Finance DAC		4.750		01/15/25		471,255
	675,000	g	James Hardie International Finance DAC		5.000		01/15/28		637,875
	2,750,000		LYB International Finance III LLC		4.200		10/15/49		2,698,356
	2,700,000	g	Midwest Connector Capital Co LLC		3.900		04/01/24		2,520,859
	2,700,000	g	Midwest Connector Capital Co LLC		4.625		04/01/29		2,602,469
	2,000,000		Newmont Corp		2.250		10/01/30		1,841,821
	5,305,000		Newmont Goldcorp Corp		3.625		06/09/21		5,370,425
	2,000,000	g	Nova Chemicals Corp		4.875		06/01/24		1,755,000
	1,725,000		Nutrien Ltd		3.375		03/15/25		1,756,632
	1,440,000	g	OCI NV		6.625		04/15/23		1,309,819
	2,000,000	g	OCP S.A.		4.500		10/22/25		1,886,142
	720,000	g	Owens-Brockway Glass Container, Inc		5.875		08/15/23		705,600
	480,000		Packaging Corp of America		3.650		09/15/24		515,391
	1,550,000	g	SABIC Capital II BV		4.000		10/10/23		1,537,753
	1,075,000		SASOL Financing USA LLC		6.500		09/27/28		441,034
	1,500,000	g	Sociedad Quimica y Minera de Chile S.A.		4.250		05/07/29		1,340,640
	1,000,000		Suzano Austria GmbH		6.000		01/15/29		932,500
	1,325,000	g	Suzano Austria GmbH		7.000		03/16/47		1,253,781
	500,000	g	Tronox Finance plc		5.750		10/01/25		446,250
	500,000	g	Tronox, Inc		6.500		04/15/26		450,000
	175,000	g	Univar Solutions USA, Inc		5.125		12/01/27		159,250
			TOTAL MATERIALS						62,909,992

158

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
MEDIA & ENTERTAINMENT - 1.9%
$	1,575,000	g	Cable Onda S.A.		4.500	%	01/30/30	$	1,386,000
	1,000,000	g	CBS Radio, Inc		7.250		11/01/24		835,000
	1,275,000		Charter Communications Operating LLC		3.579		07/23/20		1,271,037
	5,150,000		Charter Communications Operating LLC		3.750		02/15/28		5,178,422
	5,660,000		Charter Communications Operating LLC		4.200		03/15/28		5,809,779
	2,400,000		Charter Communications Operating LLC		5.125		07/01/49		2,552,918
	2,750,000		Charter Communications Operating LLC		4.800		03/01/50		2,865,305
	3,400,000		Comcast Corp		3.700		04/15/24		3,649,244
	10,100,000		Comcast Corp		3.950		10/15/25		11,120,059
	10,300,000		Comcast Corp		2.350		01/15/27		10,261,218
	2,700,000		Comcast Corp		3.150		02/15/28		2,824,997
	5,000,000		Comcast Corp		4.150		10/15/28		5,692,201
	4,525,000		Comcast Corp		3.200		07/15/36		4,777,011
	1,000,000		Comcast Corp		3.900		03/01/38		1,124,140
	10,000,000		Comcast Corp		4.700		10/15/48		12,928,630
	6,475,000		Comcast Corp		3.450		02/01/50		7,105,000
	1,500,000	g	CSC Holdings LLC		7.500		04/01/28		1,598,130
	1,250,000		Discovery Communications LLC		2.950		03/20/23		1,247,354
	3,730,000		Discovery Communications LLC		4.125		05/15/29		3,615,046
	3,500,000		Discovery Communications LLC		5.200		09/20/47		3,577,250
	1,000,000		DISH DBS Corp		7.750		07/01/26		1,027,500
	125,000	g	EW Scripps Co		5.125		05/15/25		110,000
	1,125,000	g	Gray Escrow, Inc		7.000		05/15/27		1,119,375
	550,000	g	Gray Television, Inc		5.875		07/15/26		529,540
	2,785,000		Grupo Televisa SAB		6.625		01/15/40		3,261,927
	500,000	g	International Airport Finance S.A.		12.000		03/15/33		285,000
	650,000	g	Lamar Media Corp		3.750		02/15/28		609,297
	3,000,000	g	Medco Bell Pte Ltd		6.375		01/30/27		1,739,403
	960,000		Meredith, Corp		6.875		02/01/26		825,600
	1,175,000		NBC Universal Media LLC		2.875		01/15/23		1,209,043
	885,000		NBC Universal Media LLC		6.400		04/30/40		1,336,509
	125,000	g	Nielsen Finance LLC		5.000		04/15/22		115,227
	1,250,000	g	TEGNA, Inc		4.625		03/15/28		1,098,437
	1,075,000	g	Telefonica Celular del Paraguay S.A.		5.875		04/15/27		969,559
	1,740,000	g	Terrier Media Buyer, Inc		8.875		12/15/27		1,461,600
	250,000		Time Warner Cable LLC		5.875		11/15/40		263,438
	600,000		ViacomCBS, Inc		2.900		06/01/23		571,312
	1,100,000		ViacomCBS, Inc		2.900		01/15/27		1,062,247
	800,000		ViacomCBS, Inc		3.375		02/15/28		710,626
	1,770,000		ViacomCBS, Inc		4.375		03/15/43		1,570,372
	200,000		ViacomCBS, Inc		5.850		09/01/43		205,129
	4,500,000		Walt Disney Co		3.000		09/15/22		4,649,612
	3,000,000		Walt Disney Co		3.700		03/23/27		3,317,408
	110,000		Walt Disney Co		7.625		11/30/28		144,803
	5,325,000		Walt Disney Co		2.000		09/01/29		5,194,659
	85,000		Walt Disney Co		6.550		03/15/33		121,009
			TOTAL MEDIA & ENTERTAINMENT						122,927,373
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.4%
	925,000		Abbott Laboratories		3.875		09/15/25		998,810
	6,092,000		Abbott Laboratories		3.750		11/30/26		6,800,819

159

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,200,000		Abbott Laboratories		5.300	%	05/27/40	$	1,580,866
	1,550,000		AbbVie, Inc		2.850		05/14/23		1,571,184
	750,000		AbbVie, Inc		3.600		05/14/25		790,179
	10,650,000	g	AbbVie, Inc		2.950		11/21/26		10,850,830
	4,600,000	g	AbbVie, Inc		3.200		11/21/29		4,692,799
	6,500,000	g	AbbVie, Inc		4.050		11/21/39		6,816,691
	2,072,000		AbbVie, Inc		4.400		11/06/42		2,302,503
	1,360,000		AbbVie, Inc		4.450		05/14/46		1,445,239
	2,275,000	g	AbbVie, Inc		4.250		11/21/49		2,453,972
	2,900,000		Allergan Funding SCS		3.800		03/15/25		2,969,649
	1,775,000		AstraZeneca plc		3.125		06/12/27		1,777,742
	325,000	g	Bausch Health Cos, Inc		5.000		01/30/28		307,678
	595,000	g	Bristol-Myers Squibb Co		3.625		05/15/24		628,705
	1,600,000	g	Bristol-Myers Squibb Co		2.900		07/26/24		1,695,655
	900,000	g	Bristol-Myers Squibb Co		3.875		08/15/25		976,481
	4,500,000	g	Bristol-Myers Squibb Co		3.450		11/15/27		4,793,722
	18,950,000	g	Bristol-Myers Squibb Co		3.400		07/26/29		20,824,196
	5,120,000	g	Bristol-Myers Squibb Co		4.250		10/26/49		6,416,418
	635,000		Gilead Sciences, Inc		4.000		09/01/36		718,965
	875,000		Gilead Sciences, Inc		4.150		03/01/47		1,069,549
	1,875,000		Johnson & Johnson		2.450		03/01/26		2,003,987
	1,325,000		Johnson & Johnson		2.900		01/15/28		1,455,578
	1,250,000		Johnson & Johnson		3.400		01/15/38		1,446,280
	4,075,000		Mylan, Inc		4.550		04/15/28		3,989,445
	3,050,000		Novartis Capital Corp		3.000		11/20/25		3,236,060
	3,000,000		Teva Pharmaceutical Finance Netherlands III BV		3.150		10/01/26		2,527,050
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						97,141,052
REAL ESTATE - 2.0%
	5,450,000		Alexandria Real Estate Equities, Inc		3.450		04/30/25		5,651,636
	450,000		Alexandria Real Estate Equities, Inc		3.950		01/15/27		450,653
	675,000		Alexandria Real Estate Equities, Inc		3.950		01/15/28		691,305
	2,775,000		Alexandria Real Estate Equities, Inc		4.900		12/15/30		3,014,695
	1,450,000		American Tower Corp		3.000		06/15/23		1,451,789
	2,700,000		American Tower Corp		2.950		01/15/25		2,696,800
	600,000		American Tower Corp		3.375		10/15/26		600,101
	10,000,000		American Tower Corp		2.750		01/15/27		9,678,152
	1,200,000		American Tower Corp		3.600		01/15/28		1,199,243
	5,800,000		American Tower Corp		3.800		08/15/29		5,920,423
	6,950,000		American Tower Corp		2.900		01/15/30		6,763,172
	3,000,000		Boston Properties LP		3.200		01/15/25		3,094,940
	1,975,000		Brandywine Operating Partnership LP		3.950		02/15/23		2,040,248
	1,125,000		Brandywine Operating Partnership LP		4.100		10/01/24		1,119,414
	2,225,000		Brixmor Operating Partnership LP		3.850		02/01/25		2,195,711
	2,000,000		Camden Property Trust		4.250		01/15/24		2,043,711
	750,000		Camden Property Trust		3.150		07/01/29		739,198
	980,000		Crown Castle International Corp		4.875		04/15/22		1,028,832
	400,000		Crown Castle International Corp		3.650		09/01/27		398,525
	1,275,000		Crown Castle International Corp		3.800		02/15/28		1,277,165
	3,300,000		Digital Realty Trust LP		2.750		02/01/23		3,281,033
	1,950,000		Digital Realty Trust LP		3.700		08/15/27		1,884,433
	425,000		Duke Realty LP		3.250		06/30/26		424,889
	1,075,000		Duke Realty LP		4.000		09/15/28		1,114,776
	850,000		Essex Portfolio LP		3.375		01/15/23		850,933

160

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	4,575,000		Essex Portfolio LP		3.000	%	01/15/30	$	4,336,769
	325,000		Healthcare Realty Trust, Inc		3.750		04/15/23		324,559
	1,675,000		Healthcare Realty Trust, Inc		3.875		05/01/25		1,750,720
	3,000,000		Healthcare Realty Trust, Inc		3.625		01/15/28		3,008,569
	900,000		Healthcare Realty Trust, Inc		2.400		03/15/30		799,061
	675,000		Healthcare Trust of America Holdings LP		3.700		04/15/23		652,919
	4,125,000		Healthcare Trust of America Holdings LP		3.500		08/01/26		4,079,441
	5,525,000		Healthcare Trust of America Holdings LP		3.100		02/15/30		4,941,063
	1,500,000		Healthpeak Properties, Inc		4.250		11/15/23		1,417,469
	6,800,000		Healthpeak Properties, Inc		3.500		07/15/29		6,651,694
	5,500,000		Highwoods Realty LP		3.875		03/01/27		5,480,415
	1,025,000		Highwoods Realty LP		4.125		03/15/28		1,102,138
	1,350,000		Highwoods Realty LP		4.200		04/15/29		1,381,804
	6,510,000		Highwoods Realty LP		3.050		02/15/30		5,885,669
	835,000		Hudson Pacific Properties LP		3.950		11/01/27		795,590
	775,000		iStar, Inc		4.750		10/01/24		651,000
	1,200,000		Mid-America Apartments LP		4.300		10/15/23		1,193,198
	1,200,000		Mid-America Apartments LP		3.750		06/15/24		1,182,481
	1,050,000		Mid-America Apartments LP		4.000		11/15/25		1,093,149
	1,150,000		Mid-America Apartments LP		3.600		06/01/27		1,157,327
	7,350,000		Mid-America Apartments LP		2.750		03/15/30		6,806,086
	1,075,000		National Retail Properties, Inc		3.300		04/15/23		1,083,645
	625,000		National Retail Properties, Inc		4.000		11/15/25		643,629
	1,850,000		National Retail Properties, Inc		3.600		12/15/26		1,851,859
	1,150,000		ProLogis LP		4.375		02/01/29		1,291,308
	600,000		Regency Centers Corp		3.750		11/15/22		587,999
	1,100,000		Regency Centers LP		3.900		11/01/25		1,125,756
	1,950,000		Regency Centers LP		3.600		02/01/27		1,963,865
	4,650,000		Regency Centers LP		2.950		09/15/29		4,383,783
	646,000		SITE Centers Corp		3.625		02/01/25		654,245
	1,000,000		SITE Centers Corp		4.700		06/01/27		1,034,502
	775,000	g	VICI Properties LP		3.500		02/15/25		715,906
	400,000		Weingarten Realty Investors		3.375		10/15/22		410,114
	1,876,000		Weingarten Realty Investors		3.500		04/15/23		1,918,727
	475,000		Weingarten Realty Investors		4.450		01/15/24		508,952
	1,025,000		Weingarten Realty Investors		3.850		06/01/25		1,073,164
	700,000		Weingarten Realty Investors		3.250		08/15/26		658,020
			TOTAL REAL ESTATE						134,208,372
RETAILING - 0.4%
	1,100,000		AutoNation, Inc		3.800		11/15/27		975,732
	90,000	g	Camelot Finance S.A.		4.500		11/01/26		87,300
	2,175,000		Home Depot, Inc		2.000		04/01/21		2,177,891
	520,000		Home Depot, Inc		2.625		06/01/22		528,924
	850,000	g	Lithia Motors, Inc		4.625		12/15/27		765,085
	4,215,000		O’Reilly Automotive, Inc		3.550		03/15/26		4,259,109
	2,175,000		O’Reilly Automotive, Inc		3.600		09/01/27		2,089,854
	2,100,000		O’Reilly Automotive, Inc		4.200		04/01/30		2,174,776
	715,000		Penske Automotive Group, Inc		5.500		05/15/26		651,351
	500,000	g	PetSmart, Inc		7.125		03/15/23		471,000
	500,000	g	PetSmart, Inc		5.875		06/01/25		492,500
	1,250,000	g	PetSmart, Inc		8.875		06/01/25		1,131,250
	375,000		QVC, Inc		4.750		02/15/27		331,956

161

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,000,000	g	Staples, Inc		7.500	%	04/15/26	$	1,750,012
	1,900,000		Target Corp		3.375		04/15/29		2,053,390
	6,325,000		Target Corp		2.350		02/15/30		6,369,525
	675,000		Target Corp		2.650		09/15/30		691,136
			TOTAL RETAILING						27,000,791
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3%
	5,600,000		Intel Corp		2.875		05/11/24		5,867,757
	1,500,000		Intel Corp		2.600		05/19/26		1,585,122
	3,700,000		Intel Corp		3.750		03/25/27		4,067,931
	260,000		Intel Corp		3.150		05/11/27		279,510
	1,150,000		Intel Corp		3.734		12/08/47		1,343,124
	2,250,000	g	NXP BV		4.875		03/01/24		2,402,281
	2,700,000	g	NXP BV		3.875		06/18/26		2,626,060
	1,100,000		Texas Instruments, Inc		2.625		05/15/24		1,146,993
	1,100,000		Texas Instruments, Inc		4.150		05/15/48		1,360,463
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						20,679,241
SOFTWARE & SERVICES - 1.5%
	2,325,000		Activision Blizzard, Inc		2.300		09/15/21		2,341,075
	2,675,000		Activision Blizzard, Inc		3.400		09/15/26		2,820,866
	9,955,000		Adobe, Inc		2.300		02/01/30		9,951,515
	1,275,000		Baidu, Inc		4.375		05/14/24		1,347,030
	2,000,000		Fidelity National Information Services, Inc		3.000		08/15/26		2,042,917
	2,365,000		Fidelity National Information Services, Inc		3.750		05/21/29		2,573,978
	6,300,000		Fiserv, Inc		2.750		07/01/24		6,264,063
	9,550,000		Fiserv, Inc		3.500		07/01/29		10,105,527
	2,425,000		Global Payments, Inc		2.650		02/15/25		2,403,701
	5,225,000		Global Payments, Inc		3.200		08/15/29		5,104,465
	850,000		IHS Markit Ltd		4.125		08/01/23		884,408
	1,375,000		IHS Markit Ltd		4.250		05/01/29		1,454,076
	3,075,000		International Business Machines Corp		2.850		05/13/22		3,158,567
	11,975,000		International Business Machines Corp		3.500		05/15/29		13,073,507
	19,000,000		Microsoft Corp		2.400		08/08/26		20,093,426
	1,200,000		Microsoft Corp		4.100		02/06/37		1,465,075
	1,860,000		Microsoft Corp		3.700		08/08/46		2,206,327
	550,000	g	Open Text Holdings, Inc		4.125		02/15/30		517,138
	5,550,000		Oracle Corp		2.950		04/01/30		5,583,312
	3,750,000		Oracle Corp		3.600		04/01/40		3,732,958
	175,000	g	Presidio Holdings, Inc		4.875		02/01/27		157,500
	2,200,000	g	Prosus NV		3.680		01/21/30		1,991,083
	875,000		salesforce.com, Inc		3.700		04/11/28		965,898
			TOTAL SOFTWARE & SERVICES						100,238,412
TECHNOLOGY HARDWARE & EQUIPMENT - 1.1%
	3,450,000		Amphenol Corp		2.800		02/15/30		3,141,087
	8,575,000		Apple, Inc		2.450		08/04/26		8,985,199
	19,975,000		Apple, Inc		2.050		09/11/26		20,604,477
	1,100,000		Apple, Inc		4.650		02/23/46		1,522,910
	12,850,000		Broadcom Corp		3.875		01/15/27		12,249,473
	10,000,000		Cisco Systems, Inc		1.850		09/20/21		10,069,342
	725,000	g	CommScope, Inc		5.500		06/15/24		669,537
	500,000	g	CommScope, Inc		6.000		06/15/25		457,600

162

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	675,000		Corning, Inc		4.375	%	11/15/57	$	701,740
	3,375,000	g	Dell International LLC		4.420		06/15/21		3,411,229
	4,450,000	g	Dell International LLC		5.300		10/01/29		4,328,432
	2,390,000	g	Empresas Publicas de Medellin ESP		4.250		07/18/29		2,037,475
	1,100,000	g	L3Harris Technologies, Inc		3.850		06/15/23		1,144,351
	1,500,000		L3Harris Technologies, Inc		2.900		12/15/29		1,417,303
	3,000,000		Tyco Electronics Group S.A.		3.500		02/03/22		3,042,231
	525,000		Tyco Electronics Group S.A.		3.700		02/15/26		534,137
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						74,316,523
TELECOMMUNICATION SERVICES - 2.6%
	360,000		AT&T, Inc		3.800		03/15/22		371,836
	4,936,000		AT&T, Inc		3.000		06/30/22		4,977,775
	7,190,000		AT&T, Inc		3.400		05/15/25		7,436,630
	1,725,000		AT&T, Inc		3.600		07/15/25		1,791,361
	1,000,000		AT&T, Inc		2.950		07/15/26		983,711
	4,250,000		AT&T, Inc		3.800		02/15/27		4,415,751
	10,000,000		AT&T, Inc		4.100		02/15/28		10,502,161
	6,025,000		AT&T, Inc		4.350		03/01/29		6,478,251
	13,425,000		AT&T, Inc		4.300		02/15/30		14,449,610
	2,300,000		AT&T, Inc		4.500		05/15/35		2,507,549
	6,000,000		AT&T, Inc		4.900		08/15/37		6,733,849
	11,175,000		AT&T, Inc		4.500		03/09/48		12,127,775
	5,000,000		AT&T, Inc		4.550		03/09/49		5,381,031
	2,000,000	g	Bharti Airtel Ltd		4.375		06/10/25		1,842,440
	450,000	g	C&W Senior Financing Designated Activity Co		7.500		10/15/26		412,229
	2,000,000	g	C&W Senior Financing Designated Activity Co		6.875		09/15/27		1,725,000
	2,500,000	g	Deutsche Telekom International Finance BV		1.950		09/19/21		2,468,636
	630,000		Deutsche Telekom International Finance BV		8.750		06/15/30		859,276
	1,325,000	g	Front Range BidCo, Inc		4.000		03/01/27		1,267,859
	1,375,000	g	Globo Comunicacao e Participacoes S.A.		4.875		01/22/30		1,174,937
	2,000,000	g	MTN Mauritius Investment Ltd		6.500		10/13/26		1,905,494
	2,000,000	g	Network i2i Ltd		5.650		N/A‡		1,610,000
	500,000		Orange S.A.		5.375		01/13/42		640,059
	1,800,000	g	Oztel Holdings SPC Ltd		6.625		04/24/28		1,275,709
	510,000		Rogers Communications, Inc		3.625		12/15/25		539,611
	1,900,000		Rogers Communications, Inc		3.700		11/15/49		1,965,428
	4,700,000		Telefonica Emisiones SAU		4.103		03/08/27		4,874,459
	206,000		Verizon Communications, Inc		3.376		02/15/25		220,970
	950,000		Verizon Communications, Inc		4.125		03/16/27		1,057,137
	22,336,000		Verizon Communications, Inc		4.329		09/21/28		25,739,994
	7,300,000		Verizon Communications, Inc		3.875		02/08/29		8,171,200
	11,097,000		Verizon Communications, Inc		4.272		01/15/36		12,964,197
	3,000,000		Verizon Communications, Inc		4.000		03/22/50		3,560,419
	6,625,000		Vodafone Group plc		4.375		05/30/28		6,965,313
	7,000,000		Vodafone Group plc		4.250		09/17/50		7,194,891
			TOTAL TELECOMMUNICATION SERVICES						166,592,548
TRANSPORTATION - 1.1%
	3,000,000	g	Adani Ports & Special Economic Zone Ltd		4.000		07/30/27		2,386,104
	5,000,000		Boeing Co		2.950		02/01/30		4,630,357
	2,000,000		Boeing Co		3.750		02/01/50		1,826,650
	3,825,000		Burlington Northern Santa Fe LLC		3.550		02/15/50		4,188,022

163

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	975,000		Canadian Pacific Railway Co		2.050	%	03/05/30	$	905,340
	1,000,000		CSX Corp		2.600		11/01/26		1,018,512
	625,000		CSX Corp		3.250		06/01/27		641,966
	700,000		CSX Corp		3.800		03/01/28		743,336
	9,715,000		CSX Corp		4.250		03/15/29		10,900,513
	5,400,000		CSX Corp		2.400		02/15/30		5,317,788
	1,800,000		CSX Corp		4.300		03/01/48		1,975,540
	4,000,000		CSX Corp		3.350		09/15/49		3,787,829
	2,200,000		Delta Air Lines, Inc		3.800		04/19/23		2,067,462
	3,475,000		Delta Air Lines, Inc		2.900		10/28/24		2,781,349
	2,275,000		Delta Air Lines, Inc		3.750		10/28/29		1,833,371
	2,025,000	g	DP World Ltd		5.625		09/25/48		1,690,875
	13,100,000		FedEx Corp		3.100		08/05/29		12,875,349
	1,100,000	g	Indian Railway Finance Corp Ltd		3.249		02/13/30		989,233
	775,000	g	Lima Metro Line 2 Finance Ltd		4.350		04/05/36		730,437
	1,243,000	g	Mexico City Airport Trust		4.250		10/31/26		1,109,377
	2,650,000	g	Pelabuhan Indonesia III Persero PT		4.500		05/02/23		2,636,750
	5,200,000		Union Pacific Corp		3.950		09/10/28		5,582,614
	2,175,000	g	Union Pacific Corp		3.839		03/20/60		2,327,587
			TOTAL TRANSPORTATION						72,946,361
UTILITIES - 2.8%
	1,975,000	g	Adani Transmission Ltd		4.250		05/21/36		1,778,377
	1,000,000		AEP Transmission Co LLC		3.100		12/01/26		1,039,431
	1,000,000		AEP Transmission Co LLC		4.000		12/01/46		1,012,128
	725,000		Alabama Power Co		4.150		08/15/44		681,101
	3,000,000		Alabama Power Co		3.450		10/01/49		3,052,781
	4,600,000		Ameren Corp		3.650		02/15/26		4,668,886
	1,650,000		American Water Capital Corp		3.000		12/01/26		1,654,807
	1,400,000		American Water Capital Corp		4.000		12/01/46		1,418,073
	2,275,000		American Water Capital Corp		3.750		09/01/47		2,279,734
	375,000		Atmos Energy Corp		4.125		10/15/44		407,426
	3,000,000		Avangrid, Inc		3.150		12/01/24		2,984,194
	800,000	g	Azure Power Solar Energy Pvt Ltd		5.650		12/24/24		679,651
	2,050,000		Baltimore Gas & Electric Co		3.750		08/15/47		2,217,983
	2,750,000		Baltimore Gas & Electric Co		3.200		09/15/49		2,620,928
	4,950,000		Berkshire Hathaway Energy Co		3.250		04/15/28		5,120,462
	1,075,000		Black Hills Corp		4.250		11/30/23		1,127,616
	850,000		Black Hills Corp		3.150		01/15/27		907,472
	159,000		CenterPoint Energy Resources Corp		4.500		01/15/21		160,352
	660,000		CenterPoint Energy Resources Corp		6.250		02/01/37		813,616
	1,125,000		CMS Energy Corp		3.600		11/15/25		1,247,066
	395,000		Commonwealth Edison Co		5.900		03/15/36		467,379
	5,000,000		Commonwealth Edison Co		3.000		03/01/50		4,711,388
	1,675,000		Consumers Energy Co		3.500		08/01/51		1,801,833
	2,100,000		Dominion Energy Gas Holdings LLC		2.500		11/15/24		2,040,437
	1,550,000		Dominion Resources, Inc		2.000		08/15/21		1,540,818
	2,975,000		DTE Electric Co		2.625		03/01/31		2,970,002
	2,325,000		DTE Electric Co		3.750		08/15/47		2,452,618
	3,850,000		DTE Electric Co		2.950		03/01/50		3,591,378
	260,000		Duke Energy Carolinas LLC		4.300		06/15/20		260,920
	3,050,000		Duke Energy Corp		1.800		09/01/21		3,029,244
	7,575,000		Duke Energy Corp		2.650		09/01/26		7,517,418
	3,125,000		Duke Energy Corp		3.750		09/01/46		2,995,675

164

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,782,959		Duke Energy Florida Project Finance LLC		1.731	%	09/01/22	$	1,803,749
	650,000		Duke Energy Ohio, Inc		3.800		09/01/23		686,324
	2,000,000		Enel Chile S.A.		4.875		06/12/28		1,972,000
	4,994,000		Entergy Corp		4.000		07/15/22		5,124,022
	3,075,000		Entergy Corp		2.950		09/01/26		3,047,932
	3,600,000	g	Eskom Holdings SOC Ltd		5.750		01/26/21		3,043,680
	900,000	g	Eskom Holdings SOC Ltd		8.450		08/10/28		621,635
	3,000,000		Eversource Energy		3.450		01/15/50		2,702,380
	1,225,000		Exelon Corp		4.050		04/15/30		1,213,216
	2,975,000		Exelon Generation Co LLC		3.400		03/15/22		3,008,345
	2,750,000		Florida Power & Light Co		2.850		04/01/25		2,891,958
	2,700,000		Florida Power & Light Co		3.990		03/01/49		3,045,006
	2,275,000		Florida Power & Light Co		3.150		10/01/49		2,360,096
	500,000	g	IHS Netherlands Holdco BV		7.125		03/18/25		437,726
	1,150,000		Indiana Michigan Power Co		3.750		07/01/47		1,198,476
	2,000,000	g	Inkia Energy Ltd		5.875		11/09/27		1,755,000
	555,000		Integrys Energy Group, Inc		4.170		11/01/20		558,645
	4,000,000	g	Israel Electric Corp Ltd		4.250		08/14/28		4,028,923
	2,200,000	g	Korea Hydro & Nuclear Power Co Ltd		3.750		07/25/23		2,342,936
	4,030,000		LG&E and KU Energy LLC		3.750		11/15/20		4,002,285
	7,275,000		MidAmerican Energy Co		3.650		04/15/29		7,946,280
	2,175,000		MidAmerican Energy Co		3.650		08/01/48		2,334,513
	1,650,000		Nevada Power Co		2.400		05/01/30		1,575,366
	300,000		NextEra Energy Capital Holdings, Inc		3.250		04/01/26		310,483
	1,850,000		NextEra Energy Capital Holdings, Inc		2.750		11/01/29		1,785,613
	3,075,000		NiSource, Inc		3.490		05/15/27		3,111,229
	1,800,000		Northern States Power Co		2.900		03/01/50		1,773,657
	1,250,000		NRG Energy, Inc		5.750		01/15/28		1,275,000
	2,000,000		NSTAR Electric Co		3.200		05/15/27		2,018,468
	850,000		NSTAR Electric Co		3.950		04/01/30		951,408
	2,175,000		Ohio Power Co		4.150		04/01/48		2,285,235
	2,175,000		Ohio Power Co		4.000		06/01/49		2,244,617
	150,000		Oncor Electric Delivery Co LLC		7.250		01/15/33		219,096
	700,000		ONE Gas, Inc		3.610		02/01/24		706,512
	1,375,000		PECO Energy Co		3.000		09/15/49		1,399,367
	1,400,000	g	Perusahaan Listrik Negara PT		3.875		07/17/29		1,302,000
	2,000,000	g	Perusahaan Listrik Negara PT		3.375		02/05/30		1,820,000
	1,750,000	g	Petra Diamonds US Treasury plc		7.250		05/01/22		402,500
	135,000		Potomac Electric Power Co		7.900		12/15/38		195,677
	2,400,000		PPL Capital Funding, Inc		3.950		03/15/24		2,475,233
	1,000,000		PPL Electric Utilities Corp		3.000		09/15/21		1,008,673
	1,175,000	g	Promigas S.A. ESP		3.750		10/16/29		953,818
	3,450,000		PSEG Power LLC		3.850		06/01/23		3,509,263
	3,225,000		Public Service Co of Colorado		3.200		03/01/50		3,263,381
	1,450,000		Public Service Electric & Gas Co		3.200		08/01/49		1,448,543
	1,750,000		Southern Co		4.400		07/01/46		1,829,288
	2,075,000		Southern Co Gas Capital Corp		3.875		11/15/25		2,175,743
	1,250,000		Southern Co Gas Capital Corp		4.400		06/01/43		1,297,464
	1,175,000		Southern Co Gas Capital Corp		3.950		10/01/46		1,051,244
	4,950,000		Southern Power Co		2.500		12/15/21		4,875,671
	1,925,000		Southern Power Co		4.150		12/01/25		1,984,995
	2,000,000		Southwestern Public Service Co		3.400		08/15/46		2,000,223
	400,000		TC PipeLines LP		3.900		05/25/27		379,706

165

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	845,000		Virginia Electric & Power Co		2.950	%	01/15/22	$	851,438
	1,025,000		Virginia Electric & Power Co		2.950		11/15/26		1,055,917
	1,050,000		Virginia Electric & Power Co		3.500		03/15/27		1,099,442
	1,000,000		Wisconsin Power & Light Co		4.100		10/15/44		1,060,437
	1,800,000		Xcel Energy, Inc		3.350		12/01/26		1,777,825
	470,000		Xcel Energy, Inc		4.800		09/15/41		506,714
			TOTAL UTILITIES						183,357,567
			TOTAL CORPORATE BONDS						2,538,670,769
			(Cost $2,560,733,621)
GOVERNMENT BONDS -  28.7%
AGENCY SECURITIES - 0.5%
	1,005,132		AMAL Ltd		3.465		08/21/21		1,020,387
	2,500,000		Amber Circle Funding Ltd		3.250		12/04/22		2,623,758
	3,599,000		Canal Barge Co, Inc		4.500		11/12/34		4,328,183
	6,250,000		Overseas Private Investment Corp (OPIC)		3.520		09/20/32		7,145,830
	11,000,000	g	Private Export Funding Corp (PEFCO)		3.266		11/08/21		11,355,149
	2,500,000	g	Reliance Industries Ltd		3.667		11/30/27		2,351,018
	1,540,000		UNM Sandoval Regional Medical Center		4.500		07/20/36		1,566,627
			TOTAL AGENCY SECURITIES						30,390,952
FOREIGN GOVERNMENT BONDS - 2.9%
	2,000,000	g	Abu Dhabi Government International Bond		3.125		05/03/26		2,040,493
	1,500,000	g	Abu Dhabi Government International Bond		2.500		09/30/29		1,459,486
	3,150,000	g	Abu Dhabi Government International Bond		3.125		09/30/49		2,926,980
	1,775,000	g	Angolan Government International Bond		8.000		11/26/29		719,692
	3,325,000	g	Arab Petroleum Investments Corp		4.125		09/18/23		3,324,615
	1,045,000	†	Argentina Republic Government International Bond		5.625		01/26/22		303,050
	2,000,000	g	Banque Ouest Africaine de Developpement		4.700		10/22/31		1,812,309
	8,200	g	Barbados Government International Bond		6.500		02/01/21		7,954
	133,900	g	Barbados Government International Bond		6.500		10/01/29		119,840
	3,450,000	g	Bermuda Government International Bond		3.717		01/25/27		3,286,125
	1,575,000	g	Bermuda Government International Bond		4.750		02/15/29		1,590,750
	1,660,000	g	Brazil Minas SPE via State of Minas Gerais		5.333		02/15/28		1,664,997
	1,450,000		Brazilian Government International Bond		5.625		02/21/47		1,491,339
	1,500,000	g	Caisse d’Amortissement de la Dette Sociale		1.875		07/28/20		1,505,135
	5,950,000		Chile Government International Bond		2.550		01/27/32		5,944,050
	3,200,000		Colombia Government International Bond		3.000		01/30/30		2,916,800
	1,200,000		Colombia Government International Bond		5.000		06/15/45		1,230,000
	825,000	g	Costa Rica Government International Bond		6.125		02/19/31		697,125
	2,925,000	g	Costa Rica Government International Bond		5.625		04/30/43		2,106,000
DOP	121,500,000	g	Dominican Republic Government International Bond		8.900		02/15/23		2,102,834
	120,000,000	g	Dominican Republic Government International Bond		12.000		03/05/32		2,081,860
$	3,000,000	g	Dominican Republic Government International Bond		6.500		02/15/48		2,640,000
	2,425,000	†,g	Ecuador Government International Bond		9.650		12/13/26		630,500
	1,125,000	g	Egypt Government International Bond		5.577		02/21/23		1,040,330
EUR	3,000,000	g	Egypt Government International Bond		5.625		04/16/30		2,515,674
$	1,050,000	g	Egypt Government International Bond		8.500		01/31/47		855,933

166

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	1,200,000	g	El Salvador Government International Bond			7.625	%	02/01/41	$	984,012
	1,070,000	g	El Salvador Government International Bond			7.125		01/20/50		823,900
	395,000		European Investment Bank			4.875		02/15/36		587,869
	1,500,000	g	Export-Import Bank of China			2.850		09/16/20		1,513,466
	4,400,000	g	Export-Import Bank of India			3.875		02/01/28		4,049,988
	950,000	g	Ghana Government International Bond			8.125		03/26/32		670,579
	1,500,000	g	Ghana Government International Bond			8.627		06/16/49		1,044,000
	850,000	g	Guatemala Government International Bond			4.500		05/03/26		824,500
	1,550,000	g	Guatemala Government International Bond			4.375		06/05/27		1,488,000
EUR	1,750,000	g	Hellenic Republic Government International Bond			1.875		07/23/26		1,965,885
	3,200,000	g	Honduras Government International Bond			6.250		01/19/27		2,784,032
IDR	28,000,000,000		Indonesia Treasury Bond			7.000		09/15/30		1,605,150
	25,500,000,000		Indonesia Treasury Bond			7.500		08/15/32		1,444,198
$	2,050,000	g	Iraq Government International Bond			5.800		01/15/28		1,558,410
	3,100,000		Israel Government International Bond			3.250		01/17/28		3,288,236
	2,175,000		Israel Government International Bond			4.125		01/17/48		2,327,398
	1,496,250	g	Ivory Coast Government International Bond (Step Bond)			5.750		12/31/32		1,339,144
	3,050,000		Jamaica Government International Bond			7.875		07/28/45		3,263,531
	1,000,000	g	Japan Finance Organization for Municipalities			2.000		09/08/20		1,004,784
	1,280,000	g	Japan Finance Organization for Municipalities			2.125		04/13/21		1,297,499
	1,500,000	g	Japan Finance Organization for Municipalities			3.000		03/12/24		1,618,137
	1,500,000	g	Jordan Government International Bond			5.750		01/31/27		1,322,053
	1,375,000	g	Kenya Government International Bond			7.000		05/22/27		1,265,325
	1,150,000	g	Kommunalbanken AS.			1.375		10/26/20		1,153,739
	2,080,000	g	Kommunalbanken AS.			2.750		02/05/24		2,244,455
	2,000,000	i	Korea Development Bank	LIBOR 3 M + 0.550%		1.334		03/12/21		1,997,611
	1,650,000	g	Korea Housing Finance Corp			2.000		10/11/21		1,658,811
	1,500,000	g	Korea Housing Finance Corp			3.000		10/31/22		1,555,290
	15,000,000		Kreditanstalt fuer Wiederaufbau			2.750		10/01/20		15,165,338
	2,200,000		Mexico Government International Bond			4.150		03/28/27		2,248,400
	1,950,000		Mexico Government International Bond			3.250		04/16/30		1,828,125
	3,424,000		Mexico Government International Bond			6.050		01/11/40		4,056,995
	1,500,000	g	Mongolia Government International Bond			5.125		12/05/22		1,334,013
	2,000,000	g	Morocco Government International Bond			5.500		12/11/42		2,120,240
	2,500,000	g	Namibia Government International Bond			5.250		10/29/25		2,141,042
	2,000,000	g	Nederlandse Waterschapsbank NV			2.125		11/15/21		2,047,817
	2,000,000	g	Nederlandse Waterschapsbank NV			3.125		12/05/22		2,130,347
	2,425,000	g	Nigeria Government International Bond			6.500		11/28/27		1,673,154
	1,500,000	g	Oman Government International Bond			6.000		08/01/29		1,075,955
	3,000,000		Panama Government International Bond			4.300		04/29/53		3,228,780
	3,225,000	g	Panama Notas del Tesoro			3.750		04/17/26		3,225,000
	475,000	g	Paraguay Government International Bond			4.700		03/27/27		475,005
	725,000	g	Paraguay Government International Bond			5.400		03/30/50		725,007
	3,400,000	g	Perusahaan Penerbit SBSN Indonesia III			3.900		08/20/24		3,424,786
	4,650,000	g	Perusahaan Penerbit SBSN Indonesia III			4.400		03/01/28		4,696,826
	1,825,000		Peruvian Government International Bond			4.125		08/25/27		2,057,706
PEN	6,775,000	g	Peruvian Government International Bond			5.400		08/12/34		1,954,469
$	633,333	g	Petroamazonas EP			4.625		11/06/20		618,968
	2,600,000		Philippine Government International Bond			3.750		01/14/29		2,860,616
	620,000		Province of Quebec Canada			7.500		09/15/29		938,450
	1,500,000	g	Provincia de Mendoza Argentina			8.375		05/19/24		675,000

167

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,300,000	g	Republic of Belarus International Bond		7.625	%	06/29/27	$	1,302,827
	5,000,000		Republic of Italy Government International Bond		4.000		10/17/49		4,680,042
	2,200,000	g	Republic of Paraguay		6.100		08/11/44		2,310,022
	2,150,000	g	Republic of Uzbekistan Government International Bond		4.750		02/20/24		2,102,443
	5,400,000	g	Saudi Government International Bond		4.500		04/17/30		5,828,898
	2,000,000	g	Saudi Government International Bond		3.750		01/21/55		1,840,188
	1,500,000	g	Senegal Government International Bond		6.250		05/23/33		1,342,009
RSD	290,000,000		Serbia Treasury Bonds		5.875		02/08/28		3,261,259
$	2,000,000		South Africa Government International Bond		5.875		09/16/25		1,911,160
	2,900,000	g	Southern Gas Corridor CJSC		6.875		03/24/26		2,955,680
	1,500,000	g	Sri Lanka Government International Bond		6.850		03/14/24		943,937
	2,050,000		State of Israel		3.375		01/15/50		1,988,500
	1,700,000		Svensk Exportkredit AB		1.750		05/18/20		1,699,095
EUR	3,475,000	g	Ukraine Government International Bond		4.375		01/27/30		3,066,344
$	1,026,946		Uruguay Government International Bond		4.375		01/23/31		1,116,814
	2,400,000	†,g	Zambia Government International Bond		8.500		04/14/24		936,581
			TOTAL FOREIGN GOVERNMENT BONDS						191,681,711
MORTGAGE BACKED - 11.6%
	629		Federal Home Loan Mortgage Corp (FHLMC)		7.500		11/15/21		651
	911		FHLMC		6.000		05/15/22		937
	9,825,000		FHLMC		3.000		10/15/33		10,955,221
	5,586,748		FHLMC		3.500		08/15/43		5,947,913
	5,566,577	i	FHLMC		5.215		03/15/44		1,086,274
	16,371,631		FHLMC		4.000		10/01/47		17,818,266
	7,797,972	i	FHLMC		8.793		06/15/48		9,337,182
	2,548,376		FHLMC		3.000		09/01/48		2,689,367
	9,414,998	i	FHLMC		8.713		10/15/48		11,868,125
	129		Federal Home Loan Mortgage Corp Gold (FGLMC)		7.000		10/01/20		130
	689		FGLMC		8.000		01/01/31		717
	14,075		FGLMC		8.000		09/01/31		16,647
	75,809		FGLMC		7.000		12/01/31		88,000
	69,273		FGLMC		4.500		07/01/33		75,737
	472,430		FGLMC		7.000		12/01/33		557,446
	165,435		FGLMC		4.500		04/01/35		180,926
	150,861		FGLMC		7.000		05/01/35		178,290
	2,864,596		FGLMC		5.000		06/01/36		3,187,830
	120,944		FGLMC		5.000		07/01/39		134,092
	2,589,486		FGLMC		5.000		08/01/44		2,880,088
	143,183		FGLMC		4.500		11/01/44		159,168
	216,149		FGLMC		4.500		11/01/44		240,106
	92,740		FGLMC		4.500		12/01/44		101,567
	132,456		FGLMC		4.500		12/01/44		147,071
	1,007,573		FGLMC		3.500		04/01/45		1,082,631
	22,180,826		FGLMC		3.500		08/01/45		23,881,949
	27,043,993		FGLMC		3.500		10/01/45		29,017,130
	5,604,636		FGLMC		4.000		12/01/45		6,113,452
	31,576,806		FGLMC		3.500		08/01/46		33,881,005
	28,098,056		FGLMC		3.000		02/01/47		29,636,928
	7,304,215		FGLMC		4.500		06/01/47		8,112,727
	6,545,282		FGLMC		4.000		09/01/47		7,183,327
	8,404,964		FGLMC		3.500		12/01/47		9,017,739

168

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	22,125,127		FGLMC		3.500	%	03/01/48	$	23,735,890
	19,504,830		FGLMC		4.000		03/01/48		21,226,106
	4,738,729		FGLMC		4.000		07/01/48		5,156,940
	23,699,078		FGLMC		4.500		08/01/48		25,961,933
	82		Federal National Mortgage Association (FNMA)		6.500		07/25/20		83
	223		FNMA		8.000		07/01/24		248
	182		FNMA		7.500		01/01/29		203
	1,038		FNMA		7.500		03/01/31		1,248
	1,974,726		FNMA		3.500		05/01/32		2,085,288
	1,013,114		FNMA		3.500		11/01/32		1,071,665
	1,104,356		FNMA		5.000		05/01/35		1,226,819
	821,460		FNMA		5.000		10/01/35		914,538
	435,057		FNMA		5.000		02/01/36		484,425
	433,645		FNMA		5.500		11/01/38		491,823
	367,122		FNMA		5.500		03/01/39		414,763
	15,101,821		FNMA		3.000		10/01/39		15,873,189
	906,038		FNMA		5.000		09/01/40		1,004,373
	471,771		FNMA		4.000		02/01/41		510,499
	750,495		FNMA		5.000		05/01/41		832,637
	13,993,546		FNMA		4.000		09/01/42		15,350,354
	1,243,812		FNMA		3.500		04/01/43		1,335,706
	6,271,300		FNMA		3.000		04/25/43		6,663,016
	1,071,628		FNMA		3.500		09/01/43		1,150,806
	5,898,352	i	FNMA		5.003		09/25/43		1,238,073
	3,651,334		FNMA		4.000		01/01/44		3,974,481
	2,616,106		FNMA		4.500		03/01/44		2,940,988
	1,096,531		FNMA		4.500		06/01/44		1,218,942
	4,268,737		FNMA		4.500		06/01/44		4,744,520
	1,139,113		FNMA		3.500		07/01/44		1,219,974
	2,644,477		FNMA		4.500		08/01/44		2,938,223
	3,586,648		FNMA		4.500		10/01/44		3,985,763
	2,805,419		FNMA		4.500		11/01/44		3,114,826
	2,853,367		FNMA		5.000		11/01/44		3,162,227
	643,399		FNMA		4.500		12/01/44		715,108
	3,038,841		FNMA		4.000		01/01/45		3,335,862
	7,475,397		FNMA		3.000		02/25/45		7,871,640
	2,155,768		FNMA		3.000		02/25/45		2,262,910
	269,751		FNMA		3.500		03/01/45		289,771
	184,334		FNMA		3.500		03/01/45		198,014
	2,169,384		FNMA		3.000		03/25/45		2,303,677
	5,279,443		FNMA		3.500		04/25/45		5,555,218
	2,615,788		FNMA		3.500		05/01/45		2,815,563
	4,716,735		FNMA		4.000		06/01/45		5,101,960
	5,849,195		FNMA		4.000		12/01/45		6,362,894
	15,926,296		FNMA		3.000		12/25/45		17,003,959
	5,728,343		FNMA		3.500		01/01/46		6,144,720
	5,132,043		FNMA		4.000		01/01/46		5,586,426
	4,879,423		FNMA		4.000		03/01/46		5,275,794
	4,668,039		FNMA		3.500		06/01/46		5,007,357
	8,916,289		FNMA		3.500		07/01/46		9,564,407
	18,514,102		FNMA		3.500		07/01/46		19,874,196
	8,320,726		FNMA		3.000		10/01/46		8,638,504
	2,677,012		FNMA		3.500		10/01/46		2,871,610

169

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	19,703,195		FNMA		3.000	%	11/01/46	$	20,787,436
	3,284,190		FNMA		3.000		04/25/47		3,499,994
	5,331,265		FNMA		4.500		05/01/47		5,833,715
	9,665,561		FNMA		3.500		08/01/47		10,293,259
	3,215,465		FNMA		3.500		09/01/47		3,420,814
	3,697,088		FNMA		3.000		11/01/47		3,837,713
	4,940,327		FNMA		3.000		11/01/47		5,127,406
	9,360,459		FNMA		3.500		11/01/47		10,076,438
	27,477,276		FNMA		4.000		12/01/47		29,905,375
	13,905,175	h	FNMA		3.500		01/01/48		14,970,467
	4,624,122		FNMA		3.500		01/01/48		4,976,449
	6,140,648		FNMA		4.500		01/01/48		6,727,151
	2,386,360		FNMA		4.500		02/01/48		2,613,214
	26,786,932		FNMA		3.000		02/25/48		28,341,466
	5,106,615		FNMA		4.000		03/01/48		5,555,289
	10,397,632		FNMA		4.500		03/01/48		11,386,040
	4,282,397		FNMA		4.500		05/01/48		4,689,505
	3,299,327		FNMA		4.500		05/01/48		3,612,982
	4,363,162		FNMA		5.000		06/01/48		4,715,064
	4,683,070		FNMA		5.000		08/01/48		5,190,723
	8,529,696		FNMA		3.000		11/25/48		873,805
	54,000,000	h	FNMA		3.000		04/25/49		56,626,172
	7,000,000	h	FNMA		3.500		04/25/49		7,404,961
	249,857		FNMA		3.000		05/01/49		259,058
	4,811,854		FNMA		3.000		06/01/49		4,989,377
	4,314,595		FNMA		3.000		08/01/49		4,569,590
	605,000		FNMA		2.500		04/01/50		627,002
	46,070		Government National Mortgage Association (GNMA)		6.500		11/20/38		54,780
	11,817		GNMA		4.500		02/20/39		13,601
	415,164		GNMA		5.000		06/15/39		469,913
	15,915		GNMA		4.500		08/20/41		17,944
	55,923		GNMA		4.500		09/20/41		64,317
	1,406,895		GNMA		3.500		06/15/42		1,514,652
	11,802		GNMA		4.500		01/20/44		13,590
	11,102		GNMA		4.500		02/20/44		12,583
	25,239		GNMA		4.500		05/20/44		29,052
	160,316		GNMA		4.500		05/20/44		184,575
	181,601		GNMA		4.500		08/20/44		208,941
	117,593		GNMA		4.500		09/20/44		135,410
	70,179		GNMA		4.500		10/20/44		79,848
	27,674		GNMA		4.500		11/20/44		29,937
	115,401		GNMA		4.500		12/20/44		132,856
	154,425		GNMA		4.500		02/20/45		173,769
	180,887		GNMA		4.500		08/20/45		208,299
	181,000		GNMA		4.500		08/20/45		208,428
	167,444		GNMA		4.500		12/20/45		190,050
	5,282,358	†	GNMA		4.000		06/20/46		628,926
	11,065,659		GNMA		3.500		01/20/49		12,077,083
			TOTAL MORTGAGE BACKED						763,747,817
MUNICIPAL BONDS - 4.9%
	7,910,000		Alabama Economic Settlement Authority		3.163		09/15/25		8,168,815
	990,000		Chicago Housing Authority		3.682		01/01/25		1,076,863

170

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	380,000	City & County of San Francisco CA Community Facilities District		3.028	%	09/01/23	$	396,880
	550,000	City & County of San Francisco CA Community Facilities District		4.038		09/01/34		604,076
	3,605,000	City of Austin TX Electric Utility Revenue		2.456		11/15/22		3,685,283
	2,950,000	City of Austin TX Electric Utility Revenue		2.524		11/15/23		3,025,520
	3,595,000	City of Austin TX Electric Utility Revenue		2.574		11/15/24		3,712,808
	2,210,000	City of Austin TX Electric Utility Revenue		2.677		11/15/25		2,291,107
	3,670,000	City of Los Angeles CA		3.320		09/01/24		3,900,770
	3,670,000	City of Los Angeles CA		3.450		09/01/25		3,946,571
	4,945,000	City of New York NY		3.200		12/01/26		5,374,572
	3,935,000	Commonwealth Financing Authority		3.864		06/01/38		4,343,492
	1,875,000	County of Miami-Dade FL Aviation Revenue		1.885		10/01/21		1,855,200
	1,500,000	County of Miami-Dade FL Aviation Revenue		2.218		10/01/22		1,490,595
	1,500,000	County of Miami-Dade FL Aviation Revenue		2.368		10/01/23		1,484,670
	2,500,000	County of Miami-Dade FL Aviation Revenue		3.285		10/01/23		2,625,625
	3,500,000	County of Miami-Dade FL Aviation Revenue		2.504		10/01/24		3,460,275
	2,250,000	County of Miami-Dade FL Aviation Revenue		3.405		10/01/24		2,402,887
	3,500,000	County of Miami-Dade FL Aviation Revenue		2.604		10/01/25		3,436,825
	2,380,000	County of Miami-Dade FL Aviation Revenue		3.505		10/01/25		2,567,877
	2,500,000	County of Miami-Dade FL Aviation Revenue		2.704		10/01/26		2,473,375
	2,000,000	County of Miami-Dade FL Aviation Revenue		3.049		10/01/26		2,137,960
	3,750,000	County of Miami-Dade FL Aviation Revenue		3.612		10/01/26		4,158,825
	470,000	County of Miami-Dade FL Aviation Revenue		4.280		10/01/41		501,730
	4,265,000	Denver City & County School District No. 1		3.598		12/15/27		4,604,451
	22,175,000	Florida Hurricane Catastrophe Fund Finance Corp		2.995		07/01/20		22,154,377
	8,840,000	Health & Educational Facilities Authority of the State of Missouri		3.651		01/15/46		9,884,534
	5,075,000	Illinois Finance Authority		3.944		08/15/47		5,538,652
	2,350,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		1.500		09/01/21		2,344,007
	1,000,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		2.000		09/01/22		1,006,480
	4,805,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		3.375		09/01/35		4,933,870
	6,335,000	Michigan Finance Authority		2.862		09/01/49		6,374,214
	6,650,000	Michigan Finance Authority		2.988		09/01/49		6,592,743
	3,400,000	New Jersey Economic Development Authority		7.425		02/15/29		4,056,166
	4,075,000	New York State Dormitory Authority		4.294		07/01/44		4,492,402
	6,000,000	New York State Dormitory Authority		3.879		07/01/46		6,237,000
	850,000	Oklahoma City Economic Development Trust		3.172		09/01/21		871,820
	1,120,000	Oklahoma City Economic Development Trust		3.222		09/01/22		1,169,493
	810,000	Oklahoma City Economic Development Trust		3.440		09/01/24		874,687
	7,500,000	Port of Morrow OR		1.582		09/01/20		7,487,400
	5,000,000	Port of Morrow OR		1.782		09/01/21		5,025,000
	2,000,000	Port of Seattle WA		3.471		05/01/31		2,141,080
	1,625,000	Port of Seattle WA		3.571		05/01/32		1,743,365
	4,355,000	Public Finance Authority		4.269		07/01/40		4,849,597
	1,000,000	Regents of the University of California Medical Center Pooled Revenue		2.037		05/15/23		1,030,410
	1,000,000	Regents of the University of California Medical Center Pooled Revenue		2.259		05/15/24		1,042,110

171

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,250,000	Regents of the University of California Medical Center Pooled Revenue		2.359	%	05/15/25	$	1,314,600
	1,785,000	Regents of the University of California Medical Center Pooled Revenue		2.459		05/15/26		1,905,291
	1,600,000	Regents of the University of California Medical Center Pooled Revenue		2.559		05/15/27		1,716,480
	700,000	Regents of the University of California Medical Center Pooled Revenue		2.659		05/15/28		757,365
	905,000	Regents of the University of California Medical Center Pooled Revenue		2.759		05/15/29		989,627
	3,980,000	Rhode Island Convention Center Authority		3.195		05/15/26		4,288,490
	4,500,000	San Francisco City & County Redevelopment Agency		2.526		08/01/20		4,511,700
	5,000,000	San Francisco City & County Redevelopment Agency		2.813		08/01/21		5,061,800
	875,000	San Francisco City & County Redevelopment Agency		3.113		08/01/22		899,868
	6,365,000	San Jose Redevelopment Agency		3.375		08/01/34		6,421,585
	165,000	Santa Ana Community Redevelopment Agency Successor Agency		3.346		09/01/21		170,107
	660,000	Santa Ana Community Redevelopment Agency Successor Agency		3.467		09/01/22		696,221
	660,000	Santa Ana Community Redevelopment Agency Successor Agency		3.567		09/01/23		711,559
	13,060,000	State of California		4.600		04/01/38		14,379,974
	3,460,000	State of Georgia		1.910		02/01/23		3,521,069
	1,845,000	State of Illinois		4.700		01/01/21		1,883,450
	21,060,000	State of Illinois		5.100		06/01/33		20,904,788
	13,000,000	State of Michigan		1.779		11/01/21		13,139,100
	7,000,000	State of Michigan		1.966		11/01/22		7,167,790
	3,500,000	State of Texas		3.225		10/01/24		3,779,965
	1,000,000	State of Texas		3.295		10/01/25		1,092,040
	9,900,000	State of Wisconsin		3.154		05/01/27		9,812,484
	1,763,000	State Public School Building Authority		5.000		09/15/27		2,045,309
	7,500,000	Texas A&M University		3.993		05/15/37		8,153,625
	1,920,000	University of California		1.534		05/15/20		1,919,712
	1,000,000	University of California		1.784		05/15/21		1,004,090
	15,000,000	University of California		1.910		05/15/21		15,070,350
	3,000,000	University of California		2.220		05/15/23		3,060,630
	2,000,000	University of California		2.439		05/15/24		2,062,760
	2,000,000	University of California		2.589		05/15/25		2,080,620
	6,635,000	University of California		3.552		05/15/39		7,304,140
		TOTAL MUNICIPAL BONDS						321,403,048
U.S. TREASURY SECURITIES - 8.8%
	5,000,000	United States Treasury Bond		4.500		02/15/36		7,684,570
	2,250,000	United States Treasury Bond		4.750		02/15/37		3,593,760
	60,875,000	United States Treasury Bond		3.500		02/15/39		86,663,647
	16,015,000	United States Treasury Bond		3.875		08/15/40		24,030,007
	12,000,000	United States Treasury Bond		3.125		11/15/41		16,387,031
	14,380,000	United States Treasury Bond		2.500		05/15/46		18,090,152
	10,450,000	United States Treasury Bond		3.000		05/15/47		14,446,309
	1,255,000	United States Treasury Bond		2.750		08/15/47		1,658,904
	51,285,000	United States Treasury Bond		2.750		11/15/47		67,882,509

172

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	68,790,000		United States Treasury Bond		3.000	%	02/15/48	$	95,223,095
	3,510,000		United States Treasury Bond		3.125		05/15/48		4,976,796
	19,070,000		United States Treasury Bond		3.000		08/15/48		26,514,749
	64,641,000		United States Treasury Bond		3.375		11/15/48		95,971,685
	12,091,000		United States Treasury Bond		2.875		05/15/49		16,511,300
	870,000		United States Treasury Bond		2.375		11/15/49		1,085,869
	18,818,048	k	United States Treasury Inflation Indexed Bonds		0.500		04/15/24		19,093,343
	9,960,000		United States Treasury Note		2.500		12/31/20		10,136,245
	9,450,000		United States Treasury Note		2.500		02/28/21		9,654,504
	7,115,000		United States Treasury Note		1.625		12/31/21		7,288,706
	6,775,000		United States Treasury Note		1.375		01/31/22		6,917,381
	25,930,000		United States Treasury Note		0.500		03/15/23		26,092,062
	681,000		United States Treasury Note		1.875		07/31/26		738,779
	10,590,000		United States Treasury Note		1.625		10/31/26		11,337,505
	3,150,000		United States Treasury Note		2.875		08/15/28		3,726,105
	2,530,000		United States Treasury Note		3.125		11/15/28		3,055,370
	600,000		United States Treasury Note		2.625		02/15/29		701,578
			TOTAL U.S. TREASURY SECURITIES						579,461,961
			TOTAL GOVERNMENT BONDS						1,886,685,489
			(Cost $1,728,615,751)
STRUCTURED ASSETS - 22.0%
ASSET BACKED - 10.5%
	16,750,000		Ally Auto Receivables Trust		1.840		06/17/24		16,812,844
			Series - 2019 4 (Class A3)
	320,751		American Airlines Pass Through Trust		3.575		01/15/28		304,291
			Series - 2016 1 (Class AA)
	26,900,000		American Express Credit Account Master Trust		2.670		11/15/24		27,644,735
			Series - 2019 2 (Class A)
	831,189	g	American Homes 4 Rent Trust		3.786		10/17/36		835,332
			Series - 2014 SFR2 (Class A)
	4,000,000		AmeriCredit Automobile Receivables Trust		2.740		12/08/22		3,942,145
			Series - 2016 4 (Class D)
	3,175,000		AmeriCredit Automobile Receivables Trust		2.060		04/18/24		3,221,971
			Series - 2019 3 (Class A3)
	5,500,000		AmeriCredit Automobile Receivables Trust		1.110		08/19/24		5,374,109
			Series - 2020 1 (Class A3)
	1,235,000	g	AMSR Trust		1.819		04/17/37		1,145,093
			Series - 2020 SFR1 (Class A)
	2,000,000	g,i	AMSR Trust		3.148		01/19/39		1,642,013
			Series - 2019 SFR1 (Class C)
	1,700,000	g,i	AMSR Trust		3.247		01/19/39		1,356,638
			Series - 2019 SFR1 (Class D)
	7,145,000	g	Applebee’s Funding LLC		4.194		06/07/49		6,498,377
			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)
	556,052	i	Asset Backed Securities Corp Home Equity Loan Trust		3.386		08/25/34		523,287
			Series - 2004 HE5 (Class M1)
	10,000,000	g	Atrium XV		4.489		01/23/31		10,085,008
			Series - 2018 15A (Class A2)

173

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	4,000,000	g	Avis Budget Rental Car Funding AESOP LLC		3.450	%	03/20/23	$	3,936,103
			Series - 2019 1A (Class A)
	6,000,000	g	Avis Budget Rental Car Funding AESOP LLC		3.070		09/20/23		5,633,384
			Series - 2017 1A (Class A)
	8,500,000	g	Avis Budget Rental Car Funding AESOP LLC		2.970		03/20/24		7,968,185
			Series - 2017 2A (Class A)
	9,100,000		BA Credit Card Trust		1.740		01/15/25		9,191,069
			Series - 2019 A1 (Class A1)
	2,000,000	i	Bayview Financial Mortgage Pass-Through Trust		1.591		02/28/41		1,863,138
			Series - 2006 A (Class M3)
	9,717,000	i	Bear Stearns Asset Backed Securities Trust		1.617		04/25/36		9,293,485
			Series - 2006 SD1 (Class M1)
	2,070,125	g	BRE Grand Islander Timeshare Issuer LLC		3.280		09/26/33		2,044,125
			Series - 2019 A (Class A)
	5,719,272	g	Capital Automotive REIT		3.660		10/15/44		5,159,819
			Series - 2014 1A (Class A)
	12,854,742	g	Capital Automotive REIT		3.870		04/15/47		11,264,384
			Series - 2017 1A (Class A1)
	7,000,578	g	Capital Automotive REIT		2.690		02/15/50		6,895,569
			Series - 2020 1A (Class A1)
	5,850,000	g	Capital Automotive REIT		3.480		02/15/50		5,047,965
			Series - 2020 1A (Class A5)
	8,050,000		Carmax Auto Owner Trust		2.180		08/15/24		8,079,277
			Series - 2019 3 (Class A3)
	7,500,000		CarMax Auto Owner Trust		1.890		12/16/24		7,522,304
			Series - 2020 1 (Class A3)
	708,579	i	C-BASS Trust		1.027		07/25/36		644,083
			Series - 2006 CB6 (Class A1)
	8,817,685	†,g,i	CBRE Realty Finance		2.343		04/07/52		0
			Series - 2007 1A (Class A2)
	30,105,000		Chase Issuance Trust		1.530		01/15/25		30,303,675
			Series - 2020 A1 (Class A1)
	48,490		CIT Group Home Equity Loan Trust (Step Bond)		6.200		02/25/30		47,727
			Series - 2002 1 (Class AF6)
	470,000	i	Citigroup Mortgage Loan Trust		1.697		01/25/36		450,499
			Series - 2006 WFH1 (Class M4)
	1,265,000	g	Corevest American Finance Trust		1.832		03/15/50		1,178,474
			Series - 2020 1 (Class A1)
	12,218,750	g	DB Master Finance LLC		3.629		11/20/47		11,755,171
			Series - 2017 1A (Class A2I)
	1,627,700	g	DB Master Finance LLC		3.787		05/20/49		1,573,156
			Series - 2019 1A (Class A2I)
	1,116,563	g	DB Master Finance LLC		4.352		05/20/49		1,061,214
			Series - 2019 1A (Class A23)
	3,316,212	g	Diamond Resorts Owner Trust		2.890		02/20/32		3,198,725
			Series - 2019 1A (Class A)
	2,605,500	g	Domino’s Pizza Master Issuer LLC		4.474		10/25/45		2,528,664
			Series - 2015 1A (Class A2II)
	576,725	g,i	Domino’s Pizza Master Issuer LLC		3.044		07/25/47		539,740
			Series - 2017 1A (Class A2I)
	13,416,188	g	Domino’s Pizza Master Issuer LLC		3.082		07/25/47		12,951,048
			Series - 2017 1A (Class A2II)
	2,364,000	g	Domino’s Pizza Master Issuer LLC		4.116		07/25/48		2,282,489
			Series - 2018 1A (Class A2I)

174

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,350,000	g,i	Dryden Senior Loan Fund		2.851	%	04/15/31	$	2,232,910
			Series - 2018 55A (Class A1)
	4,087,571	g,i	Ellington Loan Acquisition Trust		2.047		05/25/37		3,900,352
			Series - 2007 2 (Class A2C)
	10,120,000		Ford Credit Auto Lease Trust		2.220		10/15/22		10,120,147
			Series - 2019 B (Class A3)
	12,200,000		Ford Credit Auto Lease Trust		1.850		03/15/23		11,996,595
			Series - 2020 A (Class A3)
	4,000,000		Ford Credit Auto Lease Trust		1.880		05/15/23		3,984,041
			Series - 2020 A (Class A4)
	2,500,000	g	Ford Credit Auto Owner Trust		2.310		08/15/27		2,477,210
			Series - 2016 1 (Class A)
	7,000,000	g	Ford Credit Auto Owner Trust		2.030		12/15/27		6,999,304
			Series - 2016 2 (Class A)
	2,000,000	g	Ford Credit Auto Owner Trust		2.620		08/15/28		1,994,500
			Series - 2017 1 (Class A)
	5,650,000		Ford Credit Floorplan Master Owner Trust		2.230		09/15/24		5,423,628
			Series - 2019 3 (Class A1)
	750,000	g,i	FREMF Mortgage Trust		4.020		03/25/49		730,914
			Series - 2016 K53 (Class B)
	9,750,000		GM Financial Automobile Leasing Trust		1.670		12/20/22		9,575,324
			Series - 2020 1 (Class A3)
	4,500,000		GM Financial Automobile Leasing Trust		1.750		07/16/24		4,532,728
			Series - 2019 4 (Class A3)
	6,050,000		GM Financial Consumer Automobile Receivables Trust		1.840		09/16/24		6,053,891
			Series - 2020 1 (Class A3)
	6,200,000		GM Financial Securitized Term		2.180		04/16/24		6,226,042
			Series - 2019 3 (Class A3)
	1,614,527	g	HERO Funding Trust		3.190		09/20/48		1,586,334
			Series - 2017 3A (Class A1)
	588,258	g	HERO Funding Trust		3.280		09/20/48		605,906
			Series - 2017 2A (Class A1)
	2,098,885	g	HERO Funding Trust		3.950		09/20/48		2,114,248
			Series - 2017 3A (Class A2)
	1,176,516	g	HERO Funding Trust		4.070		09/20/48		1,228,675
			Series - 2017 2A (Class A2)
	2,750,000	g	Hertz Vehicle Financing II LP		3.710		03/25/23		2,669,034
			Series - 2019 1A (Class A)
	15,500,000	g	Hertz Vehicle Financing II LP		3.290		02/25/24		14,622,334
			Series - 2018 1A (Class A)
	2,500,000	g	Hertz Vehicle Financing II LP		3.420		05/25/25		2,391,830
			Series - 2019 2A (Class A)
	7,500,000	g	Hertz Vehicle Financing LLC		4.030		07/25/24		7,141,748
			Series - 2018 3A (Class A)
	1,558,177	g	Hilton Grand Vacations Trust		2.660		12/26/28		1,529,697
			Series - 2017 AA (Class A)
	1,168,633	g	Hilton Grand Vacations Trust		2.960		12/26/28		1,147,004
			Series - 2017 AA (Class B)
	1,624,576	g	Hilton Grand Vacations Trust		4.000		02/25/32		1,616,260
			Series - 2018 AA (Class C)
	2,255,860	g	Hilton Grand Vacations Trust		2.340		07/25/33		1,911,758
			Series - 2019 AA (Class A)

175

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	4,746,330	g	Hilton Grand Vacations Trust		2.840	%	07/25/33	$	3,855,028
			Series - 2019 AA (Class C)
	166,799	i	Home Equity Asset Trust		3.986		06/25/33		156,658
			Series - 2003 1 (Class M1)
	11,500,000		Honda Auto Receivables Owner Trust		1.830		01/18/24		11,413,643
			Series - 2019 4 (Class A3)
	4,269,231	g	Horizon Aircraft Finance II Ltd		3.721		07/15/39		2,986,909
			Series - 2019 1 (Class A)
	4,636,905	g	Horizon Aircraft Finance III Ltd		3.425		11/15/39		3,244,926
			Series - 2019 2 (Class A)
	503,647	g,i	Invitation Homes Trust		1.605		06/17/37		464,098
			Series - 2018 SFR2 (Class A)
	200,000	g,i	Invitation Homes Trust		2.155		06/17/37		169,931
			Series - 2018 SFR2 (Class D)
	649,988	g,i	Invitation Homes Trust		1.800		07/17/37		602,836
			Series - 2018 SFR3 (Class A)
	3,059,225	g,i	Invitation Homes Trust		1.900		01/17/38		2,837,156
			Series - 2018 SFR4 (Class A)
	1,400,000	g,i	Invitation Homes Trust		2.450		01/17/38		1,152,926
			Series - 2018 SFR4 (Class D)
	1,321,207	i	JP Morgan Mortgage Acquisition Trust		1.267		03/25/37		1,209,425
			Series - 2007 CH3 (Class A1B)
	5,870,684	i	JP Morgan Mortgage Acquisition Trust		1.107		06/25/37		5,427,698
			Series - 2007 CH5 (Class A1)
	337,066	g	Mid-State Capital Trust		7.000		12/15/45		347,381
			Series - 2010 1 (Class B)
	2,000,000	g	MMAF Equipment Finance LLC		2.070		10/12/22		1,982,935
			Series - 2019 B (Class A2)
	608,354	g	MVW Owner Trust		2.520		12/20/32		598,951
			Series - 2015 1A (Class A)
	2,525,525	g	MVW Owner Trust		3.900		01/21/36		2,429,606
			Series - 2018 1A (Class C)
	4,850,287	g	MVW Owner Trust		3.000		11/20/36		4,592,055
			Series - 2019 1A (Class B)
	1,659,309	g	MVW Owner Trust		3.330		11/20/36		1,517,217
			Series - 2019 1A (Class C)
	3,628,378	g	MVW Owner Trust		2.680		10/20/38		3,246,944
			Series - 2019 2A (Class C)
	3,100,000	g	Navient Student Loan Trust		3.390		12/15/59		3,240,525
			Series - 2019 BA (Class A2A)
	180,717	g,i	Orange Lake Timeshare Trust		3.030		07/09/29		179,330
			Series - 2014 AA (Class B)
	1,408,302	g	Orange Lake Timeshare Trust		3.100		11/08/30		1,381,262
			Series - 2018 A (Class A)
	6,698,000	g	Planet Fitness Master Issuer LLC		4.262		09/05/48		6,312,396
			Series - 2018 1A (Class A2I)
	3,757,775	g	Planet Fitness Master Issuer LLC		4.666		09/05/48		3,342,466
			Series - 2018 1A (Class A2II)
	1,266,397	g	Pretium Mortgage Credit Partners I LLC (Step Bond)		3.844		12/25/58		1,097,994
			Series - 2019 NPL2 (Class A1)
	2,295,727	g	Progress Residential Trust		2.897		12/17/34		2,283,325
			Series - 2017 SFR2 (Class A)

176

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	200,000	g	Progress Residential Trust		2.937	%	10/17/36	$	190,365
			Series - 2019 SFR4 (Class B)
	2,030,058	g	PRPM LLC (Step Bond)		3.967		04/25/24		1,815,825
			Series - 2019 2A (Class A1)
	820,000	i	RASC Trust		3.080		08/25/35		785,984
			Series - 2005 KS8 (Class M4)
	6,849,378	g	Renew		3.950		09/20/53		7,138,330
			Series - 2018 1 (Class A)
	4,000,000		Santander Drive Auto Receivables Trust		3.170		04/17/23		3,975,180
			Series - 2017 1 (Class D)
	3,250,000	g	Santander Retail Auto Lease Trust		1.890		09/20/22		3,237,445
			Series - 2019 C (Class A2A)
	9,800,000	g	Santander Retail Auto Lease Trust		2.300		01/20/23		9,694,360
			Series - 2019 B (Class A3)
	3,250,000	g	Santander Retail Auto Lease Trust		1.860		02/21/23		3,224,237
			Series - 2019 C (Class A3)
	2,330,000	g	Santander Retail Auto Lease Trust		1.930		11/20/23		2,284,433
			Series - 2019 C (Class A4)
	206,031		SBA Small Business Investment Co		3.215		09/10/20		206,972
			Series - 2010 10B (Class A)
	4,987,500	g	SERVPRO Master Issuer LLC		3.882		10/25/49		4,616,629
			Series - 2019 1A (Class A2)
	3,782,973	g	Settlement Fee Finance LLC		3.840		11/01/49		3,608,300
			Series - 2019 1A (Class A)
	603,019	g	Sierra Timeshare Receivables Funding LLC		2.580		09/20/32		597,877
			Series - 2015 3A (Class A)
	60,302	g	Sierra Timeshare Receivables Funding LLC		3.080		09/20/32		59,818
			Series - 2015 3A (Class B)
	887,408	g	Sierra Timeshare Receivables Funding LLC		3.080		03/21/33		882,213
			Series - 2016 1A (Class A)
	1,709,746	g	Sierra Timeshare Receivables Funding LLC		2.330		07/20/33		1,686,231
			Series - 2016 2A (Class A)
	219,574	g	Sierra Timeshare Receivables Funding LLC		2.780		07/20/33		216,618
			Series - 2016 2A (Class B)
	1,167,903	g	Sierra Timeshare Receivables Funding LLC		2.430		10/20/33		1,150,518
			Series - 2016 3A (Class A)
	718,709	g	Sierra Timeshare Receivables Funding LLC		2.630		10/20/33		696,918
			Series - 2016 3A (Class B)
	3,816,053	g	Sierra Timeshare Receivables Funding LLC		2.910		03/20/34		3,764,849
			Series - 2017 1A (Class A)
	258,891	g	Sierra Timeshare Receivables Funding LLC		3.200		03/20/34		255,029
			Series - 2017 1A (Class B)
	3,106,019	g	Sierra Timeshare Receivables Funding LLC		3.650		06/20/35		2,957,221
			Series - 2018 2A (Class B)
	2,678,379	g	Sierra Timeshare Receivables Funding LLC		4.170		09/20/35		2,673,865
			Series - 2018 3A (Class C)
	2,730,135	g	Sierra Timeshare Receivables Funding LLC		3.200		01/20/36		2,708,950
			Series - 2019 1A (Class A)
	4,023,357	g	Sierra Timeshare Receivables Funding LLC		3.770		01/20/36		3,953,569
			Series - 2019 1A (Class C)
	6,766,659	g	Sierra Timeshare Receivables Funding LLC		3.120		05/20/36		6,660,617
			Series - 2019 2A (Class C)
	3,788,737	g	Sierra Timeshare Receivables Funding LLC		3.000		08/20/36		3,412,249
			Series - 2019 3A (Class C)

177

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	5,782,322	g	SMB Private Education Loan Trust		2.430	%	02/17/32	$	5,819,996
			Series - 2016 B (Class A2A)
	3,746,418	g	SMB Private Education Loan Trust		2.880		09/15/34		3,805,835
			Series - 2017 A (Class A2A)
	2,998,170	g	SMB Private Education Loan Trust		2.820		10/15/35		2,968,208
			Series - 2017 B (Class A2A)
	2,927,279	g	SoFi Professional Loan Program LLC		2.340		04/25/33		2,930,131
			Series - 2016 D (Class A2B)
	4,055,086	g	SoFi Professional Loan Program LLC		2.490		01/25/36		4,076,905
			Series - 2016 E (Class A2B)
	1,776,111	g	SoFi Professional Loan Program LLC		2.760		12/26/36		1,790,443
			Series - 2016 A (Class A2)
	2,802,986	g	SoFi Professional Loan Program LLC		2.400		03/26/40		2,735,681
			Series - 2017 A (Class A2B)
	4,267,895	g	SoFi Professional Loan Program LLC		2.740		05/25/40		4,310,085
			Series - 2017 B (Class A2FX)
	1,919,301	g	SoFi Professional Loan Program LLC		2.630		07/25/40		1,898,436
			Series - 2017 C (Class A2B)
	3,750,000	g	SoFi Professional Loan Program LLC		2.720		11/26/40		3,672,625
			Series - 2017 E (Class A2B)
	6,750,000	g	SoFi Professional Loan Program LLC		2.840		01/25/41		6,632,992
			Series - 2017 F (Class A2FX)
	11,270,461	g	SoFi Professional Loan Program LLC		2.060		05/15/46		10,977,724
			Series - 2020 A (Class A1FX)
	2,418,541	g	SoFi Professional Loan Program LLC		3.120		02/25/48		2,429,331
			Series - 2018 D (Class A1FX)
	2,750,000	g	SoFi Professional Loan Program LLC		3.690		06/15/48		2,660,898
			Series - 2019 A (Class A2FX)
	1,496,285	g	SolarCity LMC		4.800		11/20/38		1,383,913
			Series - 2013 1 (Class A)
	1,677,697	g	SolarCity LMC		4.020		07/20/44		1,569,435
			Series - 2014 2 (Class A)
	13,908,400	g	Sonic Capital LLC		3.845		01/20/50		13,314,650
			Series - 2020 1A (Class A2I)
	1,367,151	g,i	Starwood Waypoint Homes		1.655		01/17/35		1,252,527
			Series - 2017 1 (Class A)
	229,037	i	Structured Asset Investment Loan Trust		1.847		09/25/34		202,608
			Series - 2004 8 (Class M1)
	1,150,050	i	Structured Asset Investment Loan Trust		1.947		09/25/34		1,069,969
			Series - 2004 8 (Class A9)
	19,009,375	g	Taco Bell Funding LLC		4.318		11/25/48		18,534,331
			Series - 2018 1A (Class A2I)
	10,250,000	g	Tesla Auto Lease Trust		2.160		10/20/22		10,277,189
			Series - 2019 A (Class A3)
	3,896,169	g	TLF National Tax Lien Trust		3.090		12/15/29		3,883,099
			Series - 2017 1A (Class A)
	534,609	g	TLF National Tax Lien Trust		3.840		12/15/29		532,509
			Series - 2017 1A (Class B)
	5,825,000		Toyota Auto Receivables Owner Trust		1.910		09/15/23		5,833,849
			Series - 2019 C (Class A3)
	14,800,000		Toyota Auto Receivables Owner Trust		1.660		05/15/24		14,750,672
			Series - 2020 A (Class A3)
	3,800,000	g	Tricon American Homes Trust		4.878		11/17/33		3,618,726
			Series - 2016 SFR1 (Class E)

178

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	531,214	g	Tricon American Homes Trust		2.716	%	09/17/34	$	521,973
			Series - 2017 SFR1 (Class A)
	2,200,000	g	Tricon American Homes Trust		4.011		09/17/34		2,015,205
			Series - 2017 SFR1 (Class E)
	99,717	g	Tricon American Homes Trust		2.928		01/17/36		97,880
			Series - 2017 SFR2 (Class A)
	500,000	g	Tricon American Homes Trust		3.275		01/17/36		485,659
			Series - 2017 SFR2 (Class B)
	8,400,000		Verizon Owner Trust		3.230		04/20/23		8,501,008
			Series - 2018 A (Class A1A)
	8,500,000		Verizon Owner Trust		1.940		04/22/24		8,101,951
			Series - 2019 C (Class A1A)
	28,300,000		Verizon Owner Trust		1.850		07/22/24		27,606,973
			Series - 2020 A (Class A1A)
	2,372,237	g	VOLT LXXV LLC (Step Bond)		3.967		02/25/49		2,099,766
			Series - 2019 NPL2 (Class A1)
	800,000	g	VOLT LXXV LLC (Step Bond)		3.967		10/25/49		594,429
			Series - 2019 NPL7 (Class A1B)
	2,700,000	g	VOLT LXXXIV LLC (Step Bond)		3.967		12/27/49		2,171,520
			Series - 2019 NP10 (Class A1B)
	14,286,163	g	Wendys Funding LLC		3.573		03/15/48		13,038,123
			Series - 2018 1A (Class A2I)
	13,300,000		World Omni Auto Receivables Trust		1.700		01/17/23		13,010,625
			Series - 2020 A (Class A3)
			TOTAL ASSET BACKED						696,317,832
OTHER MORTGAGE BACKED - 11.5%
	1,131,480	g,i	Agate Bay Mortgage Trust		3.500		11/25/44		1,120,437
			Series - 2014 3 (Class A13)
	547,550	g,i	Agate Bay Mortgage Trust		3.500		09/25/45		553,695
			Series - 2015 6 (Class A9)
	374,277	i	Alternative Loan Trust		1.447		06/25/34		328,842
			Series - 2004 8CB (Class M1)
	656,675	i	American Home Mortgage Investment Trust		3.263		10/25/34		628,163
			Series - 2004 3 (Class 4A)
	660,000	i	Ameriquest Mortgage Securities		1.967		10/25/34		615,375
			Series - 2004 R9 (Class M3)
	2,486,000		Banc of America Commercial Mortgage Trust		3.705		09/15/48		2,592,936
			Series - 2015 UBS7 (Class A4)
	1,910,000	i	Banc of America Commercial Mortgage Trust		4.360		09/15/48		1,879,964
			Series - 2015 UBS7 (Class B)
	2,885,000	i	Banc of America Commercial Mortgage Trust		4.360		09/15/48		2,435,229
			Series - 2015 UBS7 (Class C)
	2,316,556		Banc of America Commercial Mortgage Trust		1.559		07/15/49		2,303,876
			Series - 2016 UB10 (Class A1)
	6,000,000		Banc of America Commercial Mortgage Trust		3.366		02/15/50		6,248,977
			Series - 2017 BNK3 (Class ASB)
	8,000,000		BANK		3.731		11/15/50		8,021,335
			Series - 2017 BNK8 (Class AS)
	700,000	i	BANK		4.072		11/15/50		537,648
			Series - 2017 BNK8 (Class C)
	1,265,000		BANK		2.851		10/17/52		1,300,819
			Series - 2019 BN21 (Class A5)

179

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,500,000		BANK		3.203	%	12/15/52	$	2,340,497
			Series - 2019 BN23 (Class AS)
	7,500,000		BANK		3.289		07/15/60		7,886,611
			Series - 2017 BNK6 (Class ASB)
	4,257,000		BANK		3.283		11/15/62		4,009,889
			Series - 2019 BN24 (Class AS)
	1,500,000	†,g	BANK		2.500		01/15/63		971,029
			Series - 2020 BN25 (Class D)
	2,000,000	g	BBCMS Mortgage Trust		3.821		09/05/32		1,981,459
			Series - 2013 TYSN (Class C)
	1,500,000	g,i	BBCMS Trust		4.267		08/05/38		977,091
			Series - 2018 CHRS (Class E)
	2,000,000	g,i	Bear Stearns Commercial Mortgage Securities Trust		5.097		02/11/41		1,656,500
			Series - 2005 PWR7 (Class E)
	1,350,000		Benchmark Mortgage Trust		2.687		09/15/43		1,380,871
			Series - 2020 IG1 (Class A3)
	1,000,000	i	Benchmark Mortgage Trust		4.121		07/15/51		1,113,184
			Series - 2018 B4 (Class A5)
	2,000,000		Benchmark Mortgage Trust		3.419		08/15/52		2,002,660
			Series - 2019 B12 (Class AS)
	1,500,000		Benchmark Mortgage Trust		3.231		12/15/72		1,480,262
			Series - 2019 B15 (Class AS)
	955,401	g,i	BX Commercial Mortgage Trust		1.625		10/15/36		908,762
			Series - 2019 XL (Class A)
	5,000,000	i	CD Mortgage Trust		3.879		11/10/49		4,734,408
			Series - 2016 CD2 (Class B)
	3,030,000	i	CD Mortgage Trust		4.027		11/10/49		2,563,358
			Series - 2016 CD2 (Class C)
	9,000,000		CD Mortgage Trust		3.453		02/10/50		9,408,392
			Series - 2017 CD3 (Class AAB)
	2,000,000	i	CD Mortgage Trust		4.560		02/10/50		1,647,123
			Series - 2017 CD3 (Class C)
	17,068,000	i	CD Mortgage Trust		3.684		08/15/50		17,075,056
			Series - 2017 CD5 (Class AS)
	3,000,000		CD Mortgage Trust		2.812		08/15/57		3,074,499
			Series - 2019 CD8 (Class ASB)
	372,156	i	CHL Mortgage Pass-Through Trust		3.744		02/20/35		341,846
			Series - 2004 HYB9 (Class 1A1)
	5,000,000	g	Citigroup Commercial Mortgage Trust		3.341		05/10/36		4,706,124
			Series - 2019 PRM (Class A)
	3,000,000	g	Citigroup Commercial Mortgage Trust		3.896		05/10/36		2,782,411
			Series - 2019 PRM (Class C)
	2,000,000	g	Citigroup Commercial Mortgage Trust		4.350		05/10/36		1,840,879
			Series - 2019 PRM (Class D)
	500,000	i	Citigroup Commercial Mortgage Trust		3.758		04/10/48		477,168
			Series - 2015 GC29 (Class B)
	164,260		Citigroup Commercial Mortgage Trust		1.847		11/10/48		163,875
			Series - 2015 GC35 (Class A1)
	687,856	i	COBALT CMBS Commercial Mortgage Trust		5.646		04/15/47		681,205
			Series - 2007 C2 (Class C)
	9,890,000	g,i	COMM Mortgage Trust		3.538		10/10/29		9,308,077
			Series - 2017 PANW (Class C)

180

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	6,863,085		COMM Mortgage Trust		2.853	%	10/15/45	$	6,765,876
			Series - 2012 CR4 (Class A3)
	1,500,000	g,i	COMM Mortgage Trust		4.789		08/10/46		1,366,362
			Series - 2013 CR10 (Class C)
	1,000,000	g,i	COMM Mortgage Trust		5.288		08/10/46		883,106
			Series - 2013 LC13 (Class D)
	1,135,000		COMM Mortgage Trust		4.199		03/10/47		1,162,015
			Series - 2014 UBS2 (Class AM)
	1,300,384		COMM Mortgage Trust		4.701		03/10/47		1,301,608
			Series - 2014 UBS2 (Class B)
	750,000		COMM Mortgage Trust		4.174		05/10/47		768,071
			Series - 2014 CR17 (Class AM)
	2,326,900	i	COMM Mortgage Trust		4.456		07/15/47		2,304,041
			Series - 2014 CR18 (Class B)
	463,000	i	COMM Mortgage Trust		4.725		07/15/47		410,784
			Series - 2014 CR18 (Class C)
	1,500,000	i	COMM Mortgage Trust		4.731		08/10/47		1,328,269
			Series - 2014 CR19 (Class C)
	8,400,000		COMM Mortgage Trust		3.917		10/10/47		8,950,998
			Series - 2014 LC17 (Class A5)
	2,048,818		COMM Mortgage Trust		3.040		02/10/48		2,084,246
			Series - 2015 LC19 (Class ASB)
	1,000,000	i	COMM Mortgage Trust		3.829		02/10/48		959,234
			Series - 2015 LC19 (Class B)
	1,500,000	g	COMM Mortgage Trust		3.000		03/10/48		973,439
			Series - 2015 CR22 (Class E)
	575,000	i	COMM Mortgage Trust		3.603		03/10/48		576,203
			Series - 2015 CR22 (Class AM)
	2,000,000	g,i	COMM Mortgage Trust		4.110		03/10/48		1,597,116
			Series - 2015 CR22 (Class D)
	2,675,000	i	COMM Mortgage Trust		4.110		03/10/48		2,316,988
			Series - 2015 CR22 (Class C)
	5,000,000		COMM Mortgage Trust		3.801		05/10/48		5,055,019
			Series - 2015 CR23 (Class AM)
	3,826,295	i	COMM Mortgage Trust		4.183		05/10/48		3,755,231
			Series - 2015 CR23 (Class B)
	2,000,000	i	COMM Mortgage Trust		4.304		05/10/48		1,702,626
			Series - 2015 CR23 (Class C)
	3,000,000	i	COMM Mortgage Trust		4.304		05/10/48		2,388,156
			Series - 2015 CR23 (Class D)
	2,691,119		COMM Mortgage Trust		3.432		08/10/48		2,826,877
			Series - 2015 CR24 (Class A4)
	1,500,000	i	COMM Mortgage Trust		3.463		08/10/48		1,127,460
			Series - 2015 CR24 (Class D)
	3,640,000	i	COMM Mortgage Trust		4.028		08/10/48		3,719,358
			Series - 2015 CR24 (Class AM)
	2,000,000	i	COMM Mortgage Trust		4.379		08/10/48		1,960,035
			Series - 2015 CR24 (Class B)
	1,500,000	i	COMM Mortgage Trust		4.379		08/10/48		1,272,697
			Series - 2015 CR24 (Class C)
	2,250,000	i	COMM Mortgage Trust		4.540		08/10/48		2,206,611
			Series - 2015 CR25 (Class B)
	7,500,000		COMM Mortgage Trust		3.630		10/10/48		7,796,033
			Series - 2015 CR26 (Class A4)

181

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000		COMM Mortgage Trust		3.984	%	10/10/48	$	1,019,885
			Series - 2015 CR27 (Class AM)
	3,500,000	i	COMM Mortgage Trust		4.360		10/10/48		3,399,447
			Series - 2015 CR27 (Class B)
	1,000,000	i	COMM Mortgage Trust		4.484		10/10/48		933,831
			Series - 2015 CR26 (Class B)
	625,000	i	COMM Mortgage Trust		4.484		10/10/48		531,512
			Series - 2015 CR26 (Class C)
	2,400,000	i	COMM Mortgage Trust		4.645		10/10/48		2,046,522
			Series - 2015 LC23 (Class C)
	5,000,000	i	COMM Mortgage Trust		4.646		02/10/49		5,019,292
			Series - 2016 CR28 (Class B)
	1,500,000	i	COMM Mortgage Trust		5.116		08/10/50		1,510,382
			Series - 2013 CR11 (Class B)
	5,000,000		COMM Mortgage Trust		3.263		08/15/57		5,036,779
			Series - 2019 GC44 (Class AM)
	4,425,347	i	Connecticut Avenue Securities		3.547		05/25/24		3,970,575
			Series - 2014 C02 (Class 1M2)
	318,107	i	Connecticut Avenue Securities		3.847		07/25/24		294,882
			Series - 2014 C03 (Class 2M2)
	10,762,205	i	Connecticut Avenue Securities		3.947		07/25/24		9,847,420
			Series - 2014 C03 (Class 1M2)
	1,260,343	i	Connecticut Avenue Securities		5.947		11/25/24		1,215,141
			Series - 2014 C04 (Class 2M2)
	755,403	i	Connecticut Avenue Securities		6.497		04/25/28		699,557
			Series - 2015 C04 (Class 2M2)
	1,189,333	i	Connecticut Avenue Securities		6.647		04/25/28		1,175,939
			Series - 2015 C04 (Class 1M2)
	1,355,244	i	Connecticut Avenue Securities		7.697		08/25/28		1,294,109
			Series - 2016 C01 (Class 1M2)
	1,783,447	i	Connecticut Avenue Securities		6.847		10/25/28		1,738,860
			Series - 2016 C03 (Class 2M2)
	1,523,528	i	Connecticut Avenue Securities		5.397		01/25/29		1,454,018
			Series - 2016 C05 (Class 2M2)
	3,000,000	i	Connecticut Avenue Securities		5.197		04/25/29		2,885,391
			Series - 2016 C06 (Class 1M2)
	3,370,000	i	Connecticut Avenue Securities		1.797		09/25/29		2,711,689
			Series - 2017 C02 (Class 2ED4)
	2,617,903	i	Connecticut Avenue Securities		3.147		01/25/30		2,527,873
			Series - 2017 C05 (Class 1M2A)
	4,000,000	i	Connecticut Avenue Securities		1.397		07/25/30		3,206,611
			Series - 2018 C01 (Class 1EB1)
	3,378,896	i	Connecticut Avenue Securities		1.847		08/25/30		3,107,597
			Series - 2018 C02 (Class 2EA2)
	3,890,000	i	Connecticut Avenue Securities		1.797		10/25/30		3,680,107
			Series - 2018 C03 (Class 1EA2)
	270,147	g,i	Connecticut Avenue Securities		3.397		07/25/31		223,877
			Series - 2019 R01 (Class 2M2)
	196,878	g,i	Connecticut Avenue Securities		3.097		09/25/31		161,188
			Series - 2019 R03 (Class 1M2)
	2,320,054	g,i	Connecticut Avenue Securities		1.697		01/25/40		2,227,004
			Series - 2020 R02 (Class 2M1)
	133,588	g,i	Connecticut Avenue Securities		1.747		01/25/40		127,731
			Series - 2020 R01 (Class 1M1)

182

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,000,000	g,i	CPT Mortgage Trust		2.997	%	11/13/39	$	1,524,222
			Series - 2019 CPT (Class E)
	1,360,000	g,i	Credit Suisse Commercial Mortgage Trust		1.597		05/25/36		1,281,572
			Series - 2006 CF2 (Class M3)
	5,196,133	g,i	Credit Suisse Commercial Mortgage Trust		3.500		02/25/48		5,279,904
			Series - 2018 J1 (Class A11)
	4,000,000		CSAIL Commercial Mortgage Trust		3.314		11/15/49		4,130,466
			Series - 2016 C7 (Class ASB)
	4,750,000		DBGS Mortgage Trust		4.466		10/15/51		5,385,177
			Series - 2018 C1 (Class A4)
	1,040,000	g	DBUBS Mortgage Trust		3.452		10/10/34		1,026,946
			Series - 2017 BRBK (Class A)
	7,800,000	g,i	DBUBS Mortgage Trust		5.530		07/10/44		7,468,263
			Series - 2011 LC2A (Class D)
	10,110,000	g,i	DBUBS Mortgage Trust		5.689		11/10/46		9,920,841
			Series - 2011 LC1A (Class C)
	3,892,000	g,i	DBUBS Mortgage Trust		5.689		11/10/46		3,695,104
			Series - 2011 LC1A (Class E)
	1,100,000	g,i	Ellington Financial Mortgage Trust		3.587		06/25/59		993,117
			Series - 2019 1 (Class M1)
	1,232,584	i	Fieldstone Mortgage Investment Trust		1.682		12/25/35		1,182,854
			Series - 2005 2 (Class M2)
	4,989,410	g,i	FirstKey Mortgage Trust		3.500		11/25/44		4,941,732
			Series - 2014 1 (Class A8)
	4,181,494	g,i	Flagstar Mortgage Trust		3.500		03/25/47		4,208,637
			Series - 2017 1 (Class 1A5)
	254,526	g,i	Flagstar Mortgage Trust		3.500		10/25/47		251,950
			Series - 2017 2 (Class A5)
	1,327,374	g,i	Flagstar Mortgage Trust		4.113		10/25/47		1,202,046
			Series - 2017 2 (Class B3)
	1,123,698	g,i	Flagstar Mortgage Trust		4.000		09/25/48		1,110,193
			Series - 2018 5 (Class A11)
	7,000,000	g	GRACE Mortgage Trust		3.369		06/10/28		7,035,531
			Series - 2014 GRCE (Class A)
	10,500,000	g	GS Mortgage Securities Corp II		3.419		10/10/32		9,755,194
			Series - 2017 SLP (Class A)
	1,344,000	g	GS Mortgage Securities Corp II		3.551		04/10/34		1,332,431
			Series - 2012 ALOH (Class A)
	2,590,000	i	GS Mortgage Securities Corp II		3.777		05/10/50		2,615,589
			Series - 2015 GC30 (Class AS)
	1,500,000	i	GS Mortgage Securities Corp II		4.155		07/10/51		1,629,166
			Series - 2018 GS10 (Class A5)
	959,356		GS Mortgage Securities Trust		1.478		05/10/49		953,377
			Series - 2016 GS2 (Class A1)
	8,000,000		GS Mortgage Securities Trust		3.467		03/10/50		8,372,452
			Series - 2017 GS5 (Class AAB)
	8,000,951		GS Mortgage Securities Trust		3.674		03/10/50		8,379,064
			Series - 2017 GS5 (Class A4)
	4,000,000		GS Mortgage Securities Trust		3.433		05/10/50		4,067,678
			Series - 2017 GS6 (Class A3)
	3,000,000	i	GS Mortgage Securities Trust		4.087		05/10/50		2,523,282
			Series - 2015 GC30 (Class C)

183

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	3,000,000		GS Mortgage Securities Trust		3.837	%	11/10/50	$	3,198,338
			Series - 2017 GS8 (Class ABP)
	2,000,000	†,g	GS Mortgage Securities Trust		3.000		02/10/52		1,221,242
			Series - 2019 GC38 (Class D)
	1,400,000	g,i	GS Mortgage Securities Trust		3.550		07/10/52		1,238,258
			Series - 2019 GC40 (Class DBC)
	5,816,795	g,i	GS Mortgage-Backed Securities Corp Trust		4.000		11/25/49		5,836,845
			Series - 2019 PJ2 (Class A4)
	2,228,474	g,i	GS Mortgage-Backed Securities Corp Trust		4.000		11/25/49		2,246,801
			Series - 2019 PJ2 (Class A1)
	1,638,978	i	HarborView Mortgage Loan Trust		1.370		08/19/45		1,382,819
			Series - 2005 11 (Class 2A1A)
	2,000,000	g	Hudson Yards Mortgage Trust		2.835		08/10/38		2,047,158
			Series - 2016 10HY (Class A)
	3,000,000	g,i	Hudson Yards Mortgage Trust		2.977		08/10/38		2,998,375
			Series - 2016 10HY (Class B)
	3,500,000	g,i	Hudson Yards Mortgage Trust		2.977		08/10/38		3,399,787
			Series - 2016 10HY (Class C)
	3,000,000	g,i	Hudson Yards Mortgage Trust		2.943		12/10/41		2,645,783
			Series - 2019 55HY (Class E)
	5,500,000	g,i	Hudson Yards Mortgage Trust		2.943		12/10/41		4,930,415
			Series - 2019 55HY (Class D)
	153,526	i	Impac CMB Trust		1.607		03/25/35		132,464
			Series - 2004 11 (Class 2A1)
	1,500,000		JP Morgan Chase Commercial Mortgage Securities Corp		4.166		12/15/46		1,591,263
			Series - 2013 C16 (Class A4)
	800,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.372		12/15/47		802,655
			Series - 2013 C10 (Class AS)
	1,700,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		4.079		01/15/46		1,449,449
			Series - 2013 C13 (Class D)
	750,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		4.119		01/15/49		775,676
			Series - 2015 JP1 (Class AS)
	500,000		JP Morgan Chase Commercial Mortgage Securities Trust		3.379		09/15/50		519,107
			Series - 2017 JP7 (Class A3)
	2,010,512	g,i	JP Morgan Mortgage Trust		2.974		12/25/44		1,610,284
			Series - 2015 1 (Class B1)
	399,546	g,i	JP Morgan Mortgage Trust		3.500		05/25/45		395,603
			Series - 2015 3 (Class A19)
	1,681,342	g,i	JP Morgan Mortgage Trust		3.500		10/25/45		1,654,578
			Series - 2015 6 (Class A13)
	912,656	g,i	JP Morgan Mortgage Trust		3.500		05/25/46		903,292
			Series - 2016 1 (Class A5)
	870,750	g,i	JP Morgan Mortgage Trust		3.500		05/25/46		866,727
			Series - 2016 1 (Class A13)
	446,591	g,i	JP Morgan Mortgage Trust		3.500		01/25/47		448,421
			Series - 2017 1 (Class A3)
	5,858,869	g,i	JP Morgan Mortgage Trust		3.500		05/25/47		5,857,893
			Series - 2017 2 (Class A13)
	269,510	g,i	JP Morgan Mortgage Trust		3.500		08/25/47		268,374
			Series - 2017 3 (Class 1A5)

184

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,155,376	g,i	JP Morgan Mortgage Trust		3.500	%	09/25/48	$	1,123,960
			Series - 2018 3 (Class A13)
	1,881,668	g,i	JP Morgan Mortgage Trust		3.500		10/25/48		1,878,873
			Series - 2018 4 (Class A5)
	366,441	g,i	JP Morgan Mortgage Trust		3.500		10/25/48		356,324
			Series - 2018 4 (Class A13)
	1,517,189	g,i	JP Morgan Mortgage Trust		3.500		10/25/48		1,474,766
			Series - 2018 5 (Class A13)
	792,639	g,i	JP Morgan Mortgage Trust		4.000		01/25/49		794,046
			Series - 2018 8 (Class A5)
	1,258,863	g,i	JP Morgan Mortgage Trust		4.000		01/25/49		1,243,664
			Series - 2018 8 (Class A13)
	1,146,765	g,i	JP Morgan Mortgage Trust		4.000		02/25/49		1,168,878
			Series - 2018 9 (Class A13)
	1,271,130	g,i	JP Morgan Mortgage Trust		4.000		05/25/49		1,287,097
			Series - 2019 1 (Class A3)
	1,259,107	g,i	JP Morgan Mortgage Trust		4.751		09/25/49		1,193,904
			Series - 2019 3 (Class B1)
	125,149	g,i	JP Morgan Mortgage Trust		4.000		11/25/49		125,226
			Series - 2019 5 (Class A4)
	3,812,518	g,i	JP Morgan Mortgage Trust		3.895		06/25/50		3,026,744
			Series - 2020 1 (Class B2)
	1,000,000	i	JPMBB Commercial Mortgage Securities Trust		4.133		08/15/46		1,055,155
			Series - 2013 C14 (Class A4)
	4,364,171		JPMBB Commercial Mortgage Securities Trust		3.493		08/15/47		4,484,902
			Series - 2014 C21 (Class A4)
	3,590,000		JPMBB Commercial Mortgage Securities Trust		3.775		08/15/47		3,790,536
			Series - 2014 C21 (Class A5)
	1,000,000		JPMBB Commercial Mortgage Securities Trust		3.898		02/15/48		960,996
			Series - 2015 C27 (Class B)
	1,000,000	i	JPMBB Commercial Mortgage Securities Trust		4.307		02/15/48		856,214
			Series - 2015 C27 (Class C)
	2,000,000	i	JPMBB Commercial Mortgage Securities Trust		3.917		05/15/48		2,045,673
			Series - 2015 C29 (Class AS)
	2,500,000	i	JPMBB Commercial Mortgage Securities Trust		4.118		05/15/48		2,414,932
			Series - 2015 C29 (Class B)
	3,000,000		JPMBB Commercial Mortgage Securities Trust		4.106		08/15/48		3,097,544
			Series - 2015 C31 (Class AS)
	5,585,000	i	JPMBB Commercial Mortgage Securities Trust		4.620		08/15/48		5,538,176
			Series - 2015 C31 (Class B)
	3,419,000		JPMBB Commercial Mortgage Securities Trust		3.227		10/15/48		3,549,792
			Series - 2015 C28 (Class A4)
	1,400,000		JPMBB Commercial Mortgage Securities Trust		4.023		12/15/48		1,440,742
			Series - 2015 C33 (Class AS)
	9,825,000		JPMBB Commercial Mortgage Securities Trust		3.576		03/15/49		10,410,240
			Series - 2016 C1 (Class A5)
	1,700,000		JPMCC Commercial Mortgage Securities Trust		3.457		03/15/50		1,804,096
			Series - 2017 JP5 (Class A4)
	1,805,000	i	JPMCC Commercial Mortgage Securities Trust		3.876		03/15/50		1,850,454
			Series - 2017 JP5 (Class AS)
	1,980,016	g	Ladder Capital Commercial Mortgage Securities		3.575		02/15/36		1,970,407
			Series - 2013 GCP (Class A1)

185

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	3,685,304	g	LSTAR Commercial Mortgage Trust		2.579	%	03/10/49	$	3,699,081
			Series - 2016 4 (Class A2)
	12,000,000	g,i	MAD Mortgage Trust		3.082		08/15/34		11,517,914
			Series - 2017 330M (Class A)
	3,000,479	i	Merrill Lynch Mortgage Investors Trust		2.278		01/25/37		2,521,817
			Series - 2006 WMC1 (Class A1B)
	5,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.476		11/15/45		5,019,325
			Series - 2012 C6 (Class AS)
	3,022,684	g	Morgan Stanley Bank of America Merrill Lynch Trust		3.989		12/15/46		2,956,588
			Series - 2014 C19 (Class LNC1)
	2,626,344	g	Morgan Stanley Bank of America Merrill Lynch Trust		4.384		12/15/46		2,256,080
			Series - 2014 C19 (Class LNC2)
	4,601,355	g	Morgan Stanley Bank of America Merrill Lynch Trust		4.750		12/15/46		3,792,981
			Series - 2014 C19 (Class LNC3)
	3,069,000	i	Morgan Stanley Bank of America Merrill Lynch Trust		4.954		02/15/47		2,786,635
			Series - 2014 C14 (Class C)
	1,570,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.832		12/15/47		1,587,944
			Series - 2014 C19 (Class AS)
	135,667		Morgan Stanley Bank of America Merrill Lynch Trust		3.069		02/15/48		138,423
			Series - 2015 C20 (Class ASB)
	1,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		4.160		02/15/48		977,162
			Series - 2015 C20 (Class B)
	2,500,000	i	Morgan Stanley Bank of America Merrill Lynch Trust		4.462		02/15/48		2,160,914
			Series - 2015 C20 (Class C)
	2,500,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.338		03/15/48		2,557,958
			Series - 2015 C21 (Class A4)
	3,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.652		03/15/48		3,011,288
			Series - 2015 C21 (Class AS)
	3,649,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.306		04/15/48		3,810,530
			Series - 2015 C22 (Class A4)
	3,360,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.561		04/15/48		3,358,346
			Series - 2015 C22 (Class AS)
	2,130,000	i	Morgan Stanley Bank of America Merrill Lynch Trust		4.057		12/15/48		1,927,512
			Series - 2013 C8 (Class C)
	480,677	i	Morgan Stanley Capital I Trust		1.772		08/25/34		459,405
			Series - 2004 HE6 (Class M1)
	2,940,891	i	Morgan Stanley Capital I Trust		5.945		06/11/42		2,934,817
			Series - 2007 T27 (Class AJ)
	4,500,000	g	Morgan Stanley Capital I Trust		4.193		09/15/47		3,611,043
			Series - 2011 C1 (Class F)

186

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,600,000	g,i	Morgan Stanley Capital I Trust		5.375	%	09/15/47	$	1,372,238
			Series - 2011 C1 (Class D)
	13,000,000		Morgan Stanley Capital I Trust		2.606		08/15/49		13,161,603
			Series - 2016 UB11 (Class ASB)
	517,571	†,i	Morgan Stanley Capital I Trust		6.149		12/12/49		308,472
			Series - 2007 IQ16 (Class AJ)
	1,000,000		Morgan Stanley Capital I Trust		4.177		07/15/51		1,099,219
			Series - 2018 H3 (Class A5)
	2,500,000	g,i	MSDB Trust		3.316		07/11/39		2,359,820
			Series - 2017 712F (Class A)
	1,253,000	g,i	Natixis Commercial Mortgage Securities Trust		3.790		11/15/32		1,218,213
			Series - 2018 285M (Class C)
	5,000,000	g,i	Natixis Commercial Mortgage Securities Trust		2.205		07/15/36		4,679,146
			Series - 2019 MILE (Class A)
	2,500,000	g,i	Natixis Commercial Mortgage Securities Trust		2.505		07/15/36		2,350,245
			Series - 2019 MILE (Class B)
	4,750,000	g,i	Natixis Commercial Mortgage Securities Trust		3.455		07/15/36		4,608,335
			Series - 2019 MILE (Class D)
	1,000,000	g	Natixis Commercial Mortgage Securities Trust		2.707		10/15/36		904,081
			Series - 2019 1776 (Class B)
	2,000,000	g	Natixis Commercial Mortgage Securities Trust		2.966		12/15/38		1,925,635
			Series - 2020 2PAC (Class A)
	360,144	g,i	New Residential Mortgage Loan Trust		4.000		02/25/57		372,804
			Series - 2017 1A (Class A1)
	359,428	g,i	New Residential Mortgage Loan Trust		4.000		08/27/57		371,984
			Series - 2017 6A (Class A1)
	420,902	g,i	New Residential Mortgage Loan Trust		4.750		12/25/57		439,121
			Series - 2018 5A (Class A1)
	369,398	i	New York Mortgage Trust		1.427		02/25/36		335,730
			Series - 2005 3 (Class A1)
	18,445,000	g	One Market Plaza Trust		3.614		02/10/32		17,898,683
			Series - 2017 1MKT (Class A)
	1,000,000	g	RBS Commercial Funding, Inc Trust		3.511		03/11/31		952,451
			Series - 2013 SMV (Class B)
	1,425,651	g,i	Sequoia Mortgage Trust		3.500		05/25/45		1,452,875
			Series - 2015 2 (Class A1)
	1,033,339	g,i	Sequoia Mortgage Trust		3.500		11/25/46		1,037,665
			Series - 2016 3 (Class A10)
	145,803	g,i	Sequoia Mortgage Trust		3.500		02/25/47		146,643
			Series - 2017 1 (Class A4)
	4,684,932	g,i	Sequoia Mortgage Trust		3.500		02/25/47		4,722,659
			Series - 2017 2 (Class A4)
	1,077,740	g,i	Sequoia Mortgage Trust		3.500		02/25/47		1,073,681
			Series - 2017 2 (Class A19)
	7,773,912	g,i	Sequoia Mortgage Trust		3.500		04/25/47		7,809,165
			Series - 2017 3 (Class A4)
	97,815	g,i	Sequoia Mortgage Trust		3.500		04/25/47		98,942
			Series - 2017 3 (Class A19)
	298,707	g,i	Sequoia Mortgage Trust		3.500		09/25/47		300,663
			Series - 2017 6 (Class A4)
	915,961	g,i	Sequoia Mortgage Trust		3.754		09/25/47		860,610
			Series - 2017 6 (Class B1)
	3,061,282	g,i	Sequoia Mortgage Trust		3.500		02/25/48		3,091,990
			Series - 2018 2 (Class A1)

187

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	4,629,183	g,i	Sequoia Mortgage Trust		3.500	%	03/25/48	$	4,660,515
			Series - 2018 3 (Class A1)
	697,180	g,i	Sequoia Mortgage Trust		3.500		03/25/48		693,999
			Series - 2018 3 (Class A4)
	1,354,737	g,i	Sequoia Mortgage Trust		4.000		09/25/48		1,350,111
			Series - 2018 7 (Class A4)
	723,786	g,i	Sequoia Mortgage Trust		4.000		09/25/48		727,395
			Series - 2018 7 (Class A19)
	503,039	g,i	Sequoia Mortgage Trust		4.000		11/25/48		515,847
			Series - 2018 8 (Class A1)
	363,610	g,i	Sequoia Mortgage Trust		4.000		11/25/48		371,351
			Series - 2018 8 (Class A19)
	4,114,203	g,i	Sequoia Mortgage Trust		4.000		06/25/49		4,090,814
			Series - 2019 2 (Class A1)
	1,428,092	g,i	Sequoia Mortgage Trust		4.000		06/25/49		1,413,295
			Series - 2019 2 (Class A19)
	7,475,238	g,i	Sequoia Mortgage Trust		3.500		11/25/49		7,582,256
			Series - 2019 4 (Class A1)
	12,009,659	g,i	Sequoia Mortgage Trust		3.500		12/25/49		12,224,751
			Series - 2019 5 (Class A1)
	6,934,548	g,i	Sequoia Mortgage Trust		3.500		12/25/49		7,019,557
			Series - 2019 5 (Class A19)
	6,900,000	g,i	Sequoia Mortgage Trust		3.000		04/25/50		6,952,368
			Series - 2020 3 (Class A19)
	299,572	g,i	Shellpoint Co-Originator Trust		3.500		11/25/46		299,960
			Series - 2016 1 (Class 1A10)
	4,237,221	i	Structured Agency Credit Risk Debt Note (STACR)		3.147		09/25/24		4,207,985
			Series - 2014 HQ2 (Class M2)
	1,012,540	i	STACR		4.747		03/25/25		966,025
			Series - 2015 HQ1 (Class M3)
	1,309,623	i	STACR		2.897		05/25/25		1,252,817
			Series - 2015 HQ2 (Class M2)
	60,501	i	STACR		3.547		12/25/27		60,324
			Series - 2015 DNA2 (Class M2)
	3,307,846	i	STACR		5.597		10/25/28		3,142,452
			Series - 2016 DNA2 (Class M3)
	729,090	i	STACR		2.247		03/25/29		718,802
			Series - 2016 DNA4 (Class M2)
	10,525,000	i	STACR		4.197		07/25/29		9,261,985
			Series - 2017 DNA1 (Class M2)
	3,335,926	i	STACR		2.147		10/25/29		3,248,128
			Series - 2017 DNA2 (Class M1)
	5,900,482	i	STACR		1.697		03/25/30		5,804,056
			Series - 2017 DNA3 (Class M1)
	9,314,212	i	STACR		1.897		04/25/30		8,706,814
			Series - 2017 HQA3 (Class M2AS)
	709,763	i	STACR		3.297		04/25/30		609,327
			Series - HQA3 (Class M2)
	933,353	g,i	STACR		3.729		02/25/48		927,410
			Series - 2018 SPI1 (Class M1)
	1,066,476	g,i	STACR		3.811		05/25/48		1,031,710
			Series - 2018 SPI2 (Class M1)

188

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,499,302	g,i	STACR		4.148	%	08/25/48	$	1,463,934
			Series - 2018 SPI3 (Class M1)
	2,435,248	g,i	STACR		4.461		11/25/48		2,002,705
			Series - 2018 SPI4 (Class M2)
	1,600,000	g,i	STACR		2.997		11/25/49		1,182,028
			Series - 2019 HQA4 (Class M2)
	1,770,000	g,i	STACR		2.797		02/25/50		1,124,307
			Series - 2020 DNA2 (Class M2)
	1,255,000	g,i	STACR		3.911		03/25/50		807,572
			Series - 2020 HQA2 (Class M2)
	2,000,000	g,i	UBS-Barclays Commercial Mortgage Trust		3.875		04/10/46		1,969,752
			Series - 2013 C6 (Class B)
	3,285,000	g	UBS-Citigroup Commercial Mortgage Trust		5.154		01/10/45		3,370,632
			Series - 2011 C1 (Class AS)
	2,314,362	g	VSE VOI Mortgage LLC		2.330		03/20/35		2,244,620
			Series - 2017 A (Class A)
	2,077,634	g	VSE VOI Mortgage LLC		4.020		02/20/36		2,043,746
			Series - 2018 A (Class C)
	10,000,000		Wells Fargo Commercial Mortgage Trust		3.539		10/15/45		10,053,254
			Series - 2012 LC5 (Class AS)
	5,372,000		Wells Fargo Commercial Mortgage Trust		3.540		05/15/48		5,550,965
			Series - 2015 C28 (Class A4)
	2,100,000	i	Wells Fargo Commercial Mortgage Trust		3.658		05/15/48		2,004,198
			Series - 2015 NXS1 (Class B)
	2,000,000	i	Wells Fargo Commercial Mortgage Trust		4.158		05/15/48		1,592,784
			Series - 2015 NXS1 (Class D)
	5,055,000		Wells Fargo Commercial Mortgage Trust		2.825		10/15/49		5,197,422
			Series - 2016 LC24 (Class ASB)
	1,931,526		Wells Fargo Commercial Mortgage Trust		2.749		03/15/50		1,940,861
			Series - 2017 RB1 (Class A2)
	2,900,000		Wells Fargo Commercial Mortgage Trust		3.184		04/15/50		2,948,087
			Series - 2015 LC20 (Class A5)
	1,720,000		Wells Fargo Commercial Mortgage Trust		3.467		04/15/50		1,712,106
			Series - 2015 LC20 (Class AS)
	2,800,000		Wells Fargo Commercial Mortgage Trust		3.453		07/15/50		2,922,273
			Series - 2017 C38 (Class A5)
	3,290,000		Wells Fargo Commercial Mortgage Trust		4.302		01/15/52		3,579,135
			Series - 2018 C48 (Class A5)
	2,360,000	i	Wells Fargo Commercial Mortgage Trust		3.972		09/15/57		2,404,265
			Series - 2015 NXS3 (Class AS)
	2,500,000	i	Wells Fargo Commercial Mortgage Trust		3.767		07/15/58		2,611,726
			Series - 2015 NXS2 (Class A5)
	2,700,000		Wells Fargo Commercial Mortgage Trust		3.952		01/15/59		2,748,506
			Series - 2016 C32 (Class AS)
	1,500,000	i	Wells Fargo Commercial Mortgage Trust		4.727		01/15/59		1,499,566
			Series - 2016 C32 (Class B)
	1,000,000		Wells Fargo Commercial Mortgage Trust		2.933		11/15/59		1,021,895
			Series - 2016 C36 (Class ASB)
	2,359,078	g,i	Wells Fargo Mortgage Backed Securities Trust		4.000		04/25/49		2,376,695
			Series - 2019 2 (Class A17)
	8,425,953	g,i	Wells Fargo Mortgage Backed Securities Trust		3.500		09/25/49		8,565,614
			Series - 2019 4 (Class A1)
	1,000,000	i	WFRBS Commercial Mortgage Trust		3.714		03/15/45		983,000
			Series - 2013 C11 (Class B)

189

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000		WFRBS Commercial Mortgage Trust		3.345	%	05/15/45	$	994,282
			Series - 2013 C13 (Class AS)
	3,700,000	i	WFRBS Commercial Mortgage Trust		4.079		03/15/46		3,857,411
			Series - 2013 UBS1 (Class A4)
	1,000,000	i	WFRBS Commercial Mortgage Trust		4.162		12/15/46		1,047,479
			Series - 2013 C18 (Class A5)
	1,664,000	i	WFRBS Commercial Mortgage Trust		4.690		12/15/46		1,499,041
			Series - 2013 C18 (Class C)
	2,225,281		WFRBS Commercial Mortgage Trust		3.995		05/15/47		2,330,788
			Series - 2014 C20 (Class A5)
	1,250,000		WFRBS Commercial Mortgage Trust		3.607		11/15/47		1,302,463
			Series - 2014 C24 (Class A5)
			TOTAL OTHER MORTGAGE BACKED						762,149,548
			TOTAL STRUCTURED ASSETS						1,458,467,380
			(Cost $1,524,851,267)
			TOTAL BONDS						5,883,823,638
			(Cost $5,814,200,639)
SHARES			COMPANY
COMMON STOCKS - 0.0%
ENERGY - 0.0%
	9,696		Peabody Energy Corp						28,118
			TOTAL ENERGY						28,118
			TOTAL COMMON STOCKS						28,118
			(Cost $133,601)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 7.5%
GOVERNMENT AGENCY DEBT - 7.0%
$	20,000,000		Federal Farm Credit Bank (FFCB)		0.500		04/13/20		19,999,533
	10,000,000		FFCB		0.100		04/23/20		9,999,572
	50,000,000		FFCB		0.480		05/14/20		49,995,820
	5,000,000		FFCB		0.120		09/25/20		4,996,804
	600,000		Federal Home Loan Bank (FHLB)		0.350		07/30/20		599,820
	20,000,000		FHLMC		0.100		08/19/20		19,991,444
	10,000,000		FHLMC		0.050		10/19/20		9,992,183
	56,080,000		Federal Home Loan Bank (FHLB)		0.700		04/13/20		56,078,692
	10,000,000		FHLB		0.120		05/11/20		9,999,222
	11,000,000		FHLB		0.120		05/12/20		10,999,123
	850,000		FHLB		0.030		05/18/20		849,922
	14,242,000		FHLB		0.150		05/28/20		14,240,422
	14,900,000		FHLB		0.170		06/24/20		14,897,567
	10,000,000		FHLB		0.120		07/09/20		9,997,525
	30,433,000		FHLB		0.200		07/20/20		30,424,631
	25,000,000		FHLB		0.130		07/24/20		24,992,875
	25,000,000		FHLB		0.150		07/31/20		24,992,438
	20,000,000		FHLB		0.270		09/15/20		19,987,939

190

TIAA-CREF FUNDS – Core Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	20,000,000		FHLB		0.060	%	10/01/20	$	19,985,767
	20,000,000		FHLB		0.170		03/08/21		19,967,794
	9,300,000		Federal National Mortgage Association (FNMA)		0.520		04/16/20		9,299,729
	20,000,000		FNMA		0.200		10/16/20		19,984,600
	10,000,000		FNMA		0.080		11/13/20		9,991,211
	25,000,000		FNMA		0.120		12/15/20		24,973,125
	25,000,000		Federal Agricultural Mortgage Corp (FAMC)		0.610		04/30/20		24,998,590
			TOTAL GOVERNMENT AGENCY DEBT						462,236,348
TREASURY DEBT - 0.5%
EGP	56,950,000	j	Egypt Treasury Bill		0.000		06/09/20		3,534,431
	49,900,000	j	Egypt Treasury Bill		0.000		08/11/20		3,025,437
	64,000,000	j	Egypt Treasury Bill		0.000		01/05/21		3,685,773
$	25,000,000		United States Treasury Bill		0.510		04/09/20		24,999,708
			TOTAL TREASURY DEBT						35,245,349
			TOTAL SHORT-TERM INVESTMENTS						497,481,697
			(Cost $497,227,520)
			TOTAL INVESTMENTS - 98.3%						6,491,203,212
			(Cost $6,435,901,537)
			OTHER ASSETS & LIABILITIES, NET - 1.7%						112,845,582
			NET ASSETS - 100.0%					$	6,604,048,794
			Abbreviation(s):
	DOP		Dominican Republic Peso
	EGP		Egyptian Pound
	EUR		Euro
	IDR		Indonesian Rupiah
	LIBOR		London Interbank Offered Rate
	M		Month
	PEN		Peruvian Sol
	REIT		Real Estate Investment Trust
	RSD		Serbian Dinar
	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, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2020, the aggregate value of these securities is $1,234,853,473 or 18.7% 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
	r		All or a portion of these securities represent an outstanding unfunded commitment. Refer to Note 5-investments for further details.

191

TIAA-CREF FUNDS – Core Bond Fund

Futures contracts outstanding as of March 31, 2020 were as follows:

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
US 10 Year Note (CBT)		7	06/19/20	$	955,299	$	970,813	$	15,514

Forward foreign currency contracts outstanding as of March 31, 2020 were as follows:

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date	Unrealized appreciation (depreciation)
$	4,268	EUR	3,825	Citibank, N.A.	04/27/20	$	44
$	3,672,060	EUR	3,370,469	Citibank, N.A.	05/18/20		(52,319	)
Total						$	(52,275	)
$	3,849,123	EUR	3,471,175	Toronto Dominion Bank	04/27/20	$	16,563
Total						$	(35,712	)

	Abbreviation(s):
EUR	Euro

Centrally cleared credit default swap contracts outstanding as of March 31, 2020 were as follows:

PURCHASED

Reference entity	Terms of payments to be paid		Terms of payments to be received	Counterparty	Maturity date	Notional amount(1)		Variation margin		Unrealized appreciation (depreciation)
CDX-NAHYS33V3-5Y	5.000	%	Credit event as specified in contract	Citigroup Global Markets, Inc	12/20/24	$	14,210,000	$	223,150	$	444,624
CDX-NAHYS34V1-5Y	5.000		Credit event as specified in contract	Citigroup Global Markets, Inc	06/20/25		14,500,000		224,292		291,129
Total								$	447,442	$	735,753

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

SOLD

Reference entity	Terms of payments to be paid	Terms of payments to be received		Counterparty	Maturity date	Notional amount(1)		Variation margin			Unrealized appreciation (depreciation)
CDX-NAHYS33V3-5Y	Credit event as specified in contract	5.000	%	Citigroup Global Markets, Inc	12/20/24	$	14,210,000	$	(223,235	)	$	(298,389	)

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

192

TIAA-CREF FUNDS - Core Impact Bond Fund

TIAA-CREF FUNDS

CORE IMPACT BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2020

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 0.2%
COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	1,926,672	i	United Rentals North America, Inc	LIBOR 1 M + 1.750%		2.739	%	10/31/25	$	1,791,805
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							1,791,805
MATERIALS - 0.1%
	2,571,308	i	H.B. Fuller Co	LIBOR 1 M + 2.000%		2.773		10/21/24		2,216,159
			TOTAL MATERIALS							2,216,159
TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	1,862,986	†,i	MTS Systems Corp	LIBOR 1 M + 3.250%		4.240		07/05/23		1,676,687
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							1,676,687
UTILITIES - 0.1%
	4,776,925	i	ExGen Renewables IV LLC	LIBOR 3 M + 3.000%		4.620		11/28/24		4,275,348
			TOTAL UTILITIES							4,275,348
			TOTAL BANK LOAN OBLIGATIONS							9,959,999
			(Cost $11,114,634)
BONDS - 97.8%
CORPORATE BONDS - 47.0%
AUTOMOBILES & COMPONENTS - 0.6%
	2,100,000		Aptiv plc			4.400		10/01/46		1,616,802
	6,975,000		Aptiv plc			5.400		03/15/49		6,457,251
	7,125,000	g,i	Harley-Davidson Financial Services, Inc	LIBOR 3 M + 0.940%		2.520		03/02/21		7,119,000
	10,500,000	g	Harley-Davidson Financial Services, Inc			4.050		02/04/22		10,264,339
	5,000,000		Magna International, Inc			3.625		06/15/24		5,202,955
			TOTAL AUTOMOBILES & COMPONENTS							30,660,347
BANKS - 11.7%
	20,700,000		Bank of America Corp			2.456		10/22/25		20,875,135
	3,000,000	g	Bank of Montreal			2.500		01/11/22		3,093,554
	3,150,000	g	Bank of Montreal			2.100		06/15/22		3,254,085
	15,750,000	i	Bank of Montreal	LIBOR 3 M + 0.630%		1.398		09/11/22		14,965,650
	16,750,000	i	Bank of Montreal	SOFR + 0.680%		0.818		03/10/23		15,305,145
	3,000,000	g	Bank of Nova Scotia			1.875		09/20/21		3,038,002
	15,500,000		Bank of Nova Scotia			2.700		08/03/26		15,631,994
	10,000,000	g	BNG Bank NV			3.125		11/08/21		10,415,372
	7,500,000	g	BNG Bank NV			2.625		02/27/24		8,009,319
	5,000,000	g	Canadian Imperial Bank of Commerce			3.150		06/27/21		5,095,094
	4,850,000	i	Canadian Imperial Bank of Commerce	SOFR + 0.800%		0.818		03/17/23		4,623,168
	10,000,000	i	Canadian Imperial Bank of Commerce	LIBOR 3 M + 0.660%		1.433		09/13/23		9,549,100
	17,250,000		Canadian Imperial Bank of Commerce			2.250		01/28/25		17,048,705
	7,993,000	i	Citizens Bank NA	LIBOR 3 M + 0.570%		2.217		05/26/20		7,939,837

193

TIAA-CREF FUNDS - Core Impact Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	720,000	i	Citizens Bank NA	LIBOR 3 M + 0.720%		2.424	%	02/14/22	$	678,256
	500,000	i	Citizens Bank NA	LIBOR 3 M + 0.810%		2.457		05/26/22		457,836
	500,000		Citizens Bank NA			2.650		05/26/22		499,398
	3,800,000		Citizens Bank NA			3.750		02/18/26		3,875,755
	1,125,000		Citizens Financial Group, Inc			2.375		07/28/21		1,133,657
	20,000,000		Citizens Financial Group, Inc			2.850		07/27/26		19,506,915
	5,975,000		Citizens Financial Group, Inc			2.500		02/06/30		5,285,934
	11,150,000		Comerica, Inc			4.000		02/01/29		11,241,183
	7,200,000	g	Commonwealth Bank of Australia			3.743		09/12/39		6,078,527
	6,000,000	i	Cooperatieve Rabobank UA	LIBOR 3 M + 0.430%		2.224		04/26/21		5,731,422
	1,850,000		Cooperatieve Rabobank UA			2.750		01/10/22		1,861,401
	250,000		Cooperatieve Rabobank UA			3.950		11/09/22		251,457
	5,000,000	i	Cooperatieve Rabobank UA	LIBOR 3 M + 0.480%		2.314		01/10/23		4,736,006
	3,037,000		Cooperatieve Rabobank UA			3.750		07/21/26		2,926,373
	6,785,000		Cooperatieve Rabobank UA/NY			2.500		01/19/21		6,788,134
	3,150,000		Discover Bank			3.350		02/06/23		3,163,075
	7,700,000		Discover Bank			3.450		07/27/26		7,529,114
	6,225,000		Discover Bank			2.700		02/06/30		5,411,592
	4,500,000		First Abu Dhabi Bank PJSC			3.000		03/30/22		4,450,498
	9,000,000		FNB Corp			2.200		02/24/23		8,827,678
	8,000,000	g	HSBC Bank Canada			1.650		09/10/22		8,098,346
	8,385,000		HSBC Holdings plc			3.033		11/22/23		8,323,160
	8,275,000		HSBC Holdings plc			4.950		03/31/30		9,125,998
	10,000,000	i	ING Groep NV	LIBOR 3 M + 1.000%		2.909		10/02/23		9,425,090
	14,850,000	g	ING Groep NV			4.625		01/06/26		15,651,290
	7,213,000	g	Intesa Sanpaolo S.p.A			6.500		02/24/21		7,309,846
	10,000,000	g	Intesa Sanpaolo S.p.A			3.250		09/23/24		9,323,853
	1,000,000	g	Intesa Sanpaolo S.p.A			5.710		01/15/26		974,464
	7,200,000	g	Intesa Sanpaolo S.p.A			4.000		09/23/29		6,565,704
	5,525,000	g	Intesa Sanpaolo S.p.A			4.700		09/23/49		4,750,796
	8,000,000	i	KeyBank NA	LIBOR 3 M + 0.660%		2.423		02/01/22		7,520,863
	6,090,000		KeyBank NA			1.250		03/10/23		5,964,170
	13,000,000		KeyCorp			2.250		04/06/27		12,279,158
	2,625,000		KeyCorp			4.100		04/30/28		2,764,849
	7,375,000		KeyCorp			2.550		10/01/29		6,647,341
	10,000,000	i	M&T Bank Corp	LIBOR 3 M + 0.680%		2.474		07/26/23		9,152,978
	11,330,000	i	Manufacturers & Traders Trust Co	LIBOR 3 M + 0.270%		2.064		01/25/21		11,170,782
	1,000,000		Manufacturers & Traders Trust Co			2.900		02/06/25		1,028,847
	4,105,000		Manufacturers & Traders Trust Co			3.400		08/17/27		4,239,880
	6,475,000		Mitsubishi UFJ Financial Group, Inc			2.527		09/13/23		6,418,662
	13,700,000	i	Mizuho Financial Group, Inc	LIBOR 3 M + 0.630%		2.309		05/25/24		12,445,080
	15,250,000	g	National Bank of Canada			2.150		10/07/22		15,109,634
	11,310,000		People's United Bank NA			4.000		07/15/24		11,430,743
	6,250,000		People's United Financial, Inc			3.650		12/06/22		6,415,276
	5,290,000	i	PNC Bank NA	LIBOR 3 M + 0.250%		2.052		01/22/21		5,206,396
	7,695,000	i	PNC Bank NA	LIBOR 3 M + 0.430%		1.429		12/09/22		7,265,676
	2,993,000		PNC Bank NA			2.950		01/30/23		3,073,886
	10,000,000	i	Regions Bank	LIBOR 3 M + 0.380%		1.813		04/01/21		9,789,441
	6,000,000	i	Regions Bank	LIBOR 3 M + 0.500%		2.207		08/13/21		5,838,913
	5,000,000		Regions Financial Corp			2.750		08/14/22		4,944,107
	3,000,000		Royal Bank of Canada			2.100		10/14/20		2,993,391
	11,225,000	g	Shinhan Financial Group Co Ltd			3.340		02/05/30		11,603,227
	11,512,000		SVB Financial Group			3.500		01/29/25		11,597,015
	3,000,000	g	Toronto-Dominion Bank			1.950		04/02/20		3,000,000

194

TIAA-CREF FUNDS - Core Impact Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	5,000,000		Toronto-Dominion Bank			1.850	%	09/11/20	$	4,993,591
	6,000,000	i	Toronto-Dominion Bank	LIBOR 3 M + 0.260%		1.103		09/17/20		5,960,508
	1,845,000	g	Toronto-Dominion Bank			2.250		03/15/21		1,837,104
	10,000,000	i	Toronto-Dominion Bank	LIBOR 3 M + 0.300%		2.070		07/30/21		9,743,716
	12,500,000	g	Toronto-Dominion Bank			2.100		07/15/22		12,753,768
	11,350,000		Truist Bank			2.150		12/06/24		11,242,863
	4,375,000		Truist Bank			2.250		03/11/30		4,011,429
	10,000,000		Truist Financial Corp			3.700		06/05/25		10,104,366
	7,000,000		Truist Financial Corp			3.875		03/19/29		7,100,201
	3,000,000	g	Westpac Banking Corp			2.100		02/25/21		3,022,432
	4,850,000		Zions Bancorp NA			3.500		08/27/21		4,844,318
	5,300,000		Zions Bancorp NA			3.350		03/04/22		5,196,579
			TOTAL BANKS							577,538,108
CAPITAL GOODS - 0.8%
	3,000,000		CNH Industrial Capital LLC			3.875		10/15/21		2,983,813
	4,000,000		CNH Industrial Capital LLC			4.200		01/15/24		3,907,958
	3,053,000		CNH Industrial NV			3.850		11/15/27		2,942,608
	3,175,000		Ingersoll-Rand Luxembourg Finance S.A.			3.500		03/21/26		3,176,309
	8,975,000		Ingersoll-Rand Luxembourg Finance S.A.			3.800		03/21/29		9,074,115
	10,500,000	g	NBM US Holdings, Inc			6.625		08/06/29		9,450,000
	2,200,000		Oshkosh Corp			3.100		03/01/30		2,132,178
	2,700,000		Parker-Hannifin Corp			3.250		06/14/29		2,724,494
	1,000,000		Parker-Hannifin Corp			4.200		11/21/34		1,038,551
			TOTAL CAPITAL GOODS							37,430,026
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	7,500,000		Covanta Holding Corp			6.000		01/01/27		6,246,862
	17,125,000	g	Standard Chartered plc			4.644		04/01/31		17,560,660
	7,500,000		Visa, Inc			1.900		04/15/27		7,478,850
	8,250,000		Visa, Inc			2.050		04/15/30		8,238,038
	8,700,000		Visa, Inc			2.700		04/15/40		8,635,968
	750,000		Waste Management, Inc			2.400		05/15/23		737,465
	2,200,000		Waste Management, Inc			3.900		03/01/35		2,513,804
	4,750,000		Waste Management, Inc			4.000		07/15/39		5,160,197
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							56,571,844
CONSUMER SERVICES - 1.9%
	10,750,000		Conservation Fund			3.474		12/15/29		12,018,624
	4,040,000		Henry J Kaiser Family Foundation			3.356		12/01/25		4,509,954
	3,000,000		Low Income Investment Fund			3.386		07/01/26		3,285,515
	8,900,000		Low Income Investment Fund			3.711		07/01/29		9,949,539
	7,850,000		Nature Conservancy			2.843		02/01/24		7,858,409
	4,100,000		New York Public Library Astor Lenox & Tilden Foundations			4.305		07/01/45		5,472,011
	90,000		Salvation Army			5.637		09/01/26		104,968
	5,000,000		Salvation Army			4.528		09/01/48		5,364,984
	6,850,000		Starbucks Corp			2.450		06/15/26		6,863,075
	17,495,000		Starbucks Corp			4.450		08/15/49		19,993,749
	11,440,000		Wisconsin Alumni Research Foundation			3.564		10/01/49		11,943,533
	5,000,000		YMCA of Greater New York			5.021		08/01/38		6,397,789
	1,500,000		YMCA of Greater New York			5.151		08/01/48		1,978,257
			TOTAL CONSUMER SERVICES							95,740,407

195

TIAA-CREF FUNDS - Core Impact Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
DIVERSIFIED FINANCIALS - 4.9%
$	4,800,000		Ally Financial, Inc			3.875	%	05/21/24	$	4,320,000
	10,000,000	i	American Express Co	LIBOR 3 M + 0.750%		2.513		08/03/23		9,385,405
	5,000,000		American Express Co			3.000		10/30/24		5,158,213
	10,000,000		AXA Equitable Holdings, Inc			4.350		04/20/28		9,731,071
	5,000,000		AXA Equitable Holdings, Inc			5.000		04/20/48		4,724,057
	9,500,000		Bank of Montreal			3.803		12/15/32		9,227,397
	2,125,000		Bank of New York Mellon Corp			2.661		05/16/23		2,132,922
	10,750,000		Century Housing Corp			3.995		11/01/21		11,256,018
	9,220,000		Community Preservation Corp			2.867		02/01/30		9,961,198
	9,813,000	i	Credit Agricole Corporate & Investment Bank S.A.	LIBOR 3 M + 0.625%		2.533		10/03/21		9,661,367
	500,000	g	EDP Finance BV			5.250		01/14/21		514,156
	6,575,000	g	EDP Finance BV			3.625		07/15/24		6,603,552
	5,820,000		Enterprise Community Loan Fund, Inc			4.152		11/01/28		6,156,189
	7,000,000	g	Federation des Caisses Desjardins du Quebec			1.950		09/26/22		7,010,286
	6,000,000		Ford Foundation			3.859		06/01/47		6,963,356
	750,000	i	IBM Credit LLC	LIBOR 3 M + 0.260%		2.079		01/20/21		738,461
	2,250,000		Morgan Stanley			2.800		06/16/20		2,249,685
	2,248,000		Reinvestment Fund, Inc			3.166		11/01/23		2,355,359
	3,000,000		Reinvestment Fund, Inc			3.600		02/15/24		3,222,958
	2,500,000		Reinvestment Fund, Inc			3.366		11/01/24		2,687,260
	5,000,000		Reinvestment Fund, Inc			3.513		11/01/25		5,454,739
	5,000,000		Reinvestment Fund, Inc			3.880		02/15/27		5,513,898
	9,550,000		Shire Acquisitions Investments Ireland DAC			2.875		09/23/23		9,743,221
	4,475,000	g	State Street Corp			2.825		03/30/23		4,515,845
	5,000,000		State Street Corp			2.653		05/15/23		4,922,866
	10,750,000		State Street Corp			2.354		11/01/25		10,639,842
	5,500,000	g	Swiss Re Finance Luxembourg SA			5.000		04/02/49		5,578,664
	2,175,000	i	Toronto-Dominion Bank	LIBOR 3 M + 0.930%		1.671		12/14/20		2,130,832
	17,950,000		Toyota Motor Credit Corp			2.900		03/30/23		18,062,651
	7,475,000		Toyota Motor Credit Corp			3.000		04/01/25		7,510,123
	12,475,000		Toyota Motor Credit Corp			2.150		02/13/30		11,583,143
	10,200,000		Toyota Motor Credit Corp			3.375		04/01/30		10,319,462
	24,750,000		Unilever Capital Corp			2.000		07/28/26		24,691,100
	3,115,000		Unilever Capital Corp			2.125		09/06/29		3,180,372
	1,925,000	g	WLB Asset II Pte Ltd			4.000		01/14/24		1,956,089
			TOTAL DIVERSIFIED FINANCIALS							239,861,757
ENERGY - 2.6%
	6,829,327	g	Continental Wind LLC			6.000		02/28/33		7,172,028
	5,290,000	i	Enbridge, Inc	LIBOR 3 M + 0.700%		1.441		06/15/20		5,233,053
	7,600,000		Enbridge, Inc			2.500		01/15/25		7,067,244
	12,500,000		Enbridge, Inc			3.125		11/15/29		11,551,950
	8,175,000		EQT Corp			6.125		02/01/25		6,295,568
	6,125,000		EQT Corp			7.000		02/01/30		4,563,247
	1,500,000		Equinor ASA			2.900		11/08/20		1,504,789
	1,735,000		Equinor ASA			2.750		11/10/21		1,753,520
	500,000		Equinor ASA			3.150		01/23/22		510,399
	1,000,000		Equinor ASA			2.450		01/17/23		1,016,803
	500,000		Equinor ASA			2.650		01/15/24		508,149
	2,000,000		Equinor ASA			3.700		03/01/24		2,078,077
	3,000,000		Equinor ASA			3.950		05/15/43		3,105,706

196

TIAA-CREF FUNDS - Core Impact Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	10,705,000		Equinor ASA			3.250	%	11/18/49	$	10,541,635
	2,900,000	g	Greenko Dutch BV			4.875		07/24/22		2,548,276
	10,000,000		Noble Energy, Inc			3.900		11/15/24		8,249,246
	1,925,000		ONEOK, Inc			4.000		07/13/27		1,584,571
	7,246,000		ONEOK, Inc			3.400		09/01/29		5,414,634
	3,350,000		ONEOK, Inc			4.950		07/13/47		2,650,052
	10,000,000		ONEOK, Inc			4.450		09/01/49		7,768,872
	6,100,000	g,i	Phillips 66	LIBOR 3 M + 0.750%		2.581		04/15/20		6,094,628
	5,000,000	g	TerraForm Power Operating LLC			5.000		01/31/28		5,239,000
	5,869,000		Total Capital International S.A.			3.750		04/10/24		6,155,046
	7,150,000		Total Capital International S.A.			2.829		01/10/30		7,240,526
	9,000,000		Total Capital S.A.			4.450		06/24/20		8,996,798
	4,500,000	g	Woodside Finance Ltd			3.700		03/15/28		4,325,177
			TOTAL ENERGY							129,168,994
FOOD, BEVERAGE & TOBACCO - 0.8%
	9,200,000		Coca-Cola Co			1.750		09/06/24		9,365,818
	7,200,000		Coca-Cola Co			2.125		09/06/29		7,202,705
	4,675,000		General Mills, Inc			2.875		04/15/30		4,665,650
	3,900,000		JM Smucker Co			2.375		03/15/30		3,594,583
	2,625,000		PepsiCo, Inc			2.625		03/19/27		2,742,318
	8,661,000		PepsiCo, Inc			2.875		10/15/49		8,988,566
			TOTAL FOOD, BEVERAGE & TOBACCO							36,559,640
HEALTH CARE EQUIPMENT & SERVICES - 0.5%
	5,500,000		Becton Dickinson & Co			2.031		06/06/22		5,144,089
	7,250,000		Becton Dickinson & Co			3.363		06/06/24		7,265,683
	3,909,000		Becton Dickinson & Co			4.685		12/15/44		4,112,494
	10,000,000	i	Cigna Corp	LIBOR 3 M + 0.890%		2.721		07/15/23		9,297,957
	2,375,000		HCA, Inc			5.125		06/15/39		2,453,005
	1,000,000		Laboratory Corp of America Holdings			3.200		02/01/22		1,008,106
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							29,281,334
HOUSEHOLD & PERSONAL PRODUCTS - 0.7%
	5,150,000		Estee Lauder Cos, Inc			3.125		12/01/49		5,001,772
	5,900,000		Kimberly-Clark Corp			3.950		11/01/28		6,750,638
	2,125,000		Procter & Gamble Co			2.450		03/25/25		2,227,688
	6,925,000		Procter & Gamble Co			2.800		03/25/27		7,551,393
	5,300,000		Procter & Gamble Co			3.000		03/25/30		5,883,211
	3,350,000		Procter & Gamble Co			3.550		03/25/40		3,906,994
	3,150,000		Procter & Gamble Co			3.600		03/25/50		3,885,533
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS							35,207,229
INSURANCE - 0.5%
	3,750,000	g	Five Corners Funding Trust			4.419		11/15/23		4,034,021
	5,000,000		Progressive Corp			3.700		01/26/45		5,077,148
	2,000,000		Prudential Financial, Inc			5.375		05/15/45		1,909,400
	5,000,000	g	Swiss Re Treasury US Corp			2.875		12/06/22		5,218,719
	6,674,000	g	Swiss Re Treasury US Corp			4.250		12/06/42		8,016,903
			TOTAL INSURANCE							24,256,191
MATERIALS - 2.9%
	4,500,000	i	3M Co	LIBOR 3 M + 0.300%		2.004		02/14/24		4,482,197

197

TIAA-CREF FUNDS - Core Impact Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	14,500,000		3M Co			2.000	%	02/14/25	$	14,922,743
	10,000,000		3M Co			2.650		04/15/25		10,437,187
	5,000,000		3M Co			3.050		04/15/30		5,236,390
	6,100,000		3M Co			3.125		09/19/46		5,543,207
	4,800,000		3M Co			3.700		04/15/50		5,371,170
	10,588,000	g	Air Liquide Finance S.A.			2.500		09/27/26		10,361,316
	11,250,000	g	Air Liquide Finance S.A.			2.250		09/10/29		10,381,119
	7,250,000	g	Celulosa Arauco y Constitucion S.A.			4.200		01/29/30		6,216,875
	10,000,000	g	Celulosa Arauco y Constitucion S.A.			5.150		01/29/50		7,870,000
	5,000,000		Commercial Metals Co			5.750		04/15/26		4,666,975
	3,600,000		Fibria Overseas Finance Ltd			5.500		01/17/27		3,463,920
	1,350,000		International Flavors & Fragrances, Inc			3.400		09/25/20		1,356,065
	1,934,000		International Paper Co			4.800		06/15/44		1,918,774
	6,375,000		International Paper Co			4.350		08/15/48		6,172,717
	5,750,000	g	Inversiones CMPC S.A.			4.375		04/04/27		5,361,932
	12,000,000	g	Klabin Austria GmbH			7.000		04/03/49		10,980,000
	7,225,000	g	Klabin Finance S.A.			4.875		09/19/27		6,606,359
EUR	2,500,000	g	LG Chem Ltd			0.500		04/15/23		2,626,301
$	11,850,000	g	LG Chem Ltd			3.625		04/15/29		11,686,904
	5,000,000		Newmont Corp			2.250		10/01/30		4,604,554
	2,000,000		Nutrien Ltd			3.500		06/01/23		2,044,187
	1,000,000		Nutrien Ltd			5.250		01/15/45		1,100,682
	2,500,000	g	Sealed Air Corp			5.500		09/15/25		2,531,275
			TOTAL MATERIALS							145,942,849
MEDIA & ENTERTAINMENT - 0.1%
	3,000,000		Discovery Communications LLC			5.000		09/20/37		2,970,577
			TOTAL MEDIA & ENTERTAINMENT							2,970,577
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.5%
	14,500,000	g,i	AbbVie, Inc	LIBOR 3 M + 0.650%		2.346		11/21/22		13,565,200
	4,800,000	g	AbbVie, Inc			3.200		11/21/29		4,896,833
	1,875,000		Biogen, Inc			2.900		09/15/20		1,880,441
	2,000,000	g	Bristol-Myers Squibb Co			2.875		08/15/20		2,007,014
	4,000,000	g,i	Bristol-Myers Squibb Co	LIBOR 3 M + 0.380%		2.072		05/16/22		3,902,880
	5,000,000	g	Bristol-Myers Squibb Co			2.750		02/15/23		5,168,281
	5,000,000	g	Bristol-Myers Squibb Co			3.450		11/15/27		5,326,358
	1,875,000		Bristol-Myers Squibb Co			3.250		08/01/42		1,932,821
	4,000,000	i	GlaxoSmithKline Capital plc	LIBOR 3 M + 0.350%		2.054		05/14/21		3,843,310
	5,750,000		GlaxoSmithKline Capital, Inc			3.625		05/15/25		6,196,988
	11,500,000		Merck & Co, Inc			3.900		03/07/39		13,568,451
	5,674,000	g	Roche Holdings, Inc			2.375		01/28/27		5,743,061
	1,150,000		Zoetis, Inc			3.450		11/13/20		1,138,716
	7,200,000	i	Zoetis, Inc	LIBOR 3 M + 0.440%		2.135		08/20/21		6,606,743
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							75,777,097
REAL ESTATE - 1.5%
	4,600,000		Alexandria Real Estate Equities, Inc			4.000		01/15/24		4,699,665
	1,975,000		Brandywine Operating Partnership LP			3.950		02/15/23		2,040,247
	4,300,000		Brandywine Operating Partnership LP			3.950		11/15/27		4,034,290
	6,875,000		Brixmor Operating Partnership LP			3.900		03/15/27		6,844,161

198

TIAA-CREF FUNDS - Core Impact Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	5,000,000		Digital Realty Trust LP			3.950	%	07/01/22	$	5,116,369
	4,000,000		Duke Realty LP			2.875		11/15/29		3,846,732
	10,100,000	g	HAT Holdings I LLC			5.250		07/15/24		9,696,000
	2,850,000		Healthpeak Properties, Inc			3.500		07/15/29		2,787,843
	11,141,000		Host Hotels & Resorts LP			3.375		12/15/29		9,394,889
	4,725,000		Kilroy Realty LP			3.450		12/15/24		4,636,964
	6,700,000		Kilroy Realty LP			4.750		12/15/28		6,986,272
	1,000,000		Kilroy Realty LP			3.050		02/15/30		916,533
	9,157,000		Regency Centers LP			3.750		06/15/24		9,595,006
	4,840,000		Washington REIT			4.950		10/01/20		4,840,000
			TOTAL REAL ESTATE							75,434,971
RETAILING - 2.0%
	7,200,000		Home Depot, Inc			2.500		04/15/27		7,271,824
	16,050,000		Home Depot, Inc			2.700		04/15/30		16,357,126
	16,000,000		Home Depot, Inc			3.300		04/15/40		16,409,093
	14,300,000		Home Depot, Inc			3.350		04/15/50		15,549,220
	7,725,000		Lowe's Cos, Inc			4.000		04/15/25		8,257,980
	6,425,000		Lowe's Cos, Inc			4.500		04/15/30		7,089,027
	3,150,000		Lowe's Cos, Inc			5.000		04/15/40		3,564,662
	11,175,000		Lowe's Cos, Inc			4.250		09/15/44		10,556,680
	3,150,000		Lowe's Cos, Inc			5.125		04/15/50		3,794,290
	11,900,000		Target Corp			2.250		04/15/25		12,081,316
			TOTAL RETAILING							100,931,218
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
	7,575,000		Texas Instruments, Inc			3.875		03/15/39		8,723,359
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT							8,723,359
SOFTWARE & SERVICES - 0.5%
	23,000,000	i	International Business Machines Corp	LIBOR 3 M + 0.400%		2.107		05/13/21		22,809,031
			TOTAL SOFTWARE & SERVICES							22,809,031
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	5,750,000		Apple, Inc			3.000		06/20/27		6,221,273
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							6,221,273
TELECOMMUNICATION SERVICES - 0.5%
	8,675,000		Rogers Communications, Inc			3.700		11/15/49		8,973,731
	12,000,000		Telefonica Emisiones SAU			5.520		03/01/49		14,081,414
			TOTAL TELECOMMUNICATION SERVICES							23,055,145
TRANSPORTATION - 3.0%
	18,379,000		Canadian Pacific Railway Co			2.050		03/05/30		17,065,893
	2,050,000		CSX Corp			2.400		02/15/30		2,018,790
	6,105,000		CSX Corp			3.800		11/01/46		6,135,705
	5,700,000		CSX Corp			4.750		11/15/48		6,573,849
	2,450,000		CSX Corp			4.250		11/01/66		2,445,748
	2,735,345		Delta Air Lines, Inc			4.250		07/30/23		2,508,861
	2,850,000		Delta Air Lines, Inc			3.204		04/25/24		2,782,389
	15,700,000		Delta Air Lines, Inc			3.404		04/25/24		15,072,477
	18,350,000		Delta Air Lines, Inc			2.900		10/28/24		14,687,124
	2,808,187		Delta Air Lines, Inc			3.625		07/30/27		2,551,864

199

TIAA-CREF FUNDS - Core Impact Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	13,700,000		Delta Air Lines, Inc			2.000	%	06/10/28	$	12,463,930
	12,000,000		Delta Air Lines, Inc			2.500		06/10/28		10,877,223
	2,500,000		Kansas City Southern			4.300		05/15/43		2,525,579
	2,500,000		Kansas City Southern			4.950		08/15/45		2,600,388
	500,000		Norfolk Southern Corp			2.900		06/15/26		509,771
	8,175,000		Southwest Airlines Co			2.625		02/10/30		6,859,582
	5,603,093		Union Pacific Railroad Co			3.227		05/14/26		5,735,144
	8,569,661		Union Pacific Railroad Co			2.695		05/12/27		9,003,900
	1,743,397		Union Pacific Railroad Co			5.866		07/02/30		2,089,111
	2,715,000	i	United Parcel Service, Inc	LIBOR 3 M + 0.150%		1.583		04/01/21		2,679,013
	5,000,000	i	United Parcel Service, Inc	LIBOR 3 M + 0.380%		2.072		05/16/22		4,785,824
	7,500,000	i	United Parcel Service, Inc	LIBOR 3 M + 0.450%		1.883		04/01/23		7,178,503
	10,000,000		United Parcel Service, Inc			3.750		11/15/47		10,426,733
			TOTAL TRANSPORTATION							149,577,401
UTILITIES - 8.6%
	10,750,000	g	AES Gener S.A.			6.350		10/07/79		8,170,000
	12,500,000		Arizona Public Service Co			3.750		05/15/46		13,144,663
	11,800,000		Avangrid, Inc			3.150		12/01/24		11,737,830
	10,000,000		Avangrid, Inc			3.800		06/01/29		10,235,757
	10,025,000		Avista Corp			4.350		06/01/48		10,732,558
	800,000	g	Azure Power Energy Ltd			5.500		11/03/22		730,315
	5,025,000	g	Azure Power Solar Energy Pvt Ltd			5.650		12/24/24		4,269,060
	7,500,000	g	Brooklyn Union Gas Co			4.273		03/15/48		7,731,762
	10,000,000	g	Brooklyn Union Gas Co			4.487		03/04/49		10,617,258
	5,425,000		Clearway Energy Operating LLC			5.750		10/15/25		5,370,750
	1,095,000	i	Consolidated Edison Co of New York, Inc	LIBOR 3 M + 0.400%		1.616		06/25/21		1,063,311
	8,170,000	g	Consorcio Transmantaro SA			4.700		04/16/34		7,649,244
	4,200,000		Consumers Energy Co			3.500		08/01/51		4,518,030
	1,693,000	i	Dominion Energy Gas Holdings LLC	LIBOR 3 M + 0.600%		1.341		06/15/21		1,627,379
	8,850,000		Dominion Energy Gas Holdings LLC			2.500		11/15/24		8,598,986
	7,000,000		Dominion Energy, Inc			3.300		03/15/25		7,096,608
	9,050,000		Dominion Energy, Inc			3.600		03/15/27		9,230,407
	4,850,000		Dominion Energy, Inc (Step Bond)			3.071		08/15/24		4,847,253
	9,574,000		DTE Electric Co			4.050		05/15/48		10,868,570
	10,000,000		DTE Electric Co			3.950		03/01/49		10,910,758
	12,000,000		DTE Energy Co			2.850		10/01/26		11,984,601
	10,750,000		Duke Energy Florida LLC			2.500		12/01/29		10,564,990
	7,230,000	g	Electricite de France S.A.			3.625		10/13/25		7,441,802
	3,850,000		Exelon Corp			4.050		04/15/30		3,812,964
	3,150,000		Exelon Corp			4.700		04/15/50		3,290,324
	2,425,000		Florida Power & Light Co			2.850		04/01/25		2,550,181
	2,261,000		Fortis, Inc			3.055		10/04/26		2,165,973
	6,232,000		Georgia Power Co			3.250		04/01/26		6,469,938
	13,850,000	g	Hanwha Energy USA Holdings Corp			2.375		07/30/22		13,775,677
	5,750,000		Interstate Power & Light Co			4.100		09/26/28		6,440,882
	1,200,000		Interstate Power & Light Co			3.500		09/30/49		1,088,161
	7,925,000	g	Korea Hydro & Nuclear Power Co Ltd			3.750		07/25/23		8,439,896
	5,000,000		MidAmerican Energy Co			3.100		05/01/27		5,142,769
	2,375,000		MidAmerican Energy Co			3.650		04/15/29		2,594,147
	5,246,000		MidAmerican Energy Co			3.950		08/01/47		5,651,013
	2,430,000		MidAmerican Energy Co			3.650		08/01/48		2,608,215
	4,250,000		MidAmerican Energy Co			3.150		04/15/50		4,309,106

200

TIAA-CREF FUNDS - Core Impact Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	3,225,000	g	NextEra Energy Operating Partners LP			4.250	%	07/15/24	$	3,144,375
	1,000,000	g	NextEra Energy Operating Partners LP			4.250		09/15/24		975,000
	1,875,000	g	NextEra Energy Operating Partners LP			4.500		09/15/27		1,828,125
	750,000	g	Niagara Mohawk Power Corp			4.278		10/01/34		798,164
	8,758,000		NorthWestern Corp			4.176		11/15/44		9,625,258
	3,175,000		NSTAR Electric Co			3.950		04/01/30		3,553,790
	5,450,000		Oklahoma Gas & Electric Co			3.250		04/01/30		5,461,837
	4,100,000		ONE Gas, Inc			4.500		11/01/48		4,808,694
	5,600,000	g	Pattern Energy Group, Inc			5.875		02/01/24		5,559,008
	5,925,000		PSEG Power LLC			3.850		06/01/23		6,026,777
	3,950,000		Public Service Co of Colorado			4.100		06/15/48		4,301,144
	17,025,000		Public Service Co of Colorado			3.200		03/01/50		17,227,617
	1,000,000		Public Service Co of New Hampshire			3.500		11/01/23		1,067,701
	2,975,000		Public Service Co of New Hampshire			3.600		07/01/49		3,052,400
	8,700,000		Public Service Electric & Gas Co			3.200		08/01/49		8,691,256
	1,000,020		San Diego Gas & Electric Co			1.914		02/01/22		1,004,367
	7,500,000		San Diego Gas & Electric Co			4.150		05/15/48		8,077,256
	1,000,000		Sempra Energy			2.875		10/01/22		1,003,344
	2,614,926	g	Solar Star Funding LLC			3.950		06/30/35		2,651,803
	5,140,454	g	Solar Star Funding LLC			5.375		06/30/35		5,677,073
	4,700,000		Southern California Edison Co			3.400		06/01/23		4,815,994
	5,500,000		Southern California Edison Co			4.125		03/01/48		5,871,926
	7,000,000		Southern Power Co			2.500		12/15/21		6,894,889
	10,815,000		Southern Power Co			4.150		12/01/25		11,152,066
	12,895,000		Southwestern Public Service Co			3.750		06/15/49		13,525,311
	15,479,000	i	Spectra Energy Partners LP	LIBOR 3 M + 0.700%		2.014		06/05/20		15,313,801
	9,936,000	g	Star Energy Geothermal Wayang Windu Ltd			6.750		04/24/33		8,948,973
	8,580,861	g	Topaz Solar Farms LLC			4.875		09/30/39		8,837,746
	901,920	g	Topaz Solar Farms LLC			5.750		09/30/39		992,864
	8,250,000		Westar Energy, Inc			2.550		07/01/26		8,561,002
			TOTAL UTILITIES							426,930,699
			TOTAL CORPORATE BONDS							2,330,649,497
			(Cost $2,345,978,959)
GOVERNMENT BONDS -  39.7%
AGENCY SECURITIES - 8.5%
	9,956,250		Abay Leasing LLC			2.654		11/09/26		10,388,925
	586,956		ALEX Alpha LLC			1.617		08/15/24		591,737
	1,817,000		Canal Barge Co, Inc			4.500		11/12/34		2,185,137
	6,621,704		CES MU2 LLC			2.166		12/16/26		6,815,600
	3,421,311		CES MU2 LLC			1.994		05/13/27		3,498,655
	3,713,940		Crowley Conro LLC			4.181		08/15/43		4,671,571
	1,544,399		Dragon 2012 LLC			1.972		03/12/24		1,571,024
	2,395,833		DY8 Leasing LLC			2.565		11/26/25		2,471,281
	2,604,167		DY8 Leasing LLC			2.627		04/29/26		2,704,382
	3,526,974		DY9 Leasing LLC			2.415		06/30/27		3,612,020
	6,439,925		Ethiopian Leasing LLC			2.566		08/14/26		6,670,538
	472,253		Excalibur One 77B LLC			1.492		01/01/25		474,354
	2,775,799		Export Lease Ten Co LLC			1.650		05/07/25		2,794,596
	2,444,467		Export Leasing LLC			1.859		08/28/21		2,454,330
	4,150,000		Federal Home Loan Mortgage Corp (FHLMC)			1.125		08/12/21		4,191,971
	14,000,000		FHLMC			1.500		02/12/25		14,611,506

201

TIAA-CREF FUNDS - Core Impact Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	2,014,000	j	Government Trust Certificate			0.000	%	04/01/21	$	1,991,152
	4,583,333		Harar Leasing 2013 LLC			2.582		07/02/25		4,728,081
	1,694,000		Hashemite Kingdom of Jordan Government AID International Bond			2.578		06/30/22		1,752,794
	7,909,000		Hashemite Kingdom of Jordan Government AID International Bond			3.000		06/30/25		8,642,891
	912,270		Helios Leasing I LLC			1.734		07/24/24		921,775
	2,271,717		Helios Leasing II LLC			2.668		03/18/25		2,346,938
	9,719,354		HNA LLC			2.291		06/30/27		10,064,517
	6,271,124		HNA LLC			2.369		09/18/27		6,514,713
	380,000	g	Hospital for Special Surgery			3.500		01/01/23		392,181
	929,000	i	Housing and Urban Development Corp Ltd	LIBOR 6 M + 0.035%		0.773		09/15/30		927,776
	7,192,000		Iraq Government AID International Bond			2.149		01/18/22		7,425,111
	1,555,554	i	Jupiter Aircraft Leasing LLC	LIBOR 3 M + 0.240%		1.933		08/19/23		1,551,265
	1,944,441	i	Jupiter Aircraft Leasing LLC	LIBOR 3 M + 0.240%		1.435		09/22/23		1,939,856
	6,491,346		Lulwa Ltd			1.888		02/15/25		6,576,180
	1,775,475		Lulwa Ltd			1.831		03/26/25		1,795,775
	3,976,211		Mexican Aircraft Finance IV LLC			2.537		07/13/25		4,095,801
	6,331,500		Mexican Aircraft Finance V LLC			2.329		01/14/27		6,548,531
	2,100,000		Montefiore Medical Center			2.152		10/20/26		2,197,819
	12,837,440		MSN 41079 and 41084 Ltd			1.717		07/13/24		12,984,851
	2,116,404		MSN 41079 and 41084 Ltd			1.631		12/14/24		2,130,942
	16,423,000		NCUA Guaranteed Notes			3.450		06/12/21		16,640,232
	2,310,000		New York Society for the Relief of the Ruptured & Crippled			2.881		12/20/31		2,387,664
	3,881,000	j	Overseas Private Investment Corp (OPIC)			0.000		07/17/21		4,154,550
	1,569,451		OPIC			2.290		09/15/26		1,628,082
	1,976,355		OPIC			2.040		12/15/26		2,032,925
	3,343,750		OPIC			2.740		09/15/29		3,615,381
	4,913,266		OPIC			3.220		09/15/29		5,434,703
	909,864		OPIC			3.280		09/15/29		1,009,217
	6,000,000		OPIC			1.790		10/15/29		6,265,808
	15,000,000		OPIC			2.360		10/15/29		15,955,619
	1,094,400		OPIC			4.140		05/15/30		1,274,610
	150,737		OPIC			3.540		06/15/30		169,731
	160,448		OPIC			3.370		12/15/30		179,238
	9,598,214		OPIC			3.520		09/20/32		10,973,954
	403,348		OPIC			3.820		12/20/32		470,319
	201,674		OPIC			3.938		12/20/32		236,772
	921,039		OPIC			3.330		05/15/33		1,030,194
	879,474		OPIC			3.160		06/01/33		993,725
	1,062,239		OPIC			2.810		07/31/33		1,164,785
	849,791		OPIC			2.940		07/31/33		939,612
	1,234,064		OPIC			3.250		07/31/33		1,391,427
	6,425,760		OPIC			2.040		06/15/35		6,734,069
	1,265,680		OPIC			2.220		06/15/35		1,344,202
	973,600		OPIC			3.050		06/15/35		1,096,459
	3,651,000		OPIC			3.480		06/15/35		4,232,459
	5,062,720		OPIC			3.590		06/15/35		5,907,385
	10,000,000		OPIC			2.290		07/15/38		10,808,105
	5,500,000		OPIC			2.450		07/15/38		6,013,866
	6,000,000		OPIC			2.580		07/15/38		6,634,541
	7,550,000		OPIC			3.190		07/15/38		8,794,391
	3,426,189		Penta Aircraft Leasing LLC			1.691		04/29/25		3,453,431
	1,119,283		Phoenix LLC			1.607		07/03/24		1,127,438

202

TIAA-CREF FUNDS - Core Impact Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	2,727,269	i	Pluto Aircraft Leasing LLC	LIBOR 3 M + 0.210%		1.952	%	02/07/23	$	2,719,746
	1,618,202		Portmarnock Leasing LLC			1.741		10/22/24		1,634,142
	8,144,000	g	Private Export Funding Corp (PEFCO)			3.266		11/08/21		8,406,939
	1,000,000		PEFCO			3.550		01/15/24		1,111,481
	6,040,000		PEFCO			1.750		11/15/24		6,294,895
	1,000,000		PEFCO			3.250		06/15/25		1,136,554
	3,981,507		Rimon LLC			2.623		06/25/26		4,142,372
	4,070,386		Safina Ltd			1.550		01/15/22		4,079,688
	2,754,411		Safina Ltd			2.000		12/30/23		2,758,588
	1,536,610		San Clemente Leasing LLC			3.030		11/22/22		1,571,792
	3,374,695		Sandalwood LLC			2.836		07/10/25		3,508,646
	4,932,246		Sandalwood LLC			2.897		07/10/25		5,128,021
	3,581,650		Sandalwood LLC			2.821		02/12/26		3,716,908
	6,139,205		Santa Rosa Leasing LLC			1.472		11/03/24		6,168,900
	2,505,727		Tagua Leasing LLC			1.900		07/12/24		2,546,058
	2,998,746		Tagua Leasing LLC			1.732		09/18/24		3,029,584
	3,326,885		Tagua Leasing LLC			1.581		11/16/24		3,350,771
	755,000		Tunisia Government AID International Bonds			1.416		08/05/21		756,564
	3,270,666		Ulani MSN 35939 LLC			2.553		07/26/25		3,369,985
	2,450,000		Ulani MSN 35940 LLC			2.227		05/16/25		2,503,058
	3,349,783		Ulani MSN 37894 LLC			2.184		12/20/24		3,417,780
	3,469,421		Union 11 Leasing LLC			2.405		01/23/24		3,549,694
	1,528,778		Union 12 Leasing LLC			2.164		02/17/24		1,555,383
	2,410,302		Union 16 Leasing LLC			1.863		01/22/25		2,440,491
	185,000		UNM Sandoval Regional Medical Center			4.500		07/20/36		188,199
	3,663,000		US Department of Housing and Urban Development (HUD)			1.980		08/01/20		3,684,942
	410,000		HUD			2.450		08/01/20		413,147
	150,000		HUD			3.430		08/01/20		151,730
	2,000,000		HUD			2.570		08/01/21		2,055,649
	1,361,000		HUD			2.450		08/01/22		1,425,695
	2,500,000		HUD			2.618		08/01/23		2,682,104
	2,000,000		HUD			2.800		08/01/23		2,152,767
	500,000		HUD			2.910		08/01/23		515,801
	3,000,000		HUD			2.960		08/01/24		3,093,984
	2,476,000		HUD			2.870		08/01/27		2,818,974
	455,000		HUD			5.380		08/01/27		461,942
	4,675,000		HUD			2.985		08/01/28		5,413,986
	1,931,000		HUD			3.185		08/01/29		2,230,292
	1,599,978		VCA Lease LLC			1.859		03/08/25		1,619,569
	5,762,124		VCH Lease S.A.			1.736		05/15/25		5,813,558
	4,247,230		VCK Lease S.A.			2.591		07/24/26		4,419,792
	1,250,000		VCM Lease S.A.			2.516		09/28/27		1,289,944
	785,000		Vessel Management Services, Inc			3.432		08/15/36		911,349
	277,000		Vessel Management Services, Inc			3.477		01/16/37		322,681
	3,623,015	i	Washington Aircraft 2 Co Ltd	LIBOR 3 M + 0.430%		1.662		06/26/24		3,568,802
	2,252,371		Windermere Aviation LLC			2.351		05/27/26		2,325,333
	3,332,424		Zarapito Leasing LLC			2.628		11/12/26		3,478,017
			TOTAL AGENCY SECURITIES							419,267,767
FOREIGN GOVERNMENT BONDS - 7.3%
	1,740,000		African Development Bank			2.375		09/23/21		1,785,211
	4,000,000		African Development Bank			3.000		12/06/21		4,154,203
	12,750,000	h	African Development Bank			0.750		04/03/23		12,749,228

203

TIAA-CREF FUNDS - Core Impact Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	1,000,000		Asian Development Bank			1.875	%	08/10/22	$	1,031,900
	1,000,000		Asian Development Bank			2.125		03/19/25		1,065,668
	8,500,000		Asian Development Bank			1.750		08/14/26		8,972,874
	11,000,000		Asian Development Bank			3.125		09/26/28		12,884,627
	6,000,000	g	Bank Nederlandse Gemeenten NV			2.125		12/14/20		6,057,176
	105,570	g	Carpintero Finance Ltd			2.004		09/18/24		107,290
EUR	4,000,000		Chile Government International Bond			0.830		07/02/31		3,949,204
$	9,500,000		Chile Government International Bond			3.500		01/25/50		9,832,500
	5,000,000	g	CPPIB Capital, Inc			2.750		11/02/27		5,602,683
	10,498,000		European Bank for Reconstruction & Development			1.875		07/15/21		10,650,326
	200,000	i	European Bank for Reconstruction & Development	LIBOR 3 M + 0.010%		1.741		05/11/22		199,854
	15,000,000		European Bank for Reconstruction & Development			1.625		09/27/24		15,666,053
	1,000,000		European Bank for Reconstruction & Development			1.500		02/13/25		1,040,372
	2,225,000		European Investment Bank			2.000		03/15/21		2,255,329
	1,250,000		European Investment Bank			2.375		05/24/27		1,378,303
	6,462,500		European Investment Bank			1.625		10/09/29		6,746,526
	2,000,000	g	European Stability Mechanism			2.125		11/03/22		2,077,901
	9,300,000	g	European Stability Mechanism			1.375		09/11/24		9,565,785
	1,955,000	i	Inter-American Development Bank	LIBOR 1 M + 0.000%		1.005		10/09/20		1,953,632
	5,000,000	i	Inter-American Development Bank	LIBOR 3 M + 0.010%		1.841		01/15/22		4,998,655
	4,750,000		International Bank for Reconstruction & Development			3.125		11/20/25		5,364,019
	2,900,000		International Bank for Reconstruction & Development			2.750		05/31/36		2,927,269
	10,450,000	g	International Development Association			2.750		04/24/23		11,177,501
	6,500,000		International Finance Corp			1.546		11/04/21		6,576,247
	110,000	i	International Finance Corp	LIBOR 3 M + 0.070%		0.811		12/15/22		109,524
	7,375,000		International Finance Corp			0.500		03/20/23		7,342,098
	3,250,000		International Finance Corp			2.125		04/07/26		3,485,948
	5,000,000	i	Japan Bank for International Cooperation	LIBOR 3 M + 0.480%		2.060		06/01/20		4,997,500
	2,500,000		Japan Bank for International Cooperation			1.875		04/20/21		2,526,897
	3,000,000	g	Japan Finance Organization for Municipalities			2.125		04/13/21		3,041,013
	3,350,000	g	Japan Finance Organization for Municipalities			3.375		09/27/23		3,633,276
	10,750,000	g	Kommunalbanken AS.			1.375		10/26/20		10,784,956
	6,000,000	g	Kommunalbanken AS.			2.125		02/11/25		6,389,454
	5,500,000	i	Korea Development Bank International Bond	LIBOR 3 M + 0.725%		2.625		07/06/22		5,467,659
	11,250,000		Kreditanstalt fuer Wiederaufbau			2.000		11/30/21		11,528,679
	11,250,000		Kreditanstalt fuer Wiederaufbau			1.750		09/14/29		11,975,344
	2,875,000	g	Nacional Financiera SNC			3.375		11/05/20		2,797,145
	1,000,000	g	Nederlandse Waterschapsbank NV			2.125		11/15/21		1,023,909
	6,750,000	g	Nederlandse Waterschapsbank NV			3.125		12/05/22		7,189,922
	10,000,000	g	Nederlandse Waterschapsbank NV			1.750		01/15/25		10,472,981
	7,750,000	g	Nederlandse Waterschapsbank NV			2.375		03/24/26		8,449,602
	12,500,000		North American Development Bank			2.400		10/26/22		12,687,260
	13,000,000	g	OMERS Finance Trust			2.500		05/02/24		13,902,563
	12,500,000	g	Ontario Teachers' Finance Trust			1.625		09/12/24		12,885,375
	6,000,000	g	Perusahaan Penerbit SBSN Indonesia III			3.750		03/01/23		5,975,760
	6,600,000	g	Perusahaan Penerbit SBSN Indonesia III			3.900		08/20/24		6,648,114

204

TIAA-CREF FUNDS - Core Impact Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	500,000		Province of Manitoba Canada		3.050	%	05/14/24	$	544,804
	10,750,000		Province of Ontario Canada		1.750		01/24/23		11,018,878
	12,500,000		Province of Ontario Canada		3.050		01/29/24		13,639,910
	5,000,000		Province of Quebec Canada		2.750		04/12/27		5,545,729
	10,000,000		Republic of Italy Government International Bond		2.875		10/17/29		9,507,447
	10,750,000		Republic of Italy Government International Bond		4.000		10/17/49		10,062,090
	4,250,000		Seychelles International Bond		6.500		10/11/28		4,950,230
			TOTAL FOREIGN GOVERNMENT BONDS						359,354,403
MORTGAGE BACKED - 8.0%
	875,000		Federal Home Loan Mortgage Corp (FHLMC)		3.000		10/15/33		975,656
	1,216,915		FHLMC		3.500		08/15/43		1,295,585
	3,529		FHLMC		3.000		03/15/44		3,730
	1,331,138	i	FHLMC		5.215		03/15/44		259,761
	10,997,894		FHLMC		4.000		10/01/47		11,969,693
	1,875,965	i	FHLMC		8.793		06/15/48		2,246,254
	1,856,478	i	FHLMC		8.713		10/15/48		2,340,194
	185,662		Federal Home Loan Mortgage Corp Gold (FGLMC)		5.000		06/01/36		206,612
	182,730		FGLMC		4.500		12/01/43		203,091
	195,756		FGLMC		4.500		02/01/44		217,559
	1,573,509		FGLMC		5.000		08/01/44		1,750,094
	251,893		FGLMC		3.500		04/01/45		270,658
	5,886,715		FGLMC		3.500		08/01/45		6,338,188
	1,867,292		FGLMC		3.500		10/01/45		2,003,530
	2,031,383		FGLMC		4.000		12/01/45		2,215,801
	3,363,648		FGLMC		3.500		08/01/46		3,609,098
	10,980,900		FGLMC		3.000		01/01/47		11,589,213
	7,311,442		FGLMC		3.000		02/01/47		7,711,875
	6,100,767		FGLMC		3.500		02/01/47		6,473,845
	365,211		FGLMC		4.500		06/01/47		405,637
	659,499		FGLMC		4.000		09/01/47		723,788
	152,526		FGLMC		3.500		12/01/47		163,646
	19,067,776		FGLMC		3.500		03/01/48		20,455,956
	2,345,046		FGLMC		4.000		03/01/48		2,551,994
	942,784		FGLMC		4.000		07/01/48		1,025,989
	3,801,127		FGLMC		4.500		08/01/48		4,164,069
	3,750,000		Federal National Mortgage Association (FNMA)		2.125		04/24/26		4,037,621
	191,711		FNMA		3.500		07/01/26		201,900
	5,750,000	i	FNMA		2.801		02/25/27		6,243,741
	10,000,000	i	FNMA		3.325		06/25/28		11,483,467
	658,242		FNMA		3.500		05/01/32		695,096
	188,215		FNMA		5.500		11/01/38		213,466
	767,210		FNMA		5.000		09/01/40		850,478
	705,156		FNMA		5.000		04/01/41		790,608
	3,113,954		FNMA		4.000		09/01/42		3,415,881
	910,155		FNMA		3.000		04/25/43		967,005
	1,485,511	i	FNMA		5.003		09/25/43		311,811
	1,416,638		FNMA		4.000		01/01/44		1,542,012
	95,350		FNMA		4.500		06/01/44		105,995

205

TIAA-CREF FUNDS - Core Impact Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	491,597		FNMA		4.500	%	06/01/44	$	546,389
	229,954		FNMA		4.500		08/01/44		255,497
	469,739		FNMA		4.500		11/01/44		521,546
	1,177,879		FNMA		4.000		01/01/45		1,293,007
	374,310		FNMA		3.000		02/25/45		394,151
	961,796		FNMA		3.000		02/25/45		1,009,598
	525,012		FNMA		4.500		03/01/45		583,453
	723,128		FNMA		3.000		03/25/45		767,892
	37,833		FNMA		3.500		04/25/45		40,380
	1,893,581		FNMA		4.000		06/01/45		2,048,233
	1,985,479		FNMA		4.000		12/01/45		2,159,852
	3,906,812		FNMA		3.000		12/25/45		4,171,169
	1,272,965		FNMA		3.500		01/01/46		1,365,493
	277,408		FNMA		4.000		01/01/46		301,969
	362,068		FNMA		4.000		03/01/46		391,480
	2,000,588		FNMA		3.500		06/01/46		2,146,010
	3,285,886		FNMA		3.500		07/01/46		3,527,276
	2,471,750		FNMA		3.500		07/01/46		2,651,419
	13,153,877		FNMA		3.000		10/01/46		13,656,238
	17,483,156		FNMA		3.000		11/01/46		18,445,231
	2,192,700		FNMA		3.500		12/01/46		2,327,561
	10,027,349	h	FNMA		3.500		01/01/47		10,628,822
	3,583,781		FNMA		3.000		04/01/47		3,762,651
	830,852		FNMA		3.000		04/25/47		885,448
	319,774		FNMA		4.500		05/01/47		349,912
	9,163,857		FNMA		3.500		08/01/47		9,758,973
	1,077,790		FNMA		3.000		11/01/47		1,118,604
	8,023,292		FNMA		3.500		11/01/47		8,636,993
	10,633,011		FNMA		4.000		12/01/47		11,572,624
	173,273	h	FNMA		3.500		01/01/48		186,548
	82,117		FNMA		3.500		01/01/48		88,374
	2,148,971		FNMA		4.500		01/01/48		2,354,222
	544,376		FNMA		4.500		02/01/48		596,126
	4,164,919		FNMA		3.000		02/25/48		4,406,623
	1,279,665		FNMA		4.000		03/01/48		1,392,098
	2,376,357		FNMA		4.500		03/01/48		2,602,256
	2,048,148		FNMA		3.500		04/01/48		2,163,486
	28,979,978	h	FNMA		4.000		04/01/48		31,068,881
	1,499,826		FNMA		4.500		05/01/48		1,642,407
	1,161,038		FNMA		4.500		05/01/48		1,271,414
	191,872		FNMA		5.000		06/01/48		207,347
	26,440,703		FNMA		4.500		07/01/48		28,477,875
	8,849,461		FNMA		4.000		08/01/48		9,446,087
	579,320		FNMA		5.000		08/01/48		642,119
	1,075,364		FNMA		4.000		09/01/48		1,146,444
	8,517		FNMA		3.000		11/01/48		8,923
	2,217,721		FNMA		3.000		11/25/48		227,189
	682,905		FNMA		4.500		12/01/48		734,342
	1,000,000	h	FNMA		3.000		04/25/49		1,048,633
	6,000,000	h	FNMA		3.500		04/25/49		6,347,109
	875,495		FNMA		3.000		08/01/49		927,238
	1,188		FNMA		4.000		10/01/49		1,268
	36,313,945		FNMA		3.000		12/01/49		38,062,268
	301		FNMA		3.500		12/01/49		318
	124		FNMA		4.000		12/01/49		132

206

TIAA-CREF FUNDS - Core Impact Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	145,000		FNMA		2.500	%	04/01/50	$	150,273
	712,670		Government National Mortgage Association (GNMA)		2.690		06/15/33		735,549
	58,095		GNMA		5.000		06/20/42		64,325
	12,442,882		GNMA		2.750		01/15/45		12,932,361
	1,655,284	†	GNMA		4.000		06/20/46		197,081
	1,942,798		GNMA		3.000		12/20/47		2,071,626
	7,427,691		GNMA		3.500		12/20/47		7,844,111
	5,811,433		GNMA		3.500		01/20/48		6,164,282
	2,556,224		GNMA		3.500		01/20/49		2,789,868
			TOTAL MORTGAGE BACKED						395,347,671
MUNICIPAL BONDS - 10.0%
	3,750,000		Antelope Valley-East Kern Water Agency Financing Authority		4.326		06/01/36		4,036,950
	4,800,000		Bay Area Water Supply & Conservation Agency		3.994		10/01/34		5,608,512
	2,000,000		Brunswick & Glynn County Development Authority		3.060		04/01/25		2,042,560
	8,250,000		California Health Facilities Financing Authority		1.896		06/01/21		8,246,040
	2,000,000		California Housing Finance Agency		2.966		08/01/22		2,058,960
	1,935,000	g	California Municipal Finance Authority		4.250		11/01/23		1,909,110
	500,000		Chelan County Public Utility District No		3.603		07/01/21		513,550
	5,000,000		Chicago Board of Education		5.000		12/01/20		5,038,700
	10,000,000		Chicago Housing Authority		4.361		01/01/38		11,552,400
	16,465,000		Chicago Metropolitan Water Reclamation District-Greater Chicago		5.720		12/01/38		22,211,944
	1,000,000		Chicago Park District		4.095		01/01/26		1,106,610
	625,000		Chula Vista Municipal Financing Authority		3.775		12/01/33		672,762
	1,350,000		Chula Vista Municipal Financing Authority		3.975		12/01/38		1,435,428
	740,000		Chula Vista Municipal Financing Authority		4.075		12/01/41		785,961
	4,300,000		Chula Vista Municipal Financing Authority		4.275		12/01/48		4,560,236
	3,500,000		City & County Honolulu HI Wastewater System Revenue		3.200		07/01/26		3,800,930
	1,580,000		City & County of Honolulu HI		1.506		10/01/20		1,581,390
	1,770,000		City & County of Honolulu HI		2.141		10/01/23		1,809,967
	1,000,000		City & County of Honolulu HI		2.368		10/01/24		1,033,450
	5,730,000		City & County of Honolulu HI		3.944		09/01/34		6,160,323
	935,000		City & County of San Francisco CA		3.700		04/01/34		977,486
	440,000		City & County of San Francisco CA		3.750		04/01/35		458,462
	5,835,000		City & County of San Francisco CA		3.900		04/01/42		6,012,676
	5,405,000		City & County of San Francisco CA Community Facilities District		3.750		09/01/37		5,735,300
	4,610,000		City & County of San Francisco CA Community Facilities District		4.221		09/01/39		4,963,357
	5,000,000		City & County of San Francisco CA Community Facilities District		4.000		09/01/48		5,237,500
	9,850,000		City of Austin TX Electric Utility Revenue		2.677		11/15/25		10,211,495
	2,490,000		City of Chicago IL		7.750		01/01/42		3,213,992
	510,000		City of Chicago IL		7.750		01/01/42		580,349
	2,000,000		City of Cincinnati OH Water System Revenue		2.568		12/01/21		2,038,600
	300,000		City of Conway AR Wasterwater Department		2.122		10/01/21		304,458

207

TIAA-CREF FUNDS - Core Impact Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	5,340,000		City of Conway AR Wasterwater Department			3.168	%	10/01/37	$	5,358,904
	2,750,000		City of Florence SC			4.250		12/01/34		2,971,952
	250,000		City of Houston TX Combined Utility System Revenue			2.563		05/15/20		250,367
	1,800,000		City of Kaukauna WI Electric System Revenue			2.750		12/15/32		1,846,026
	1,725,000		City of Kaukauna WI Electric System Revenue			2.800		12/15/33		1,768,711
	1,800,000		City of Kaukauna WI Electric System Revenue			2.850		12/15/34		1,845,162
	1,945,000		City of Kaukauna WI Electric System Revenue			2.900		12/15/35		1,968,748
	5,000,000		City of Los Angeles CA			3.320		09/01/24		5,314,400
	4,000,000		City of Los Angeles CA			3.500		09/01/37		4,175,240
	9,060,000		City of Los Angeles CA			3.880		09/01/38		9,673,724
	870,000	g	City of Miami FL			4.808		01/01/39		975,070
	170,000		City of Mount Shasta CA			4.000		08/01/29		204,653
	190,000		City of Mount Shasta CA			3.000		08/01/32		204,337
	100,000		City of Mount Shasta CA			3.000		08/01/33		107,239
	200,000		City of Mount Shasta CA			3.000		08/01/34		213,718
	5,000,000		City of New York NY			3.250		12/01/23		5,293,950
	3,825,000		City of Norfolk VA			3.000		10/01/35		3,624,379
	2,685,000		City of Oakland CA			1.830		01/15/27		2,657,640
	4,745,000		City of Oakland CA			1.970		01/15/28		4,720,421
	250,000		City of San Angelo TX Water & Sewer Revenue			4.261		02/15/37		259,278
	2,000,000		City of San Angelo TX Water & Sewer Revenue			4.401		02/15/46		2,066,260
	4,205,000		City of San Francisco CA Public Utilities Commission Water Revenue			2.400		11/01/22		4,227,791
	12,615,000		City of San Francisco CA Public Utilities Commission Water Revenue			3.303		11/01/39		11,788,718
	5,750,000		City of San Francisco CA Public Utilities Commission Water Revenue			4.185		11/01/46		5,918,878
	1,140,000		City of San Juan Capistrano CA			4.090		08/01/36		1,229,285
	1,385,000		City of San Juan Capistrano CA			4.190		08/01/40		1,490,122
	360,000		Clean Water Services			5.701		10/01/30		449,208
	345,000		Commonwealth Financing Authority			2.428		06/01/20		345,904
	355,000		Commonwealth Financing Authority			2.675		06/01/21		360,176
	2,730,000		Commonwealth Financing Authority			3.864		06/01/38		3,013,401
	12,450,000	i	Connecticut Housing Finance Authority	SOFR + 0.650%		0.660		05/15/49		12,308,319
	5,000,000		County of Alameda CA			3.820		08/01/38		5,258,650
	1,500,000		County of Miami-Dade FL Aviation Revenue			2.218		10/01/22		1,490,595
	12,020,000		County of Miami-Dade FL Water & Sewer System Revenue			3.490		10/01/42		12,170,851
	2,730,000		County of Saline AR			4.000		06/01/37		2,847,800
	1,900,000		District of Columbia Water & Sewer Authority			4.814		10/01/14		2,460,310
	2,940,000		Erie Sewer Authority			4.663		12/01/32		3,382,323
	1,125,000		Erie Sewer Authority			4.713		12/01/33		1,274,186
	3,315,000		Erie Sewer Authority			4.743		12/01/34		3,755,994
	1,550,000	g	Finance Authority of Maine			5.375		12/15/33		1,313,702

208

TIAA-CREF FUNDS - Core Impact Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	500,000		Finance Authority of Maine		5.250	%	06/15/34	$	415,285
	2,100,000		Grant County Public Utility District No 2		1.544		01/01/23		2,114,931
	290,000		Grant County Public Utility District No 2		2.378		01/01/28		299,309
	20,000,000		Grant County Public Utility District No 2		2.918		01/01/40		19,643,400
	9,405,000		Grant County Public Utility District No 2		3.210		01/01/40		9,531,027
	310,000		Honolulu City & County Board of Water Supply		1.933		07/01/26		318,885
	1,790,000		Honolulu City & County Board of Water Supply		3.760		07/01/30		1,934,632
	600,000		Honolulu City & County Board of Water Supply		2.227		07/01/31		613,812
	1,180,000		Idaho State Building Authority		3.202		09/01/37		1,221,949
	3,105,000		Jackson County Industrial Development Authority		4.250		05/01/39		3,345,700
	2,000,000		Kern County Water Agency Improvement District No 4		4.276		05/01/36		2,268,100
	450,000		Klickitat County Public Utilities		3.688		12/01/38		466,123
	1,000,000		Lavaca-Navidad River Authority		4.430		08/01/35		1,065,890
	3,430,000		Maryland Community Development Administration Housing Revenue		3.797		03/01/39		3,463,477
	3,000,000		Massachusetts St. Water Pollution Abatement		5.192		08/01/40		3,516,810
	6,000,000		Massachusetts Water Resources Authority		3.104		08/01/39		5,982,540
	500,000		Michigan Finance Authority		5.000		07/01/22		531,755
	5,375,000		Montgomery Water Works & Sanitary Sewer Board		1.799		09/01/23		5,469,062
	2,500,000		Montgomery Water Works & Sanitary Sewer Board		1.827		09/01/24		2,551,975
	500,000		New Jersey Economic Development Authority		4.271		06/15/20		502,865
	4,065,000		New York City Housing Development Corp		3.119		08/01/38		4,048,008
	2,500,000		New York City Housing Development Corp		3.720		11/01/39		2,571,850
	945,000		New York State Energy Research & Development Authority		4.577		04/01/35		951,020
	2,115,000		New York State Environmental Facilities Corp		3.420		07/15/26		2,362,392
	7,500,000		New York Transportation Development Corp		5.000		01/01/26		7,525,425
	1,500,000	g	Ohio Air Quality Development Authority		4.250		01/15/38		1,373,340
	2,000,000	g	Ohio Air Quality Development Authority		4.500		01/15/48		1,817,120
	13,180,000		Ohio State Water Development Authority		4.879		12/01/34		14,731,681
	250,000		Oklahoma Water Resources Board		3.071		04/01/22		259,345
	5,750,000	g	Oregon State Business Development Commission		6.500		04/01/31		3,989,235
	2,000,000		Oregon State Business Development Commission		11.500		04/01/31		1,697,020
	5,000,000		Palm Beach County Solid Waste Authority		2.436		10/01/23		5,166,500
	2,665,000		Papio-Missouri River Natural Resource District		2.198		12/15/25		2,695,754
	2,080,000		Papio-Missouri River Natural Resource District		2.318		12/15/26		2,105,355
	3,250,000		Papio-Missouri River Natural Resource District		2.482		12/15/27		3,293,452
	3,290,000		Papio-Missouri River Natural Resource District		2.602		12/15/28		3,336,784
	2,725,000		Pend Oreille County Public Utility District No Box Canyon		5.000		01/01/30		2,869,725
	100,000	g	Pennsylvania Economic Development Financing Authority		5.750		06/01/36		92,085
	1,735,000	g,j	Public Finance Authority		0.000		06/01/29		1,704,412
	1,000,000		Rhode Island Housing & Mortgage Finance Corp		3.300		10/01/39		984,270
	1,450,000		Rhode Island Housing & Mortgage Finance Corp		3.400		10/01/44		1,433,629
	6,950,000		Rhode Island Housing & Mortgage Finance Corp		3.500		10/01/51		6,959,730
	3,350,000		Sacramento Area Flood Control Agency		2.224		10/01/20		3,368,994
	250,000		Sacramento Suburban Water District		3.268		11/01/23		263,497
	440,000		San Francisco City & County Redevelopment Agency		3.113		08/01/22		452,505
	1,000,000		San Francisco City & County Redevelopment Agency		3.533		08/01/25		1,090,980
	1,000,000		San Francisco City & County Redevelopment Agency		4.375		08/01/44		1,081,710
	250,000		Sangamon County Water Reclamation District		2.507		01/01/29		255,345
	2,500,000		Sangamon County Water Reclamation District		2.907		01/01/34		2,520,875
	2,050,000		Sangamon County Water Reclamation District		3.272		01/01/37		2,066,134
	1,900,000		Santa Cruz County Capital Financing Authority		3.375		06/01/31		2,011,587
	1,465,000		Santa Cruz County Capital Financing Authority		3.625		06/01/35		1,548,300
	3,000,000		Semitropic Improvement District		2.499		12/01/25		2,945,700
	380,000	g	South Davis Sewer District		3.750		12/01/22		382,797
	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		1,192,125

209

TIAA-CREF FUNDS - Core Impact Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	1,000,000		State of California			1.800	%	04/01/20	$	1,000,000
	2,780,000		State of California			2.250		10/01/23		2,848,277
	6,530,000		State of California			4.600		04/01/38		7,189,987
	2,480,000		State of California			4.988		04/01/39		2,611,738
	10,750,000	i	State of California	LIBOR 1 M + 0.780%		2.295		04/01/47		10,832,560
	1,000,000		State of Texas			1.737		08/01/22		1,012,060
	2,475,000		State of Texas			2.749		10/01/23		2,606,249
	1,000,000		State of Texas			3.576		08/01/34		1,033,920
	1,000,000		State of Texas			3.726		08/01/43		1,030,710
	5,000,000		Stockton Public Financing Authority			3.610		10/01/40		4,835,550
	2,400,000	g	Syracuse Industrial Development Agency			5.000		01/01/36		2,466,840
	1,000,000		Texas Water Development Board			3.500		10/15/37		1,053,910
	7,500,000		Texas Water Development Board			4.190		10/15/43		8,184,750
	3,000,000		Texas Water Development Board			3.700		10/15/47		3,130,020
	3,000,000		Texas Water Development Board			4.648		04/15/50		3,236,850
	500,000		University of California			2.676		05/15/21		507,090
	1,230,000		University of Cincinnati			3.500		06/01/32		1,300,516
	2,000,000		University of New Mexico			3.532		06/20/32		2,112,480
	1,500,000		Upper Santa Clara Valley Joint Powers Authority			3.750		08/01/38		1,602,750
	4,400,000		Upper Santa Clara Valley Joint Powers Authority			3.875		08/01/48		4,595,932
	5,000,000		Vermont Educational & Health Buildings Financing Agency			4.000		12/01/42		5,355,650
	750,000		Vermont Educational & Health Buildings Financing Agency			4.000		12/01/46		797,273
	1,000,000	g	Warm Springs Reservation Confederated Tribe			3.300		11/01/27		1,026,300
	1,250,000	g	Warm Springs Reservation Confederated Tribe			3.550		11/01/32		1,287,150
	655,000		Washington County Clean Water Services			4.828		10/01/22		708,762
	530,000		Washington County Clean Water Services			5.078		10/01/24		607,836
	1,905,000	g	Washington Economic Development Finance Authority			7.500		01/01/32		1,721,663
	250,000		West Virginia Water Development Authority			5.000		11/01/21		264,503
	650,000		Yuba City Public Financing Authority			3.960		06/01/32		709,332
	1,500,000		Yuba City Public Financing Authority			4.320		06/01/42		1,622,400
	1,000,000		Yuba Levee Financing Authority			3.170		09/01/22		1,045,880
			TOTAL MUNICIPAL BONDS							492,305,766
U.S. TREASURY SECURITIES - 5.9%
	2,500,000		United States Treasury Bond			3.125		05/15/48		3,544,727
	2,500,000		United States Treasury Bond			3.000		02/15/49		3,486,230
	85,804,000		United States Treasury Bond			2.375		11/15/49		107,094,117
	20,454,400	k	United States Treasury Inflation Indexed Bonds			0.500		04/15/24		20,753,634
	12,566,875	k	United States Treasury Inflation Indexed Bonds			0.125		10/15/24		12,721,027
	1,795,000		United States Treasury Note			2.500		01/31/21		1,830,900
	3,600,000		United States Treasury Note			2.250		04/30/21		3,682,406
	4,115,000		United States Treasury Note			1.500		09/30/21		4,194,085
	7,500,000		United States Treasury Note			1.500		10/31/21		7,651,465
	5,000,000		United States Treasury Note			1.375		01/31/22		5,105,078
	7,705,000		United States Treasury Note			1.125		02/28/22		7,832,915

210

TIAA-CREF FUNDS - Core Impact Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,420,000		United States Treasury Note		0.500	%	03/15/23	$	2,435,125
	1,092,000		United States Treasury Note		1.875		08/31/24		1,164,004
	1,395,000		United States Treasury Note		2.250		10/31/24		1,514,229
	13,000,000		United States Treasury Note		1.250		02/28/25		13,482,930
	11,655,000		United States Treasury Note		0.500		03/31/25		11,728,754
	620,000		United States Treasury Note		2.875		04/30/25		696,846
	17,040,000		United States Treasury Note		2.750		06/30/25		19,096,781
	14,250,000		United States Treasury Note		2.750		08/31/25		16,006,758
	19,876,000		United States Treasury Note		0.625		03/31/27		19,985,473
	24,595,000		United States Treasury Note		1.500		02/15/30		26,514,563
			TOTAL U.S. TREASURY SECURITIES						290,522,047
			TOTAL GOVERNMENT BONDS						1,956,797,654
			(Cost $1,873,995,873)
STRUCTURED ASSETS - 11.1%
ASSET BACKED - 3.8%
	325,000	g	AMSR Trust		1.819		04/17/37		301,340
			Series - 2020 SFR1 (Class A)
	450,000	g,i	AMSR Trust		3.148		01/19/39		369,453
			Series - 2019 SFR1 (Class C)
	400,000	g,i	AMSR Trust		3.247		01/19/39		319,209
			Series - 2019 SFR1 (Class D)
	5,000,000	g,i	AREIT Trust		1.725		09/14/36		4,605,216
			Series - 2019 CRE3 (Class A)
	106,933	i	Asset Backed Securities Corp Home Equity Loan Trust		3.386		08/25/34		100,632
			Series - 2004 HE5 (Class M1)
	350,000	i	Bayview Financial Mortgage Pass-Through Trust		1.591		02/28/41		326,049
			Series - 2006 A (Class M3)
	953,212	g	Capital Automotive REIT		3.660		10/15/44		859,970
			Series - 2014 1A (Class A)
	943,467	g	Capital Automotive REIT		3.870		04/15/47		826,744
			Series - 2017 1A (Class A1)
	247,654	i	C-BASS Trust		1.027		07/25/36		225,112
			Series - 2006 CB6 (Class A1)
	1,447,025	†,g,i	CBRE Realty Finance		2.343		04/07/52		0
			Series - 2007 1A (Class A2)
	1,900,619	i	Chase Funding Loan Acquisition Trust		1.802		06/25/34		1,621,775
			Series - 2004 OPT1 (Class M1)
	90,000	i	Citigroup Mortgage Loan Trust		1.697		01/25/36		86,266
			Series - 2006 WFH1 (Class M4)
	1,060,000	g	Corevest American Finance Trust		1.832		03/15/50		987,496
			Series - 2020 1 (Class A1)
	977,500	g	DB Master Finance LLC		3.629		11/20/47		940,414
			Series - 2017 1A (Class A2I)
	1,860,938	g	DB Master Finance LLC		3.787		05/20/49		1,798,577
			Series - 2019 1A (Class A2I)
	868,500	g	Domino's Pizza Master Issuer LLC		4.474		10/25/45		842,888
			Series - 2015 1A (Class A2II)
	3,030,250	g	Domino's Pizza Master Issuer LLC		3.082		07/25/47		2,925,191
			Series - 2017 1A (Class A2II)
	788,000	g	Domino's Pizza Master Issuer LLC		4.116		07/25/48		760,830
			Series - 2018 1A (Class A2I)

211

TIAA-CREF FUNDS - Core Impact Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	704,754	g,i	Ellington Loan Acquisition Trust		2.047	%	05/25/37	$	672,474
			Series - 2007 2 (Class A2C)
	750,000	g	Ford Credit Auto Owner Trust		2.310		08/15/27		743,163
			Series - 2016 1 (Class A)
	7,789,000	g	GSCG Trust		2.936		09/06/34		7,564,221
			Series - 2019 600C (Class A)
	1,526,077	g	HERO Funding Trust		3.840		09/21/40		1,574,869
			Series - 2015 1A (Class A)
	320,385	g	HERO Funding Trust		3.990		09/21/40		325,720
			Series - 2014 2A (Class A)
	1,794,288	g	HERO Funding Trust		3.750		09/20/41		1,844,764
			Series - 2016 2A (Class A)
	1,475,363	g	HERO Funding Trust		4.050		09/20/41		1,531,074
			Series - 2016 1A (Class A)
	3,796,737	g	HERO Funding Trust		3.080		09/20/42		3,851,572
			Series - 2016 3A (Class A1)
	3,425,453	g	HERO Funding Trust		3.910		09/20/42		3,559,891
			Series - 2016 3A (Class A2)
	274,711	g	HERO Funding Trust		4.500		09/21/42		275,374
			Series - 2016 1R (Class A1)
	3,274,312	g	HERO Funding Trust		3.570		09/20/47		3,388,461
			Series - 2016 4A (Class A1)
	3,071,907	g	HERO Funding Trust		3.710		09/20/47		3,216,487
			Series - 2017 1A (Class A1)
	485,083	g	HERO Funding Trust		4.290		09/20/47		511,223
			Series - 2016 4A (Class A2)
	5,318,482	g	HERO Funding Trust		3.190		09/20/48		5,225,609
			Series - 2017 3A (Class A1)
	4,976,618	g	HERO Funding Trust		3.950		09/20/48		5,013,045
			Series - 2017 3A (Class A2)
	2,058,903	g	HERO Funding Trust		4.070		09/20/48		2,150,182
			Series - 2017 2A (Class A2)
	7,285,109	g	HERO Funding Trust		4.670		09/20/48		7,571,014
			Series - 2018 1A (Class A2)
	4,699,000	g	HERO Funding Trust		2.720		09/20/57		4,336,150
			Series - 2020 1A (Class A)
	51,739	i	Home Equity Asset Trust		3.986		06/25/33		48,593
			Series - 2003 1 (Class M1)
	100,000	g,i	Invitation Homes Trust		2.155		06/17/37		84,966
			Series - 2018 SFR2 (Class D)
	361,002	i	JP Morgan Mortgage Acquisition Trust		1.267		03/25/37		330,459
			Series - 2007 CH3 (Class A1B)
	2,462,045	i	JP Morgan Mortgage Acquisition Trust		1.107		06/25/37		2,276,265
			Series - 2007 CH5 (Class A1)
	5,000,000	g,i	MAD Mortgage Trust		3.368		08/15/34		4,477,108
			Series - 2017 330M (Class C)
	3,891,969	g	Mosaic Solar Loans LLC		3.820		06/22/43		3,859,259
			Series - 2017 2A (Class A)
	290,000	g,i	MSCG Trust		3.462		06/07/35		209,114
			Series - 2015 ALDR (Class D)
	703,206	g	MVW Owner Trust		2.420		12/20/34		684,360
			Series - 2017 1A (Class A)
	1,488,465	g,i	Navient Student Loan Trust		1.197		06/27/67		1,486,914
			Series - 2018 4A (Class A1)

212

TIAA-CREF FUNDS - Core Impact Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	36,143	g,i	Orange Lake Timeshare Trust		3.030	%	07/09/29	$	35,866
			Series - 2014 AA (Class B)
	2,193,916	g	Progress Residential Trust		2.897		12/17/34		2,182,065
			Series - 2017 SFR2 (Class A)
	4,000,000		PSNH Funding LLC		3.506		08/01/28		3,954,469
			Series - 2018 1 (Class A2)
	250,000	i	RASC Trust		3.080		08/25/35		239,629
			Series - 2005 KS8 (Class M4)
	1,382,454	g	Renew		3.670		09/20/52		1,448,193
			Series - 2017 1A (Class A)
	3,938,393	g	Renew		3.950		09/20/53		4,104,540
			Series - 2018 1 (Class A)
	90,846	g	SolarCity LMC		4.800		11/20/38		84,023
			Series - 2013 1 (Class A)
	3,280,169	g	SolarCity LMC		4.590		04/20/44		3,128,644
			Series - 2014 1 (Class A)
	731,401	g	SolarCity LMC		4.020		07/20/44		684,203
			Series - 2014 2 (Class A)
	912,107	g	SolarCity LMC		4.800		09/20/48		882,725
			Series - 2016 A (Class A)
	326,223	i	Structured Asset Securities Corp Mortgage Loan Trust		3.081		04/25/35		298,312
			Series - 2005 7XS (Class 2A1A)
	5,542,979	g	Sunrun Athena Issuer LLC		5.310		04/30/49		4,882,128
			Series - 2018 1 (Class A)
	7,175,107	g	Sunrun Atlas Issuer LLC		3.610		02/01/55		5,430,573
			Series - 2019 2 (Class A)
	17,620,338	g	Sunrun Callisto Issuer LLC		3.980		06/30/54		13,377,621
			Series - 2019 1A (Class A)
	10,407,452	g	TES LLC		4.330		10/20/47		8,124,681
			Series - 2017 1A (Class A)
	2,500,000	g	TES LLC		7.740		10/20/47		2,111,396
			Series - 2017 1A (Class B)
	4,279,306	g	TES LLC		4.120		02/20/48		3,002,601
			Series - 2017 2A (Class A)
	23,289,903	g	Tesla Auto Lease Trust		3.710		08/20/21		23,394,922
			Series - 2018 B (Class A)
	4,000,000	g	Tesla Auto Lease Trust		7.870		06/20/22		3,873,887
			Series - 2018 B (Class E)
	3,988,000	g	Tesla Auto Lease Trust		2.160		10/20/22		3,998,579
			Series - 2019 A (Class A3)
	4,125,000	g	Tesla Auto Lease Trust		2.200		11/21/22		4,035,337
			Series - 2019 A (Class A4)
	1,650,000	g	Tesla Auto Lease Trust		5.480		05/22/23		1,640,889
			Series - 2019 A (Class E)
	1,000,000	g	Tricon American Homes Trust		4.878		11/17/33		952,296
			Series - 2016 SFR1 (Class E)
	500,000	g	Tricon American Homes Trust		4.011		09/17/34		458,001
			Series - 2017 SFR1 (Class E)
	498,586	g	Tricon American Homes Trust		2.928		01/17/36		489,398
			Series - 2017 SFR2 (Class A)
	100,000	g	Tricon American Homes Trust		3.275		01/17/36		97,132
			Series - 2017 SFR2 (Class B)
	5,639,851	g	Vivint Colar Financing V LLC		4.730		04/30/48		4,600,297
			Series - 2018 1A (Class A)

213

TIAA-CREF FUNDS - Core Impact Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	4,237,836	g	Vivint Colar Financing V LLC		7.370	%	04/30/48	$	2,797,701
			Series - 2018 1A (Class B)
	1,466,250	g	Wendys Funding LLC		3.573		03/15/48		1,338,158
			Series - 2018 1A (Class A2I)
			TOTAL ASSET BACKED						186,357,759
OTHER MORTGAGE BACKED - 7.3%
	3,465,000	g,i	20 Times Square Trust		3.100		05/15/35		3,296,586
			Series - 2018 20TS (Class B)
	596,302	g,i	Agate Bay Mortgage Trust		3.500		11/25/44		590,483
			Series - 2014 3 (Class A13)
	82,132	g,i	Agate Bay Mortgage Trust		3.500		09/25/45		83,054
			Series - 2015 6 (Class A9)
	175,681	i	Alternative Loan Trust		1.447		06/25/34		154,355
			Series - 2004 8CB (Class M1)
	750,000		Banc of America Commercial Mortgage Trust		3.019		07/15/49		767,891
			Series - 2016 UB10 (Class ASB)
	2,000,000		BANK		3.203		12/15/52		1,872,397
			Series - 2019 BN23 (Class AS)
	5,750,000	g	BBCMS Trust		3.593		09/15/32		5,752,253
			Series - 2015 MSQ (Class A)
	2,500,000	g	BBCMS Trust		3.894		09/15/32		2,447,104
			Series - 2015 MSQ (Class B)
	200,000	g	BBCMS Trust		4.197		08/10/35		199,504
			Series - 2015 SRCH (Class A2)
	4,500,000	g	BBCMS Trust		4.798		08/10/35		4,055,710
			Series - 2015 SRCH (Class C)
	5,000,000	g,i	BBCMS Trust		4.267		08/05/38		3,256,970
			Series - 2018 CHRS (Class E)
	3,000,000	g,i	BBCMS Trust		3.688		02/15/53		1,951,795
			Series - 2020 C6 (Class F5TA)
	1,000,000		Benchmark Mortgage Trust		4.468		03/15/52		950,974
			Series - 2019 B9 (Class B)
	2,000,000		Benchmark Mortgage Trust		3.419		08/15/52		2,002,660
			Series - 2019 B12 (Class AS)
	8,750,000	g,i	Benchmark Mortgage Trust		3.899		03/15/62		6,099,712
			Series - 2019 B10 (Class 3CCA)
	2,500,000	g	BWAY Mortgage Trust		3.342		01/10/35		2,163,287
			Series - 2015 1740 (Class C)
	7,165,504	g,i	BX Commercial Mortgage Trust		1.625		10/15/36		6,815,717
			Series - 2019 XL (Class A)
	4,777,003	g,i	BX Commercial Mortgage Trust		1.955		10/15/36		4,334,537
			Series - 2019 XL (Class C)
	4,777,003	g,i	BX Commercial Mortgage Trust		2.505		10/15/36		4,179,118
			Series - 2019 XL (Class E)
	2,000,000	i	CD Mortgage Trust		3.879		11/10/49		1,893,763
			Series - 2016 CD2 (Class B)
	1,500,000	g	Citigroup Commercial Mortgage Trust		4.350		05/10/36		1,380,659
			Series - 2019 PRM (Class D)
	5,000,000	i	Citigroup Commercial Mortgage Trust		3.758		04/10/48		4,771,675
			Series - 2015 GC29 (Class B)
	4,800,000		Citigroup Commercial Mortgage Trust		3.300		11/10/52		4,536,228
			Series - 2019 GC43 (Class AS)

214

TIAA-CREF FUNDS - Core Impact Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	5,000,000		Citigroup Commercial Mortgage Trust		3.018	%	08/10/56	$	4,658,293
			Series - 2019 GC41 (Class AS)
	2,250,000	g,i	Cityline Commercial Mortgage Trust		2.778		11/10/31		2,179,108
			Series - 2016 CLNE (Class A)
	6,000,000	g	COMM Mortgage Trust		2.681		08/10/29		5,895,107
			Series - 2016 GCT (Class A)
	270,000	g	COMM Mortgage Trust		3.086		08/10/29		263,235
			Series - 2016 GCT (Class B)
	1,500,000	g,i	COMM Mortgage Trust		3.461		08/10/29		1,306,633
			Series - 2016 GCT (Class F)
	4,000,000	g,i	COMM Mortgage Trust		3.538		10/10/29		3,764,642
			Series - 2017 PANW (Class C)
	2,815,000	g	COMM Mortgage Trust		4.353		08/10/30		2,905,559
			Series - 2013 300P (Class A1)
	3,519,000	g,i	COMM Mortgage Trust		5.288		08/10/46		3,107,649
			Series - 2013 LC13 (Class D)
	2,000,000		COMM Mortgage Trust		4.701		03/10/47		2,001,882
			Series - 2014 UBS2 (Class B)
	3,000,000	i	COMM Mortgage Trust		4.974		03/10/47		2,715,819
			Series - 2014 UBS2 (Class C)
	3,300,000	i	COMM Mortgage Trust		4.703		08/10/47		3,296,249
			Series - 2014 CR19 (Class B)
	1,500,000	g,i	COMM Mortgage Trust		4.731		08/10/47		1,255,708
			Series - 2014 CR19 (Class D)
	737,098		COMM Mortgage Trust		3.040		02/10/48		749,844
			Series - 2015 LC19 (Class ASB)
	3,500,000	g,i	COMM Mortgage Trust		4.110		03/10/48		2,794,954
			Series - 2015 CR22 (Class D)
	4,000,000	i	COMM Mortgage Trust		4.304		05/10/48		3,184,208
			Series - 2015 CR23 (Class D)
	360,000	i	COMM Mortgage Trust		3.463		08/10/48		270,590
			Series - 2015 CR24 (Class D)
	10,632		COMM Mortgage Trust		1.516		10/10/49		10,568
			Series - 2016 COR1 (Class A1)
	2,250,000		COMM Mortgage Trust		3.263		08/15/57		2,266,551
			Series - 2019 GC44 (Class AM)
	804,608	i	Connecticut Avenue Securities		3.547		05/25/24		721,923
			Series - 2014 C02 (Class 1M2)
	1,837,999	i	Connecticut Avenue Securities		3.947		07/25/24		1,681,769
			Series - 2014 C03 (Class 1M2)
	247,313	i	Connecticut Avenue Securities		5.947		11/25/24		238,443
			Series - 2014 C04 (Class 2M2)
	174,557	i	Connecticut Avenue Securities		6.497		04/25/28		161,653
			Series - 2015 C04 (Class 2M2)
	273,061	i	Connecticut Avenue Securities		6.647		04/25/28		269,986
			Series - 2015 C04 (Class 1M2)
	311,040	i	Connecticut Avenue Securities		7.697		08/25/28		297,009
			Series - 2016 C01 (Class 1M2)
	1,015,191	i	Connecticut Avenue Securities		7.897		08/25/28		1,014,005
			Series - 2016 C01 (Class 2M2)
	1,531,666	i	Connecticut Avenue Securities		6.847		10/25/28		1,493,374
			Series - 2016 C03 (Class 2M2)
	2,783,371	i	Connecticut Avenue Securities		5.197		01/25/29		2,615,988
			Series - 2016 C04 (Class 1M2)

215

TIAA-CREF FUNDS - Core Impact Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	400,000	i	Connecticut Avenue Securities		5.397	%	01/25/29	$	332,898
			Series - 2016 C05 (Class 2M2B)
	2,628,086	i	Connecticut Avenue Securities		5.397		01/25/29		2,508,181
			Series - 2016 C05 (Class 2M2)
	1,000,000	i	Connecticut Avenue Securities		5.197		04/25/29		961,797
			Series - 2016 C06 (Class 1M2)
	145,000	i	Connecticut Avenue Securities		1.797		09/25/29		116,675
			Series - 2017 C02 (Class 2ED4)
	1,838,716	i	Connecticut Avenue Securities		3.147		01/25/30		1,775,482
			Series - 2017 C05 (Class 1M2A)
	897,519	i	Connecticut Avenue Securities		1.847		08/25/30		825,455
			Series - 2018 C02 (Class 2EA2)
	1,236,520	i	Connecticut Avenue Securities		1.797		10/25/30		1,169,801
			Series - 2018 C03 (Class 1EA2)
	19,571	i	Connecticut Avenue Securities		3.497		12/25/30		16,042
			Series - 2018 C04 (Class 2M2)
	97,615	i	Connecticut Avenue Securities		3.047		03/25/31		81,966
			Series - 2018 C06 (Class 2M2)
	496,088	g,i	Connecticut Avenue Securities		3.397		07/25/31		411,120
			Series - 2019 R01 (Class 2M2)
	2,075,576	g,i	Connecticut Avenue Securities		3.097		09/25/31		1,699,313
			Series - 2019 R03 (Class 1M2)
	3,348,088	g,i	Connecticut Avenue Securities		1.697		09/25/39		3,263,022
			Series - 2019 R06 (Class 2M1)
	192,961	g,i	Connecticut Avenue Securities		1.747		01/25/40		184,500
			Series - 2020 R01 (Class 1M1)
	160,000	g,i	Connecticut Avenue Securities		2.947		01/25/40		103,781
			Series - 2020 R02 (Class 2M2)
	115,301	i	Countrywide Home Loan Mortgage Pass Through Trust		3.921		11/20/34		99,139
			Series - 2004 HYB6 (Class A2)
	14,000,000	g	CPT Mortgage Trust		2.865		11/13/39		13,713,920
			Series - 2019 CPT (Class A)
	2,500,000	g,i	CPT Mortgage Trust		2.997		11/13/39		2,405,030
			Series - 2019 CPT (Class C)
	3,500,000	g,i	CPT Mortgage Trust		2.997		11/13/39		2,667,389
			Series - 2019 CPT (Class E)
	5,000,000	g,i	Credit Suisse Commercial Mortgage Trust		3.728		11/10/32		4,735,291
			Series - 2017 CALI (Class B)
	335,000	g,i	Credit Suisse Commercial Mortgage Trust		1.597		05/25/36		315,681
			Series - 2006 CF2 (Class M3)
	1,014,678	g,i	Credit Suisse Commercial Mortgage Trust		3.500		02/25/48		1,031,036
			Series - 2018 J1 (Class A11)
	5,750,000	g,i	CSAIL Commercial Mortgage Trust		3.677		06/15/37		4,391,039
			Series - 2017 C8 (Class 85BB)
	10,000,000	g,i	CSMC Trust		3.778		11/10/32		9,195,349
			Series - 2017 CALI (Class C)
	700,000	g,i	DBUBS Mortgage Trust		5.530		07/10/44		670,229
			Series - 2011 LC2A (Class D)
	300,000	g,i	Ellington Financial Mortgage Trust		3.587		06/25/59		270,850
			Series - 2019 1 (Class M1)
	306,344	i	Fieldstone Mortgage Investment Trust		1.682		12/25/35		293,984
			Series - 2005 2 (Class M2)
	3,294,942	g,i	FirstKey Mortgage Trust		3.500		11/25/44		3,263,456
			Series - 2014 1 (Class A8)

216

TIAA-CREF FUNDS - Core Impact Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	284,437	g,i	Flagstar Mortgage Trust		4.113	%	10/25/47	$	257,581
			Series - 2017 2 (Class B3)
	204,309	g,i	Flagstar Mortgage Trust		4.000		09/25/48		201,853
			Series - 2018 5 (Class A11)
	3,600,000	g	GRACE Mortgage Trust		3.369		06/10/28		3,618,273
			Series - 2014 GRCE (Class A)
	3,000,000	g,i	GS Mortgage Securities Trust		1.795		10/15/31		2,871,490
			Series - 2018 HART (Class A)
	3,500,000	g,i	GS Mortgage Securities Trust		5.180		12/10/43		3,393,319
			Series - 2010 C2 (Class D)
	1,950,200	g,i	GS Mortgage Securities Trust		4.285		02/10/46		1,775,233
			Series - 2013 GC10 (Class C)
	93,000	i	GS Mortgage Securities Trust		3.799		11/10/49		73,845
			Series - 2016 GS4 (Class C)
	2,000,000	†,g	GS Mortgage Securities Trust		3.000		02/10/52		1,221,242
			Series - 2019 GC38 (Class D)
	437,308	g,i	GS Mortgage-Backed Securities Corp Trust		4.000		11/25/49		440,905
			Series - 2019 PJ2 (Class A1)
	1,144,189	g,i	GS Mortgage-Backed Securities Corp Trust		4.000		11/25/49		1,148,133
			Series - 2019 PJ2 (Class A4)
	458,613	i	HarborView Mortgage Loan Trust		1.370		08/19/45		386,936
			Series - 2005 11 (Class 2A1A)
	3,500,000	g	Hudson Yards Mortgage Trust		2.835		08/10/38		3,582,527
			Series - 2016 10HY (Class A)
	2,500,000	g,i	Hudson Yards Mortgage Trust		2.977		08/10/38		2,327,290
			Series - 2016 10HY (Class E)
	2,500,000	g,i	Hudson Yards Mortgage Trust		2.977		08/10/38		2,498,646
			Series - 2016 10HY (Class B)
	5,750,000	g,i	Hudson Yards Mortgage Trust		2.977		08/10/38		5,585,364
			Series - 2016 10HY (Class C)
	17,500,000	g,i	Hudson Yards Mortgage Trust		3.443		07/10/39		16,316,694
			Series - 2019 30HY (Class D)
	4,000,000	g,i	Hudson Yards Mortgage Trust		2.943		12/10/41		3,585,756
			Series - 2019 55HY (Class D)
	8,250,000	g,i	Hudson Yards Mortgage Trust		2.943		12/10/41		7,275,904
			Series - 2019 55HY (Class E)
	2,500,000	g,i	Hudson Yards Mortgage Trust		2.943		12/10/41		2,074,733
			Series - 2019 55HY (Class F)
	19,215	i	Impac CMB Trust		1.607		03/25/35		16,579
			Series - 2004 11 (Class 2A1)
	1,600,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		4.079		01/15/46		1,364,187
			Series - 2013 C13 (Class D)
	492,537	g,i	JP Morgan Mortgage Trust		2.974		12/25/44		394,489
			Series - 2015 1 (Class B1)
	70,024	g,i	JP Morgan Mortgage Trust		3.500		05/25/45		69,332
			Series - 2015 3 (Class A19)
	845,720	g,i	JP Morgan Mortgage Trust		3.500		10/25/45		832,258
			Series - 2015 6 (Class A13)
	151,208	g,i	JP Morgan Mortgage Trust		3.500		05/25/46		150,510
			Series - 2016 1 (Class A13)
	180,183	g,i	JP Morgan Mortgage Trust		3.500		01/25/47		180,921
			Series - 2017 1 (Class A3)

217

TIAA-CREF FUNDS - Core Impact Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,124,315	g,i	JP Morgan Mortgage Trust		3.500	%	05/25/47	$	1,109,569
			Series - 2017 2 (Class A5)
	292,682	g,i	JP Morgan Mortgage Trust		3.500		05/25/47		292,633
			Series - 2017 2 (Class A13)
	25,086	g,i	JP Morgan Mortgage Trust		3.500		08/25/47		24,980
			Series - 2017 3 (Class 1A5)
	457,336	g,i	JP Morgan Mortgage Trust		3.500		09/25/48		444,901
			Series - 2018 3 (Class A13)
	144,648	g,i	JP Morgan Mortgage Trust		3.500		10/25/48		140,654
			Series - 2018 4 (Class A13)
	603,977	g,i	JP Morgan Mortgage Trust		3.500		10/25/48		587,089
			Series - 2018 5 (Class A13)
	331,492	g,i	JP Morgan Mortgage Trust		4.000		01/25/49		332,081
			Series - 2018 8 (Class A5)
	264,577	g,i	JP Morgan Mortgage Trust		4.000		01/25/49		261,382
			Series - 2018 8 (Class A13)
	691,965	g,i	JP Morgan Mortgage Trust		4.000		02/25/49		705,309
			Series - 2018 9 (Class A13)
	765,146	g,i	JP Morgan Mortgage Trust		4.000		05/25/49		774,757
			Series - 2019 1 (Class A3)
	924,988	g,i	JP Morgan Mortgage Trust		4.000		05/25/49		910,151
			Series - 2019 1 (Class A15)
	339,820	g,i	JP Morgan Mortgage Trust		4.000		08/25/49		336,107
			Series - 2019 2 (Class A4)
	663,982	g,i	JP Morgan Mortgage Trust		4.751		09/25/49		629,598
			Series - 2019 3 (Class B1)
	907,030	g,i	JP Morgan Mortgage Trust		3.895		06/25/50		720,088
			Series - 2020 1 (Class B2)
	2,400,000	i	JPMBB Commercial Mortgage Securities Trust		4.473		09/15/47		2,095,691
			Series - 2014 C23 (Class C)
	1,000,000	i	JPMBB Commercial Mortgage Securities Trust		4.307		02/15/48		856,214
			Series - 2015 C27 (Class C)
	248,462		JPMDB Commercial Mortgage Securities Trust		1.537		12/15/49		246,625
			Series - 2016 C4 (Class A1)
	990,008	g	Ladder Capital Commercial Mortgage Securities		3.575		02/15/36		985,204
			Series - 2013 GCP (Class A1)
	10,000,000	g	Liberty Street Trust		3.597		02/10/36		10,344,138
			Series - 2016 225L (Class A)
	4,000,000	g,i	MAD Mortgage Trust		3.082		08/15/34		3,839,305
			Series - 2017 330M (Class A)
	1,910,069	g	Morgan Stanley Bank of America Merrill Lynch Trust		4.750		12/15/46		1,574,504
			Series - 2014 C19 (Class LNC3)
	737,507		Morgan Stanley Bank of America Merrill Lynch Trust		3.069		02/15/48		752,489
			Series - 2015 C20 (Class ASB)
	351,715	i	Morgan Stanley Capital I Trust		1.772		08/25/34		336,150
			Series - 2004 HE6 (Class M1)
	425,000	g,i	Morgan Stanley Capital I Trust		1.405		11/15/34		402,336
			Series - 2017 CLS (Class A)

218

TIAA-CREF FUNDS - Core Impact Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	210,952	†,i	Morgan Stanley Capital I Trust		6.149	%	12/12/49	$	125,727
			Series - 2007 IQ16 (Class AJFX)
	750,000		Morgan Stanley Capital I Trust		4.177		07/15/51		824,414
			Series - 2018 H3 (Class A5)
	2,500,000	g,i	MSDB Trust		3.316		07/11/39		2,359,820
			Series - 2017 712F (Class A)
	3,600,000	g,i	MSDB Trust		3.453		07/11/39		2,971,018
			Series - 2017 712F (Class B)
	3,450,000	g,i	Natixis Commercial Mortgage Securities Trust		3.790		11/15/32		3,418,876
			Series - 2018 285M (Class A)
	1,050,000	g,i	Natixis Commercial Mortgage Securities Trust		3.790		11/15/32		1,020,849
			Series - 2018 285M (Class C)
	10,500,000	g,i	Natixis Commercial Mortgage Securities Trust		1.488		07/15/33		10,028,624
			Series - 2018 850T (Class A)
	14,000,000	g,i	Natixis Commercial Mortgage Securities Trust		4.955		07/15/36		11,554,907
			Series - 2019 MILE (Class F)
	151,002	i	New York Mortgage Trust		1.427		02/25/36		137,239
			Series - 2005 3 (Class A1)
	14,500,000	g	One Bryant Park Trust		2.516		09/15/54		14,444,082
			Series - 2019 OBP (Class A)
	2,750,000	g	One Market Plaza Trust		3.614		02/10/32		2,668,549
			Series - 2017 1MKT (Class A)
	112,404	g	Prima Capital CRE Securitization Ltd		2.550		08/24/49		111,908
			Series - 2015 4A (Class MR-A)
	809,452	g,i	Sequoia Mortgage Trust		3.500		05/25/45		824,910
			Series - 2015 2 (Class A1)
	233,409	g,i	Sequoia Mortgage Trust		3.500		06/25/46		236,325
			Series - 2016 1 (Class A19)
	277,964	g,i	Sequoia Mortgage Trust		3.500		11/25/46		279,128
			Series - 2016 3 (Class A10)
	717,309	g,i	Sequoia Mortgage Trust		3.500		04/25/47		725,573
			Series - 2017 3 (Class A19)
	1,623,208	g,i	Sequoia Mortgage Trust		3.500		04/25/47		1,630,569
			Series - 2017 3 (Class A4)
	234,381	g,i	Sequoia Mortgage Trust		3.754		09/25/47		220,218
			Series - 2017 6 (Class B1)
	556,262	g,i	Sequoia Mortgage Trust		3.500		02/25/48		561,842
			Series - 2018 2 (Class A1)
	184,193	g,i	Sequoia Mortgage Trust		3.500		02/25/48		185,266
			Series - 2018 2 (Class A19)
	114,037	g,i	Sequoia Mortgage Trust		3.500		03/25/48		114,809
			Series - 2018 3 (Class A1)
	123,395	g,i	Sequoia Mortgage Trust		3.500		03/25/48		122,832
			Series - 2018 3 (Class A4)
	470,463	g,i	Sequoia Mortgage Trust		4.000		09/25/48		468,857
			Series - 2018 7 (Class A4)
	278,934	g,i	Sequoia Mortgage Trust		4.000		09/25/48		280,325
			Series - 2018 7 (Class A19)
	117,558	g,i	Sequoia Mortgage Trust		4.000		11/25/48		120,551
			Series - 2018 8 (Class A1)

219

TIAA-CREF FUNDS - Core Impact Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	196,841	g,i	Sequoia Mortgage Trust		4.000	%	11/25/48	$	201,032
			Series - 2018 8 (Class A19)
	1,109,854	g,i	Sequoia Mortgage Trust		4.000		06/25/49		1,103,545
			Series - 2019 2 (Class A1)
	324,566	g,i	Sequoia Mortgage Trust		4.000		06/25/49		321,203
			Series - 2019 2 (Class A19)
	1,868,810	g,i	Sequoia Mortgage Trust		3.500		11/25/49		1,895,564
			Series - 2019 4 (Class A1)
	1,519,179	g,i	Sequoia Mortgage Trust		3.500		12/25/49		1,546,387
			Series - 2019 5 (Class A1)
	853,040	g,i	Sequoia Mortgage Trust		3.500		12/25/49		863,498
			Series - 2019 5 (Class A19)
	2,845,000	g,i	Sequoia Mortgage Trust		3.000		04/25/50		2,866,592
			Series - 2020 3 (Class A19)
	3,758,242	g,i	Shellpoint Co-Originator Trust		3.500		10/25/47		3,806,267
			Series - 2017 2 (Class A1)
	1,392,777	i	Structured Agency Credit Risk Debt Note (STACR)		5.597		10/25/28		1,323,138
			Series - 2016 DNA2 (Class M3)
	801,001	i	STACR		2.297		03/25/29		767,288
			Series - 2016 HQA3 (Class M2)
	336,000	i	STACR		4.197		07/25/29		295,680
			Series - 2017 DNA1 (Class M2)
	103,007	i	STACR		2.147		10/25/29		100,296
			Series - 2017 DNA2 (Class M1)
	206,805	i	STACR		1.697		03/25/30		203,425
			Series - 2017 DNA3 (Class M1)
	1,217,418	i	STACR		1.897		04/25/30		1,138,027
			Series - 2017 HQA3 (Class M2AS)
	2,243,200	i	STACR		3.297		04/25/30		1,925,774
			Series - HQA3 (Class M2)
	361,014	g,i	STACR		3.729		02/25/48		358,715
			Series - 2018 SPI1 (Class M1)
	173,411	g,i	STACR		3.811		05/25/48		167,758
			Series - 2018 SPI2 (Class M1)
	198,021	g,i	STACR		4.148		08/25/48		193,350
			Series - 2018 SPI3 (Class M1)
	1,101,116	g,i	STACR		4.461		11/25/48		905,538
			Series - 2018 SPI4 (Class M2)
	360,000	g,i	STACR		2.797		02/25/50		228,673
			Series - 2020 DNA2 (Class M2)
	342,000	g,i	STACR		3.911		03/25/50		220,071
			Series - 2020 HQA2 (Class M2)
	12,640,000	g	VNDO Mortgage Trust		3.808		12/13/29		12,612,385
			Series - 2013 PENN (Class A)
	2,925,000	g,i	VNDO Trust		3.337		11/15/30		2,732,583
			Series - 2012 6AVE (Class C)
	2,711,000	g	VNDO Trust		3.805		01/10/35		2,835,462
			Series - 2016 350P (Class A)
	3,000,000	g,i	VNDO Trust		3.903		01/10/35		3,129,005
			Series - 2016 350P (Class B)
	758,273	i	Wachovia Bank Commercial Mortgage Trust		5.748		04/15/47		742,137
			Series - 2007 C31 (Class F)

220

TIAA-CREF FUNDS - Core Impact Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	750,000		Wells Fargo Commercial Mortgage Trust		2.514	%	08/15/49	$	755,401
			Series - 2016 BNK1 (Class ASB)
	750,000		Wells Fargo Commercial Mortgage Trust		3.185		03/15/59		771,169
			Series - 2016 C33 (Class ASB)
	602,318	g,i	Wells Fargo Mortgage Backed Securities Trust		4.000		04/25/49		606,816
			Series - 2019 2 (Class A17)
	350,000	g,i	WFRBS Commercial Mortgage Trust		5.174		02/15/44		355,335
			Series - 2011 C2 (Class B)
	750,000		WFRBS Commercial Mortgage Trust		3.311		03/15/45		745,288
			Series - 2013 C11 (Class AS)
	650,000	i	WFRBS Commercial Mortgage Trust		4.690		12/15/46		585,563
			Series - 2013 C18 (Class C)
			TOTAL OTHER MORTGAGE BACKED						363,265,745
			TOTAL STRUCTURED ASSETS						549,623,504
			(Cost $595,861,627)
			TOTAL BONDS						4,837,070,655
			(Cost $4,815,836,459)
SHARES			COMPANY
PREFERRED STOCKS - 0.5%
REAL ESTATE - 0.4%
	400,000	*	Brookfield Property Partners LP						6,376,000
	695,000	*	Brookfield Property Partners LP						9,730,000
			TOTAL REAL ESTATE						16,106,000
UTILITIES - 0.1%
	308,000	*	Brookfield Renewable Partners LP						5,999,840
			TOTAL UTILITIES						5,999,840
			TOTAL PREFERRED STOCKS						22,105,840
			(Cost $35,075,000)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 2.6%
GOVERNMENT AGENCY DEBT - 2.6%
$	23,000,000		Federal Farm Credit Bank (FFCB)		0.030		09/28/20		22,985,050
	10,000,000		FFCB		0.100		11/20/20		9,990,939
	800,000		Federal Home Loan Bank (FHLB)		0.550		04/23/20		799,966
	11,117,000		FHLB		0.120		05/11/20		11,116,135
	3,740,000		FHLB		0.550		05/26/20		3,739,600
	19,821,000		FHLB		0.150		05/28/20		19,818,803
	4,255,000		FHLB		0.200		07/13/20		4,253,905
	12,500,000		FHLB		0.060		10/01/20		12,491,104
	18,000,000		FHLB		0.070		10/13/20		17,986,350
	10,000,000		FHLB		0.100		01/19/21		9,986,978
	10,000,000		FHLB		0.170		03/08/21		9,983,897
	6,000,000		Federal Home Loan Mortgage Corp (FHLMC)		0.100		08/19/20		5,997,433
			TOTAL GOVERNMENT AGENCY DEBT						129,150,160

221

TIAA-CREF FUNDS - Core Impact Bond Fund

ISSUER	VALUE
TOTAL SHORT-TERM INVESTMENTS	$	129,150,160
(Cost $129,174,220)
TOTAL INVESTMENTS - 101.1%		4,998,286,654
(Cost $4,991,200,313)
OTHER ASSETS & LIABILITIES, NET - (1.1)%		(53,736,411	)
NET ASSETS - 100.0%	$	4,944,550,243

	Abbreviation(s):
EUR	Euro
LIBOR	London Interbank Offered Rate
M	Month
REIT	Real Estate Investment Trust
SOFR	Secure Overnight Financing Rate
*	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, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2020, the aggregate value of these securities is $1,114,143,294 or 22.5% 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
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 March 31, 2020 were as follows:

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date	Unrealized appreciation (depreciation)
$	7,150,049	EUR	6,490,250	Bank of America, N.A.	06/30/20	$	(32,772)

	Abbreviation(s):
EUR	Euro

222

TIAA-CREF FUNDS - Core Plus Bond Fund

TIAA-CREF FUNDS

CORE PLUS BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2020

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 2.4%
AUTOMOBILES & COMPONENTS - 0.1%
$	997,494	i	Clarios Global LP	LIBOR 1 M + 3.500%		4.441	%	04/30/26	$	907,719
	2,715,467	i	Gates Global LLC	LIBOR 1 M + 2.750%		3.750		04/01/24		2,340,733
			TOTAL AUTOMOBILES & COMPONENTS							3,248,452
CAPITAL GOODS - 0.2%
	2,531,447	i	CHI Overhead Doors, Inc	LIBOR 1 M + 3.250%		4.250		07/31/22		2,154,894
	1,500,000	h,i	Fluidra SA	LIBOR 1 M + 2.000%		2.989		07/02/25		1,350,000
	679,029	i	MKS Instruments, Inc	LIBOR 1 M + 1.750%		2.739		02/02/26		607,140
	330,817	i	Penn Engineering & Manufacturing Corp	LIBOR 3 M + 2.750%		4.125		06/27/24		286,157
	249,361	i	PODS LLC	LIBOR 1 M + 2.750%		3.750		12/06/24		220,684
	483,750	i	Proampac PG Borrower LLC	LIBOR 1 M and 3 M + 3.500%		4.500		11/20/23		400,908
	994,975	i	Prometric Holdings Inc	LIBOR 1 M + 3.000%		4.000		01/29/25		746,231
	1,480,591	i	TransDigm, Inc	LIBOR 1 M + 2.250%		3.239		12/09/25		1,343,637
			TOTAL CAPITAL GOODS							7,109,651
COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
	2,169,563	i	Allied Universal Holdco LLC	LIBOR 1 M + 4.250%		5.239		07/10/26		1,995,998
	1,945,000	i	Clean Harbors, Inc	LIBOR 1 M + 1.750%		2.739		06/28/24		1,765,691
	1,590,575	i	GFL Environmental, Inc	LIBOR 1 M + 3.000%		4.000		05/30/25		1,534,905
	598,469	i	Packers Holdings LLC	LIBOR 1 M + 3.250%		4.250		12/04/24		501,218
	1,407,663	i	Prime Security Services	LIBOR 1 M + 3.250%		4.606		09/23/26		1,257,043
	1,741,110	i	Spin Holdco, Inc	LIBOR 3 M + 3.250%		5.093		11/14/22		1,545,236
	2,529,277	i	Trans Union LLC	LIBOR 1 M + 1.750%		2.739		11/16/26		2,414,195
	1,118,576	i	WASH Multifamily Laundry Systems LLC	LIBOR 1 M + 3.250%		4.250		05/16/22		928,418
	195,896	i	WASH Multifamily Laundry Systems LLC	LIBOR 1 M + 3.250%		4.250		05/16/22		162,593
	1,443,919	i	West Corp	LIBOR 3 M + 4.000%		5.450		10/10/24		1,076,802
	1,196,736	i	XPO Logistics, Inc	LIBOR 3 M + 2.000%		3.613		02/24/25		1,128,354
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							14,310,453
CONSUMER DURABLES & APPAREL - 0.0%
	1,429,730	i	Academy Ltd	LIBOR 1 M + 4.000%		5.515		07/01/22		763,318
	500,000	h,i	Wilsonart LLC	LIBOR 3 M + 3.250%		4.710		12/19/23		400,000
			TOTAL CONSUMER DURABLES & APPAREL							1,163,318
CONSUMER SERVICES - 0.2%
	2,367,905	i	CDS US Intermediate Holdings, Inc	LIBOR 3 M + 3.750%		5.200		07/08/22		1,197,639
	3,237,666	i	KUEHG Corp	LIBOR 3 M + 3.750%		5.200		02/21/25		2,399,111
	2,248,365	i	Scientific Games International, Inc	LIBOR 1 M and 2 M + 2.750%		3.739		08/14/24		1,806,179
	3,484,285	i	Sterling Midco Holdings, Inc	LIBOR 1 M + 3.500%		4.500		06/19/24		2,839,692
			TOTAL CONSUMER SERVICES							8,242,621
DIVERSIFIED FINANCIALS - 0.0%
	376,166	i	Lions Gate Capital Holdings LLC	LIBOR 1 M + 2.250%		3.239		03/24/25		336,668
			TOTAL DIVERSIFIED FINANCIALS							336,668

223

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
ENERGY - 0.0%
$	1,435,000	i	California Resources Corp	LIBOR 3 M + 10.375%		11.988	%	12/31/21	$	67,646
	2,973,290	i	Ultra Resources, Inc	LIBOR 3 M + 4.000%		5.603		04/12/24		1,399,914
			TOTAL ENERGY							1,467,560
FOOD & STAPLES RETAILING - 0.0%
	1,121,250	i	Give & Go Prepared Foods Corp	Prime 3 M + 3.250%		6.500		07/29/23		1,094,620
			TOTAL FOOD & STAPLES RETAILING							1,094,620
FOOD, BEVERAGE & TOBACCO - 0.0%
	1,800,000	i	Froneri US, Inc	LIBOR 1 M + 2.250%		3.239		01/29/27		1,705,500
			TOTAL FOOD, BEVERAGE & TOBACCO							1,705,500
HEALTH CARE EQUIPMENT & SERVICES - 0.4%
	2,030,365	i	Change Healthcare Holdings LLC	LIBOR 1 M + 2.500%		3.500		03/01/24		1,908,543
	450,000	i	Da Vinci Purchaser Corp	LIBOR 3 M + 4.000%		5.872		01/08/27		423,000
	2,491,039	i	Endo Luxembourg Finance I Co Sarl	LIBOR 1 M + 4.250%		5.250		04/29/24		2,223,252
	994,859	i	ExamWorks Group Inc	LIBOR 3 M and 6 M + 3.250%		4.250		07/27/23		890,399
	1,496,212	i	Gentiva Health Services, Inc	LIBOR 1 M + 3.250%		4.250		07/02/25		1,398,958
	541,932	i	Greatbatch Ltd	LIBOR 1 M + 2.500%		3.510		10/27/22		506,707
	1,744,778	h,i	Jaguar Holding Co II	LIBOR 1 M + 2.500%		3.500		08/18/22		1,660,662
	1,452,650	i	Midwest Physician Administrative Services LLC	LIBOR 1 M + 2.750%		3.739		08/15/24		1,147,593
	1,915,582	i	Onex Schumacher Finance LP	LIBOR 3 M + 4.000%		5.450		07/29/22		1,453,927
	962,500	i	Precyse Acquisition Corp	LIBOR 1 M + 4.500%		5.500		10/20/22		801,281
	2,767,907	h,i	RegionalCare Hospital Partners Holdings, Inc	LIBOR 1 M + 3.750%		4.739		11/16/25		2,555,138
	2,000,000	i	Select Medical Corp	LIBOR 1 M + 2.500%		3.430		03/06/25		1,890,000
	2,070,803	i	Team Health Holdings, Inc	LIBOR 1 M + 2.750%		3.750		02/06/24		1,294,252
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							18,153,712
INSURANCE - 0.1%
	218,838	i	Acrisure LLC	LIBOR 3 M + 3.500%		5.207		02/15/27		192,577
	1,568,488	i	Asurion LLC	LIBOR 1 M + 3.000%		3.989		08/04/22		1,479,602
	331,251	i	Asurion LLC	LIBOR 1 M + 3.000%		3.989		11/03/23		314,688
	800,000	i	Asurion LLC	LIBOR 1 M + 6.500%		7.489		08/04/25		729,000
	997,500	i	HUB International Ltd	LIBOR 3 M + 4.000%		5.692		04/25/25		935,156
	1,994,885	i	USI, Inc	LIBOR 1 M + 3.000%		3.989		05/16/24		1,815,345
			TOTAL INSURANCE							5,466,368
MATERIALS - 0.2%
	994,285	i	Atotech Alpha 3 BV	LIBOR 3 M + 3.000%		4.450		01/31/24		904,799
	2,000,000	i	Berry Global, Inc	LIBOR 1 M + 2.000%		2.863		10/01/22		1,904,160
	706,076	i	Flex Acquisition Co, Inc	LIBOR 1 M and 3 M + 3.000%		4.581		12/31/23		638,999
	212,665	i	H.B. Fuller Co	LIBOR 1 M + 2.000%		2.773		10/21/24		183,291
	1,180,875	i	Messer Industries USA, Inc	LIBOR 3 M + 2.500%		3.950		03/01/26		1,043,893
	401,448	i	Plastipak Holdings, Inc	LIBOR 1 M + 2.500%		3.490		10/15/24		360,099
	2,719,351	h,i	Quikrete Holdings, Inc	LIBOR 1 M + 2.500%		3.489		02/01/27		2,501,803
	1,548,090	h,i	Tronox Finance LLC	LIBOR 1 M and 3 M + 2.750%		3.739		09/23/24		1,347,938

224

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	1,500,000	i	Zekelman Industries, Inc	LIBOR 1 M + 2.250%		3.209	%	01/25/27	$	1,365,000
			TOTAL MATERIALS							10,249,982
MEDIA & ENTERTAINMENT - 0.2%
	300,000	h,i	Banijay Group US Holding, Inc	LIBOR 1 M + 3.750%		4.750		03/04/25		264,000
	1,515,732	i	CSC Holdings LLC	LIBOR 1 M + 2.250%		2.862		07/17/25		1,442,477
	995,000	i	Diamond Sports Group LLC	LIBOR 1 M + 3.250%		4.180		08/24/26		766,150
	703,820	i	EIG Investors Corp	LIBOR 3 M + 3.750%		5.388		02/09/23		559,537
	250,000	i	GOBP Holdings, Inc	LIBOR 3 M + 2.750%		3.744		10/22/25		230,625
	450,000	i	Match Group, Inc	LIBOR 3 M + 1.750%		3.457		02/07/27		403,501
	498,750	i	Pregis TopCo Corp	LIBOR 1 M + 4.000%		4.989		07/31/26		431,419
	773,063	i	Terrier Media Buyer, Inc	LIBOR 3 M + 4.250%		5.700		12/17/26		682,228
	2,996,147	i	Univision Communications, Inc	LIBOR 1 M + 2.750%		3.750		03/15/24		2,524,254
			TOTAL MEDIA & ENTERTAINMENT							7,304,191
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1%
	1,779,375	i	Alphabet Holding Co, Inc	LIBOR 1 M + 3.500%		4.489		09/26/24		1,406,703
	1,946,632	i	Bausch Health Americas, Inc	LIBOR 1 M + 3.000%		3.612		06/02/25		1,842,000
	997,169	i	PAREXEL International Corp	LIBOR 1 M + 2.750%		3.739		09/27/24		846,347
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							4,095,050
REAL ESTATE - 0.1%
	2,765,000	i	Cushman & Wakefield plc	LIBOR 1 M + 2.750%		3.739		08/21/25		2,412,463
	661,500	i	Ten-X LLC	LIBOR 1 M and 3 M + 3.000%		5.000		09/29/24		533,612
			TOTAL REAL ESTATE							2,946,075
RETAILING - 0.1%
	1,321,688	i	Camelot Finance S.A.	LIBOR 1 M + 3.250%		4.239		10/28/26		1,242,386
	216,057	†,i	FBB Holdings III, Inc	LIBOR 3 M + 9.000%		10.000		02/07/24		64,817
	891,627	i	Men’s Wearhouse, Inc	LIBOR 1 M + 3.250%		4.831		04/09/25		303,153
	2,245,425	i	PetSmart, Inc	LIBOR 3 M + 4.000%		5.000		03/11/22		2,147,479
	806,830	i	Sally Holdings LLC	LIBOR 1 M + 2.250%		3.240		07/05/24		677,737
	1,960,188	i	Staples, Inc	LIBOR 1 M + 5.000%		6.515		04/16/26		1,538,747
			TOTAL RETAILING							5,974,319
SOFTWARE & SERVICES - 0.1%
	2,516,987	i	DTI Holdco, Inc	LIBOR 3 M + 4.750%		6.527		10/02/23		1,768,183
	922,696	i	Infor US, Inc	LIBOR 1 M + 2.750%		3.750		02/01/22		884,404
	2,107,000	i	Mitchell International, Inc	LIBOR 1 M + 3.250%		4.239		11/29/24		1,741,794
	120,000	i	Presidio Holdings, Inc	LIBOR 2 M + 3.500%		5.280		01/22/27		111,600
	1,750,000	i	Web.com Group Inc	LIBOR 3 M + 3.750%		4.945		10/10/25		1,426,250
			TOTAL SOFTWARE & SERVICES							5,932,231
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	2,000,000	i	Dell International LLC	LIBOR 1 M + 2.000%		2.990		09/19/25		1,901,260
	231,947	†,i	MTS Systems Corp	LIBOR 1 M + 3.250%		4.240		07/05/23		208,753
	1,300,000	i	Pitney Bowes, Inc	LIBOR 1 M + 5.500%		6.490		01/17/25		1,105,000
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							3,215,013
TELECOMMUNICATION SERVICES - 0.1%
	1,152,293	i	CNT Holdings III Corp	LIBOR 3 M + 3.000%		4.080		01/22/23		1,024,826
	700,000	i	Front Range BidCo, Inc	LIBOR 1 M + 3.000%		3.989		03/09/27		658,000

225

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	994,962	i	Sprint Communications, Inc	LIBOR 1 M + 3.000%		4.000	%	02/02/24	$	987,500
			TOTAL TELECOMMUNICATION SERVICES							2,670,326
TRANSPORTATION - 0.0%
	2,000,000	i	Genesee & Wyoming, Inc	LIBOR 3 M + 2.000%		3.450		12/30/26		1,906,260
			TOTAL TRANSPORTATION							1,906,260
UTILITIES - 0.1%
	471,244	i	AssuredPartners, Inc	LIBOR 1 M + 3.500%		4.489		02/12/27		408,804
	994,821	†,i	Gopher Resource LLC	LIBOR 1 M + 3.250%		4.250		03/06/25		880,416
	1,546,125	i	ProQuest LLC	LIBOR 1 M + 3.500%		4.489		10/23/26		1,437,896
	497,500	i	Talen Energy Supply LLC	LIBOR 1 M + 3.750%		4.739		06/26/26		430,338
			TOTAL UTILITIES							3,157,454
			TOTAL BANK LOAN OBLIGATIONS							109,749,824
			(Cost $129,092,981)
BONDS - 92.9%
CORPORATE BONDS - 37.8%
AUTOMOBILES & COMPONENTS - 0.4%
	350,000	g	Adient Global Holdings Ltd			4.875		08/15/26		239,698
	720,000	g	Allison Transmission, Inc			5.000		10/01/24		698,400
	1,500,000	g	Dana Financing Luxembourg SARL			6.500		06/01/26		1,320,000
	575,000		Dana, Inc			5.375		11/15/27		465,750
	1,000,000		Ford Motor Co			7.450		07/16/31		720,000
	4,900,000	g	Gates Global LLC			6.250		01/15/26		4,336,500
	100,000		General Motors Co			5.000		10/01/28		87,683
	1,350,000		General Motors Co			6.600		04/01/36		1,174,898
	1,325,000		General Motors Co			6.250		10/02/43		1,052,249
	3,325,000		General Motors Co			5.200		04/01/45		2,635,402
	750,000		General Motors Co			6.750		04/01/46		599,694
	1,650,000	g	Hyundai Capital America			2.375		02/10/23		1,555,494
	1,650,000	g	Hyundai Capital America			3.000		02/10/27		1,530,638
	250,000	g,o	IHO Verwaltungs GmbH			4.750		09/15/26		195,000
	1,450,000		Magna International, Inc			3.625		06/15/24		1,508,857
			TOTAL AUTOMOBILES & COMPONENTS							18,120,263
BANKS - 8.1%
	2,000,000	g	Akbank TAS			6.797		04/27/28		1,555,600
	2,450,000	g	Australia & New Zealand Banking Group Ltd			2.950		07/22/30		2,321,460
	2,425,000	g	Banco del Estado de Chile			4.125		10/07/20		2,431,087
	3,575,000	g	Banco del Estado de Chile			2.668		01/08/21		3,548,188
	2,375,000	g	Banco del Estado de Chile			2.704		01/09/25		2,210,555
	2,000,000	g	Banco Internacional del Peru SAA Interbank			3.375		01/18/23		1,890,000
	1,905,000		Banco Santander S.A.			3.800		02/23/28		1,869,408
	1,700,000		Bancolombia S.A.			3.000		01/29/25		1,523,217
	2,000,000		Bancolombia S.A.			4.625		12/18/29		1,750,000
	3,000,000	g	Bank Leumi Le-Israel BM			3.275		01/29/31		2,787,120
	10,000,000		Bank of America Corp			2.250		04/21/20		9,998,400
	2,150,000		Bank of America Corp			3.875		08/01/25		2,305,193

226

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	11,975,000		Bank of America Corp		2.456	%	10/22/25	$	12,076,316
	3,850,000		Bank of America Corp		4.250		10/22/26		4,108,166
	4,575,000		Bank of America Corp		3.559		04/23/27		4,788,422
	2,735,000		Bank of America Corp		3.248		10/21/27		2,856,417
	1,375,000		Bank of America Corp		3.824		01/20/28		1,426,156
	4,004,000		Bank of America Corp		3.419		12/20/28		4,134,220
	3,625,000		Bank of America Corp		2.884		10/22/30		3,619,891
	20,250,000		Bank of America Corp		2.496		02/13/31		19,428,236
	2,000,000		Bank of America Corp		4.083		03/20/51		2,270,346
	630,000		Bank of America Corp		6.300		N/A‡		661,500
	7,000,000		Bank of America Corp		6.100		N/A‡		7,070,000
	5,000,000	g	Bank of Montreal		2.500		01/11/22		5,155,924
	1,500,000		Barclays plc		4.338		05/16/24		1,447,112
	3,000,000		Barclays plc		3.932		05/07/25		2,879,035
	1,000,000	g	BNG Bank NV		3.125		11/08/21		1,041,537
	1,500,000	g	BNG Bank NV		1.500		10/16/24		1,548,713
	1,800,000	g	BPCE S.A.		4.625		07/11/24		1,769,696
	3,000,000		Capital One NA		2.650		08/08/22		2,970,738
	5,000,000		CitiBank NA		2.100		06/12/20		4,990,480
	6,735,000		CitiBank NA		2.850		02/12/21		6,767,653
	1,625,000		Citigroup, Inc		3.875		03/26/25		1,703,109
	5,895,000		Citigroup, Inc		3.200		10/21/26		6,105,654
	2,805,000		Citigroup, Inc		4.300		11/20/26		2,965,978
	6,070,000		Citigroup, Inc		4.450		09/29/27		6,364,741
	11,200,000		Citigroup, Inc		2.666		01/29/31		10,867,306
	8,300,000		Citigroup, Inc		4.412		03/31/31		9,132,295
	7,500,000		Citigroup, Inc		4.700		N/A‡		6,487,500
	10,000,000		Citigroup, Inc		5.000		N/A‡		9,141,600
	1,525,000		Citizens Bank NA		2.650		05/26/22		1,523,165
	1,380,000		Cooperatieve Rabobank UA		3.950		11/09/22		1,388,043
	1,350,000	g	Cooperatieve Rabobank UA		2.625		07/22/24		1,311,501
	5,725,000		Cooperatieve Rabobank UA		3.750		07/21/26		5,516,458
	2,325,000	g	Credit Agricole S.A.		3.250		10/04/24		2,328,935
	1,075,000	g	Credit Agricole S.A.		2.375		01/22/25		1,052,052
	830,000	g	Danske Bank AS		5.375		01/12/24		873,714
	1,525,000	g	DBS Group Holdings Ltd		4.520		12/11/28		1,581,977
	1,206,000		Discover Bank		3.200		08/09/21		1,200,298
	2,450,000		Discover Bank		2.450		09/12/24		2,347,264
	800,000		Discover Bank		4.250		03/13/26		801,560
	1,625,000		Discover Bank		3.450		07/27/26		1,588,937
	1,375,000		Discover Bank		2.700		02/06/30		1,195,332
	1,100,000		HSBC Holdings plc		3.033		11/22/23		1,091,888
	2,200,000		HSBC Holdings plc		3.803		03/11/25		2,290,400
	1,775,000		HSBC Holdings plc		2.633		11/07/25		1,722,204
	1,300,000		HSBC Holdings plc		3.900		05/25/26		1,322,607
	5,675,000		HSBC Holdings plc		4.292		09/12/26		5,932,756
	630,000		HSBC Holdings plc		4.375		11/23/26		668,936
	1,250,000		HSBC Holdings plc		4.041		03/13/28		1,272,210
	1,325,000		HSBC Holdings plc		4.950		03/31/30		1,461,263
	2,200,000		HSBC Holdings plc		3.973		05/22/30		2,259,451
	990,000		Huntington Bancshares, Inc		4.000		05/15/25		1,036,449
	2,625,000		Huntington National Bank		2.500		08/07/22		2,631,376
	1,075,000	g	ING Groep NV		4.625		01/06/26		1,133,006
	1,100,000		ING Groep NV		3.950		03/29/27		1,099,797

227

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,175,000		JPMorgan Chase & Co		2.776	%	04/25/23	$	2,202,522
	700,000		JPMorgan Chase & Co		2.700		05/18/23		718,147
	5,000,000		JPMorgan Chase & Co		3.875		09/10/24		5,279,705
	660,000		JPMorgan Chase & Co		3.900		07/15/25		705,925
	5,525,000		JPMorgan Chase & Co		2.301		10/15/25		5,525,570
	350,000		JPMorgan Chase & Co		3.200		06/15/26		363,480
	13,880,000		JPMorgan Chase & Co		3.702		05/06/30		14,907,522
	3,825,000		JPMorgan Chase & Co		2.739		10/15/30		3,841,026
	5,000,000		JPMorgan Chase & Co		4.493		03/24/31		5,800,628
	1,250,000		JPMorgan Chase & Co		4.260		02/22/48		1,501,842
	6,300,000		JPMorgan Chase & Co		4.600		N/A‡		5,513,760
	1,500,000		JPMorgan Chase & Co		6.750		N/A‡		1,567,500
	6,400,000		JPMorgan Chase & Co		5.000		N/A‡		6,000,000
	7,195,000		JPMorgan Chase Bank NA		3.086		04/26/21		7,192,001
	890,000		Keycorp		5.000		N/A‡		774,300
	1,800,000		Mitsubishi UFJ Financial Group, Inc		2.193		02/25/25		1,782,237
	1,400,000		Mitsubishi UFJ Financial Group, Inc		2.559		02/25/30		1,345,537
	400,000		MUFG Americas Holdings Corp		3.500		06/18/22		407,636
	1,140,000		Northern Trust Corp		3.950		10/30/25		1,193,349
	3,500,000		PNC Bank NA		2.600		07/21/20		3,494,619
	1,275,000		PNC Bank NA		2.450		11/05/20		1,277,379
	1,200,000		PNC Bank NA		2.700		10/22/29		1,163,861
	2,500,000		PNC Financial Services Group, Inc		3.900		04/29/24		2,669,170
	10,000,000	g	Royal Bank of Canada		3.350		10/22/21		10,346,707
	2,900,000		Royal Bank of Canada		2.550		07/16/24		2,953,265
	2,325,000		Santander Holdings USA, Inc		3.400		01/18/23		2,296,899
	3,000,000	g	Skandinaviska Enskilda Banken AB		2.625		11/17/20		2,993,393
	3,675,000		Sumitomo Mitsui Financial Group, Inc		2.778		10/18/22		3,725,544
	2,250,000		Sumitomo Mitsui Financial Group, Inc		2.696		07/16/24		2,248,653
	2,700,000		Toronto-Dominion Bank		1.850		09/11/20		2,696,539
	475,000		Toronto-Dominion Bank		3.625		09/15/31		472,345
	1,350,000		Truist Bank		3.525		10/26/21		1,351,155
	575,000		Truist Bank		2.750		05/01/23		582,097
	1,225,000		Truist Bank		2.150		12/06/24		1,213,437
	1,195,000		Truist Financial Corp		5.050		N/A‡		1,063,550
	5,055,000		Truist Financial Corp		4.800		N/A‡		4,347,300
	1,775,000	g	UBS Group AG.		3.126		08/13/30		1,731,780
	1,700,000	g	United Overseas Bank Ltd		3.750		04/15/29		1,763,272
	23,900,000		Wells Fargo Bank NA		2.082		09/09/22		23,786,987
	5,000,000		Westpac Banking Corp		2.750		01/11/23		5,087,577
	1,300,000		Westpac Banking Corp		4.110		07/24/34		1,261,559
			TOTAL BANKS						369,750,323
CAPITAL GOODS - 0.9%
	2,500,000	g	Adaro Indonesia PT		4.250		10/31/24		2,038,750
	1,300,000		Anixter, Inc		5.125		10/01/21		1,308,788
	1,500,000		Anixter, Inc		6.000		12/01/25		1,468,125
	325,000	g	Beacon Roofing Supply, Inc		4.500		11/15/26		299,910
	2,000,000	g	BOC Aviation Ltd		3.000		09/11/29		1,959,260
	2,250,000	g	Carrier Global Corp		2.722		02/15/30		2,070,208
	600,000	g	Cloud Crane LLC		10.125		08/01/24		472,500
	115,000		General Electric Co		6.875		01/10/39		143,472
	1,250,000	g	Gold Fields Orogen Holdings BVI Ltd		6.125		05/15/29		1,181,250

228

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,595,000		Ingersoll-Rand Luxembourg Finance S.A.		3.800	%	03/21/29	$	2,623,658
	1,590,000		John Deere Capital Corp		2.650		06/24/24		1,565,393
	700,000		Lam Research Corp		3.750		03/15/26		742,666
	775,000		Lam Research Corp		4.000		03/15/29		880,009
	500,000	g	Land O’ Lakes, Inc		8.000		N/A‡		450,000
	1,675,000		Lockheed Martin Corp		2.500		11/23/20		1,678,829
	375,000	g	Molex Electronic Technologies LLC		3.900		04/15/25		403,583
	467,000		Mosaic Co		4.875		11/15/41		376,640
	3,000,000	g	NBM US Holdings, Inc		6.625		08/06/29		2,700,000
	1,925,000		Northrop Grumman Corp		3.250		01/15/28		2,019,618
	1,150,000	g	Otis Worldwide Corp		2.565		02/15/30		1,113,813
	4,615,000		Parker-Hannifin Corp		3.250		06/14/29		4,656,867
	1,300,000		Roper Technologies, Inc		3.800		12/15/26		1,336,630
	1,000,000		Roper Technologies, Inc		2.950		09/15/29		993,642
	200,000		Trimble, Inc		4.900		06/15/28		215,420
	677,000		United Technologies Corp		3.650		08/16/23		711,815
	4,450,000		United Technologies Corp		4.125		11/16/28		4,912,372
	1,725,000		United Technologies Corp		4.500		06/01/42		2,003,214
			TOTAL CAPITAL GOODS						40,326,432
COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
	770,000		ADT Corp		4.125		06/15/23		752,667
	1,650,000		AECOM		5.875		10/15/24		1,612,875
	800,000	g	ASGN, Inc		4.625		05/15/28		750,000
	2,763,323	g	British Airways		3.800		09/20/31		2,486,990
	250,000	g	GFL Environmental, Inc		5.125		12/15/26		243,750
	400,000	g	KAR Auction Services, Inc		5.125		06/01/25		382,000
	775,000	g	Prime Security Services Borrower LLC		5.250		04/15/24		765,537
	2,750,000	g	Prime Security Services Borrower LLC		5.750		04/15/26		2,695,000
	725,000	g	Prime Security Services Borrower LLC		6.250		01/15/28		625,313
	1,000,000		Republic Services, Inc		3.550		06/01/22		1,025,894
	1,550,000		Republic Services, Inc		2.900		07/01/26		1,566,710
	200,000	g	Ritchie Bros Auctioneers, Inc		5.375		01/15/25		202,000
	675,000		RR Donnelley & Sons Co		6.500		11/15/23		675,000
	590,000	g	Standard Chartered plc		7.500		N/A‡		575,610
	925,000		United Rentals North America, Inc		5.500		07/15/25		906,500
	1,125,000		United Rentals North America, Inc		6.500		12/15/26		1,141,875
	4,725,000		Visa, Inc		2.050		04/15/30		4,718,149
	550,000		Visa, Inc		2.700		04/15/40		545,952
	1,550,000		Waste Management, Inc		2.900		09/15/22		1,556,519
	900,000		Waste Management, Inc		2.950		06/15/24		915,123
	2,100,000		Waste Management, Inc		3.150		11/15/27		2,169,472
	1,800,000		Waste Management, Inc		3.450		06/15/29		1,926,218
	550,000		Waste Management, Inc		4.100		03/01/45		610,088
	850,000		Waste Management, Inc		4.150		07/15/49		977,492
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						29,826,734
CONSUMER DURABLES & APPAREL - 0.1%
	1,000,000		DR Horton, Inc		5.750		08/15/23		1,032,154
	325,000	g	Hanesbrands, Inc		4.625		05/15/24		321,750
	400,000		Leggett & Platt, Inc		4.400		03/15/29		412,934
	2,250,000		Lennar Corp		4.500		04/30/24		2,200,590
	1,870,000		Lennar Corp		5.875		11/15/24		1,891,505
	1,100,000	g	LGI Homes, Inc		6.875		07/15/26		957,000
			TOTAL CONSUMER DURABLES & APPAREL						6,815,933

229

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
CONSUMER SERVICES - 0.5%
$	8,000,000		Anheuser-Busch Cos LLC			3.650	%	02/01/26	$	8,402,004
	3,095,000		Anheuser-Busch Cos LLC			4.900		02/01/46		3,378,214
	600,000		Boyd Gaming Corp			6.375		04/01/26		519,000
	900,000		Boyd Gaming Corp			6.000		08/15/26		774,000
	1,200,000	g	Cott Holdings, Inc			5.500		04/01/25		1,164,000
	1,070,000	g	International Game Technology plc			6.250		02/15/22		983,876
	2,070,000	g	International Game Technology plc			6.500		02/15/25		1,831,722
	2,355,000		Nature Conservancy			2.843		02/01/24		2,357,523
	2,745,000		Northwestern University			3.812		12/01/50		2,895,520
	1,400,000		Sands China Ltd			5.400		08/08/28		1,311,814
	325,000	g	Scientific Games International, Inc			5.000		10/15/25		282,750
	100,000	g	Yum! Brands, Inc			7.750		04/01/25		105,000
			TOTAL CONSUMER SERVICES							24,005,423
DIVERSIFIED FINANCIALS - 4.6%
	2,000,000		AerCap Ireland Capital DAC			4.625		07/01/22		1,619,588
	900,000		AerCap Ireland Capital DAC			3.650		07/21/27		697,492
	3,200,000		American Express Co			2.500		08/01/22		3,255,304
	2,312,000		American Express Co			3.700		08/03/23		2,429,003
	975,000		Ameriprise Financial, Inc			3.000		03/22/22		986,979
	1,500,000		Australia & New Zealand Banking Group Ltd			2.625		05/19/22		1,521,740
	2,000,000	g	Banco BTG Pactual S.A.			4.500		01/10/25		1,740,000
	1,380,000	g	Banco Mercantil del Norte S.A.			6.750		N/A‡		1,052,526
	1,275,000		Bank of Montreal			3.803		12/15/32		1,238,414
	2,850,000	g	BBVA Bancomer S.A.			5.125		01/18/33		2,359,800
	1,200,000		Berkshire Hathaway, Inc			3.125		03/15/26		1,285,734
	3,300,000	g	BNP Paribas S.A.			2.819		11/19/25		3,260,186
	100,000	g	BNP Paribas S.A.			4.375		05/12/26		102,363
	2,200,000	g	BNP Paribas S.A.			3.052		01/13/31		2,084,697
	925,000	g	BNP Paribas S.A.			6.625		N/A‡		816,312
	3,500,000	g,i	Caelus Re V Ltd	US Treasury Bill 3 M + 3.130%		3.140		06/05/20		3,328,500
	2,825,000		Capital One Bank USA NA			3.375		02/15/23		2,763,839
	1,055,000		Capital One Financial Corp			3.750		03/09/27		1,032,749
	2,850,000	g	Comcel Trust			6.875		02/06/24		2,764,528
	2,500,000	g	Credit Suisse Group AG.			2.997		12/14/23		2,433,682
	775,000	g	Credit Suisse Group AG.			4.282		01/09/28		793,650
	4,000,000	g	Credit Suisse Group AG.			6.375		N/A‡		3,510,800
	4,075,000		Credit Suisse Group Funding Guernsey Ltd			3.800		06/09/23		4,167,699
	2,325,000		Credit Suisse Group Funding Guernsey Ltd			3.750		03/26/25		2,349,269
	1,550,000		Ford Motor Credit Co LLC			2.425		06/12/20		1,507,375
	1,000,000		Ford Motor Credit Co LLC			5.750		02/01/21		970,000
	1,775,000		Ford Motor Credit Co LLC			3.096		05/04/23		1,570,875
	1,140,000		Ford Motor Credit Co LLC			5.584		03/18/24		1,057,350
	10,000,000		GE Capital International Funding Co			2.342		11/15/20		9,943,400
	1,775,000		GE Capital International Funding Co			3.373		11/15/25		1,784,196
	8,900,000		GE Capital International Funding Co			4.418		11/15/35		9,615,297
	1,800,000		General Motors Financial Co, Inc			5.650		01/17/29		1,612,390
	7,600,000		Goldman Sachs Group, Inc			2.625		04/25/21		7,605,641
	660,000		Goldman Sachs Group, Inc			5.250		07/27/21		686,111
	2,230,000		Goldman Sachs Group, Inc			5.750		01/24/22		2,366,075

230

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	1,250,000		Goldman Sachs Group, Inc			4.000	%	03/03/24	$	1,310,849
	1,050,000		Goldman Sachs Group, Inc			3.500		01/23/25		1,076,419
	10,625,000		Goldman Sachs Group, Inc			3.691		06/05/28		10,918,778
	2,550,000		Goldman Sachs Group, Inc			2.600		02/07/30		2,395,876
	1,300,000		Goldman Sachs Group, Inc			4.017		10/31/38		1,305,439
	1,425,000		Goldman Sachs Group, Inc			4.800		07/08/44		1,679,011
	8,050,000		Goldman Sachs Group, Inc			5.500		N/A‡		7,736,936
	2,500,000	g	Grupo Aval Ltd			4.375		02/04/30		2,006,250
	2,000,000	g	High Street Funding Trust I			4.111		02/15/28		1,978,835
	925,000		Icahn Enterprises LP			5.250		05/15/27		854,469
	2,000,000		ICICI Bank Ltd			3.125		08/12/20		1,988,654
	2,000,000		International Lease Finance Corp			5.875		08/15/22		1,787,945
	425,000		Legg Mason, Inc			3.950		07/15/24		421,770
	1,550,000		Morgan Stanley			5.500		07/28/21		1,609,117
	6,550,000		Morgan Stanley			3.125		01/23/23		6,699,085
	8,995,000		Morgan Stanley			2.720		07/22/25		9,106,349
	7,925,000		Morgan Stanley			3.125		07/27/26		8,192,015
	2,000,000		Morgan Stanley			3.625		01/20/27		2,114,102
	1,480,000		Morgan Stanley			3.950		04/23/27		1,541,942
	1,850,000		Morgan Stanley			2.699		01/22/31		1,810,344
	5,000,000		Morgan Stanley			3.622		04/01/31		5,203,694
	2,500,000		Morgan Stanley			5.597		03/24/51		3,531,177
	2,375,000	g	Power Finance Corp Ltd			3.950		04/23/30		2,002,600
	1,715,000	g	Quicken Loans, Inc			5.250		01/15/28		1,676,927
	5,000,000	g,i	Sanders Re Ltd	LIBOR 6 M + 2.990%		4.591		12/06/21		4,740,000
	5,775,000		Shire Acquisitions Investments Ireland DAC			3.200		09/23/26		5,906,244
	1,500,000	g,i	Sierra Ltd			3.314		12/28/22		1,497,150
	870,000	g	Societe Generale SA			6.750		N/A‡		725,363
	600,000		Springleaf Finance Corp			6.125		03/15/24		592,566
	1,350,000		Springleaf Finance Corp			5.375		11/15/29		1,235,952
	700,000	g	Swiss Re Finance Luxembourg SA			5.000		04/02/49		710,012
	55,000		Synchrony Financial			2.850		07/25/22		52,394
	3,000,000		Synchrony Financial			4.250		08/15/24		2,888,465
	850,000	g	UBS AG.			2.450		12/01/20		846,875
	1,875,000	g	UBS Group AG.			2.859		08/15/23		1,858,757
	1,975,000		Unilever Capital Corp			2.900		05/05/27		2,093,763
	1,355,000		Wells Fargo & Co			4.600		04/01/21		1,384,420
	2,075,000		Wells Fargo & Co			3.750		01/24/24		2,196,732
	1,050,000		Wells Fargo & Co			3.550		09/29/25		1,107,444
	2,800,000		Wells Fargo & Co			3.000		04/22/26		2,881,994
	6,850,000		Wells Fargo & Co			2.879		10/30/30		6,792,660
	1,500,000		Wells Fargo & Co			5.875		N/A‡		1,522,500
			TOTAL DIVERSIFIED FINANCIALS							204,295,438
ENERGY - 2.9%
	1,450,000	g	Abu Dhabi Crude Oil Pipeline LLC			4.600		11/02/47		1,449,179
	400,000		AmeriGas Partners LP			5.875		08/20/26		383,120
	1,175,000	g	Antero Midstream Partners LP			5.750		03/01/27		752,000
	3,950,000	g	Archrock Partners LP			6.875		04/01/27		2,804,895
	1,185,000		Baker Hughes a GE Co LLC			2.773		12/15/22		1,127,928
	3,300,000		BP Capital Markets America, Inc			3.000		02/24/50		3,068,012
	850,000		BP Capital Markets plc			2.520		09/19/22		841,453
	173,000	†	California Resources Corp			6.000		11/15/24		3,460
	2,550,000		Calumet Specialty Products Partners LP			7.750		04/15/23		1,759,500

231

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,250,000		Cheniere Energy Partners LP		5.625	%	10/01/26	$	2,092,500
	1,538,000	†	Cloud Peak Energy Resources LLC		12.000		11/01/21		0
	222,731		Cloud Peak Energy, Inc		9.000		10/24/24		111,366
	351,682		Cloud Peak Energy, Inc		12.000		05/01/25		175,841
	45,000		ConocoPhillips Co		6.500		02/01/39		56,797
	2,325,000		Crestwood Midstream Partners LP		5.750		04/01/25		1,331,202
	2,500,000	g	Denbury Resources, Inc		7.750		02/15/24		375,500
	2,975,000		Diamondback Energy, Inc		2.875		12/01/24		2,078,359
	2,125,000		Diamondback Energy, Inc		3.250		12/01/26		1,499,652
	3,000,000		Diamondback Energy, Inc		3.500		12/01/29		2,115,636
	1,975,000		Ecopetrol S.A.		5.875		05/28/45		1,749,870
	2,450,000		Enbridge, Inc		3.125		11/15/29		2,264,182
	6,420,000		Energy Transfer Operating LP		3.600		02/01/23		5,707,417
	5,930,000		Energy Transfer Operating LP		4.200		09/15/23		5,179,577
	1,375,000		Energy Transfer Operating LP		2.900		05/15/25		1,161,034
	1,675,000		Energy Transfer Operating LP		4.750		01/15/26		1,480,060
	2,000,000		Energy Transfer Operating LP		4.950		06/15/28		1,655,784
	575,000		Energy Transfer Operating LP		5.250		04/15/29		486,902
	3,075,000		Energy Transfer Operating LP		3.750		05/15/30		2,408,479
	2,100,000		Energy Transfer Operating LP		6.250		04/15/49		1,777,251
	3,300,000		Energy Transfer Operating LP		5.000		05/15/50		2,547,344
	1,105,000		Enterprise Products Operating LLC		2.800		02/15/21		1,103,473
	1,025,000		Enterprise Products Operating LLC		3.700		02/15/26		1,023,038
	1,550,000		Enterprise Products Operating LLC		3.125		07/31/29		1,427,919
	200,000		Enterprise Products Operating LLC		2.800		01/31/30		181,724
	750,000		Enterprise Products Operating LLC		4.900		05/15/46		721,907
	1,025,000		Enterprise Products Operating LLC		4.250		02/15/48		957,293
	1,600,000		Enterprise Products Operating LLC		4.800		02/01/49		1,601,816
	1,105,000		Enterprise Products Operating LLC		4.200		01/31/50		1,034,671
	3,875,000		Enterprise Products Operating LLC		3.700		01/31/51		3,457,941
	1,525,000		Enterprise Products Operating LLC		3.950		01/31/60		1,283,389
	2,250,000	g	Gazprom OAO Via Gaz Capital S.A.		5.150		02/11/26		2,349,868
	675,000		Genesis Energy LP		6.500		10/01/25		487,890
	3,750,000		Genesis Energy LP		6.250		05/15/26		2,681,250
	3,000,000	g	Geopark Ltd		5.500		01/17/27		1,425,000
	1,700,000	g	KazMunayGas National Co JSC		5.375		04/24/30		1,665,172
	940,000		Kinder Morgan Energy Partners LP		5.400		09/01/44		934,253
	1,000,000		Kinder Morgan, Inc		3.450		02/15/23		977,315
	400,000		Kinder Morgan, Inc		5.300		12/01/34		385,580
	1,950,000		Marathon Oil Corp		4.400		07/15/27		1,301,889
	2,200,000		Marathon Petroleum Corp		3.800		04/01/28		1,982,453
	700,000		Marathon Petroleum Corp		4.750		09/15/44		532,757
	225,000	g	MPLX LP		6.375		05/01/24		213,837
	550,000	g	MPLX LP		5.250		01/15/25		484,113
	1,475,000		MPLX LP		4.875		06/01/25		1,214,679
	2,900,000		MPLX LP		4.000		03/15/28		2,577,311
	3,125,000		MPLX LP		4.500		04/15/38		2,442,399
	1,550,000		MPLX LP		4.700		04/15/48		1,199,902
	3,067,000		Murphy Oil Corp		5.875		12/01/27		1,603,428
	450,000		Murphy Oil USA, Inc		5.625		05/01/27		440,910
	300,000		Noble Energy, Inc		3.900		11/15/24		247,477
	400,000		Noble Energy, Inc		3.850		01/15/28		283,176
	2,075,000		Noble Energy, Inc		5.050		11/15/44		1,281,659

232

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	800,000		Occidental Petroleum Corp		5.550	%	03/15/26	$	426,650
	2,375,000		Occidental Petroleum Corp		3.500		08/15/29		1,116,370
	1,200,000		Occidental Petroleum Corp		4.300		08/15/39		510,237
	475,000		Occidental Petroleum Corp		4.100		02/15/47		202,895
	2,500,000		ONEOK, Inc		4.000		07/13/27		2,057,884
	3,050,000		ONEOK, Inc		4.350		03/15/29		2,486,790
	5,740,000		ONEOK, Inc		3.400		09/01/29		4,289,263
	1,650,000		ONEOK, Inc		3.100		03/15/30		1,240,512
	1,650,000		ONEOK, Inc		4.500		03/15/50		1,242,335
	850,000	g	Pertamina Persero PT		3.650		07/30/29		778,506
	2,425,000	g	Peru LNG Srl		5.375		03/22/30		1,430,750
	2,314,000	g	Petrobras Global Finance BV		5.093		01/15/30		2,111,525
	2,000,000		Petrobras Global Finance BV		6.900		03/19/49		1,949,800
	2,800,000		Petroleos Mexicanos		6.500		03/13/27		2,072,280
	1,250,000		Petroleos Mexicanos		5.350		02/12/28		862,500
	1,992,000	g	Petroleos Mexicanos		6.840		01/23/30		1,441,252
	2,700,000	g	Petroleos Mexicanos		5.950		01/28/31		1,856,520
	625,000		Phillips 66 Partners LP		3.150		12/15/29		512,191
	1,025,000		Phillips 66 Partners LP		4.680		02/15/45		839,283
	475,000		Regency Energy Partners LP		4.500		11/01/23		430,271
	705,000		Sabine Pass Liquefaction LLC		5.875		06/30/26		671,476
	1,950,000		Sabine Pass Liquefaction LLC		4.200		03/15/28		1,674,681
	1,300,000		Shell International Finance BV		2.875		05/10/26		1,339,739
	1,350,000		Shell International Finance BV		3.125		11/07/49		1,346,842
	1,400,000		SM Energy Co		6.125		11/15/22		592,379
	1,275,000		SM Energy Co		6.625		01/15/27		371,108
	1,790,000	g	Stena AB		7.000		02/01/24		1,449,900
	705,000		Suncor Energy, Inc		6.800		05/15/38		745,310
	1,400,000		Sunoco Logistics Partners Operations LP		4.000		10/01/27		1,108,073
	600,000		Sunoco Logistics Partners Operations LP		5.400		10/01/47		476,389
	250,000		Sunoco LP		4.875		01/15/23		241,417
	1,500,000		Targa Resources Partners LP		5.875		04/15/26		1,248,750
	525,000		Targa Resources Partners LP		6.500		07/15/27		447,563
	5,200,000		TransCanada PipeLines Ltd		4.250		05/15/28		5,311,807
	730,625	g	Transocean Guardian Ltd		5.875		01/15/24		584,500
	2,500,000	†,g	Tullow Oil plc		7.000		03/01/25		625,000
	1,600,000		USA Compression Partners LP		6.875		04/01/26		1,000,000
	1,075,000		USA Compression Partners LP		6.875		09/01/27		666,500
	2,100,000	g	YPF S.A.		6.950		07/21/27		1,082,130
			TOTAL ENERGY						136,791,167
FOOD & STAPLES RETAILING - 1.0%
	1,775,000		CVS Health Corp		2.625		08/15/24		1,780,315
	2,625,000		CVS Health Corp		4.100		03/25/25		2,762,594
	4,350,000		CVS Health Corp		2.875		06/01/26		4,382,247
	5,270,000		CVS Health Corp		4.300		03/25/28		5,596,760
	2,375,000		CVS Health Corp		3.750		04/01/30		2,457,386
	5,175,000		CVS Health Corp		4.780		03/25/38		5,683,500
	2,425,000		CVS Health Corp		5.050		03/25/48		2,753,844
	1,125,000		CVS Health Corp		4.250		04/01/50		1,169,584
	1,869,000		Ingles Markets, Inc		5.750		06/15/23		1,859,655
	1,150,000		Kroger Co		3.700		08/01/27		1,232,472
	1,800,000		Kroger Co		3.875		10/15/46		1,764,717
	325,000		Kroger Co		4.450		02/01/47		357,361

233

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	675,000		SYSCO Corp		3.300	%	07/15/26	$	643,269
	5,700,000		Walmart, Inc		3.700		06/26/28		6,408,140
	2,350,000		Walmart, Inc		3.250		07/08/29		2,585,148
	4,075,000		Walmart, Inc		2.375		09/24/29		4,225,823
	1,550,000		Walmart, Inc		3.950		06/28/38		1,829,514
			TOTAL FOOD & STAPLES RETAILING						47,492,329
FOOD, BEVERAGE & TOBACCO - 1.2%
	1,725,000		Altria Group, Inc		4.800		02/14/29		1,804,914
	1,400,000		Altria Group, Inc		5.950		02/14/49		1,628,864
	1,573,000		Anheuser-Busch InBev Finance, Inc		3.300		02/01/23		1,618,619
	5,580,000		Anheuser-Busch InBev Worldwide, Inc		4.750		01/23/29		6,134,656
	2,160,000		Anheuser-Busch InBev Worldwide, Inc		4.439		10/06/48		2,206,412
	1,600,000		BAT Capital Corp		4.906		04/02/30		1,641,254
	1,975,000	g	BRF S.A.		4.875		01/24/30		1,659,000
	825,000		Coca-Cola Co		3.375		03/25/27		910,841
	2,000,000		Coca-Cola Co		4.200		03/25/50		2,620,396
	450,000		Constellation Brands, Inc		4.400		11/15/25		453,971
	450,000		Constellation Brands, Inc		3.700		12/06/26		449,667
	325,000		Constellation Brands, Inc		3.600		02/15/28		318,008
	1,625,000		Constellation Brands, Inc		3.150		08/01/29		1,515,058
	1,800,000	g	Corp Lindley S.A.		4.625		04/12/23		1,717,218
	3,125,000	g	Cosan Ltd		5.500		09/20/29		2,539,062
	1,650,000		Diageo Capital plc		2.125		10/24/24		1,609,252
	2,425,000		Diageo Capital plc		2.375		10/24/29		2,332,909
	1,675,000	g	Embotelladora Andina S.A.		3.950		01/21/50		1,423,767
	925,000		General Mills, Inc		2.875		04/15/30		923,150
	2,000,000	g	Grupo Bimbo SAB de C.V.		4.700		11/10/47		1,886,220
	1,800,000	g	Grupo Bimbo SAB de C.V.		5.950		N/A‡		1,681,920
	475,000		JM Smucker Co		2.375		03/15/30		437,802
	1,325,000		JM Smucker Co		3.550		03/15/50		1,208,405
	1,000,000		Kellogg Co		3.400		11/15/27		1,032,645
	1,450,000	g	Kernel Holding S.A.		6.500		10/17/24		1,091,999
	1,425,000	g	MHP Lux S.A.		6.950		04/03/26		1,142,802
	775,000		PepsiCo, Inc		3.450		10/06/46		871,180
	4,000,000		PepsiCo, Inc		3.625		03/19/50		4,746,810
	100,000		Philip Morris International, Inc		6.375		05/16/38		136,173
	650,000		Tyson Foods, Inc		3.900		09/28/23		691,180
	1,075,000		Tyson Foods, Inc		3.950		08/15/24		1,151,104
	1,325,000		Tyson Foods, Inc		3.550		06/02/27		1,372,880
	1,425,000		Tyson Foods, Inc		5.100		09/28/48		1,768,007
			TOTAL FOOD, BEVERAGE & TOBACCO						52,726,145
HEALTH CARE EQUIPMENT & SERVICES - 0.9%
	3,500,000		Anthem, Inc		3.650		12/01/27		3,614,340
	3,016,000		Becton Dickinson & Co		3.700		06/06/27		3,064,955
	1,200,000		Boston Scientific Corp		4.000		03/01/29		1,270,050
	800,000	g	Centene Corp		5.375		08/15/26		816,000
	1,150,000	g	Centene Corp		4.625		12/15/29		1,155,750
	755,000	g	Centene Escrow I Corp		5.375		06/01/26		777,733
	2,750,000	g	CHS/Community Health Systems		8.000		03/15/26		2,612,500
	1,600,000		Cigna Corp		2.400		03/15/30		1,513,488
	1,525,000		Cigna Corp		3.200		03/15/40		1,396,686

234

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	375,000		Covidien International Finance S.A.			3.200	%	06/15/22	$	387,680
	540,000		Encompass Health Corp			5.750		11/01/24		542,538
	4,000,000		HCA, Inc			3.500		09/01/30		3,631,526
	5,320,000		HCA, Inc			5.500		06/15/47		5,793,626
	50,000		Quest Diagnostics, Inc			4.250		04/01/24		53,681
	5,800,000	g	SBA Tower Trust			2.836		01/15/25		5,602,219
	1,200,000		Tenet Healthcare Corp			4.625		07/15/24		1,143,000
	875,000		Thermo Fisher Scientific, Inc			4.133		03/25/25		937,569
	1,035,000		Thermo Fisher Scientific, Inc			2.950		09/19/26		1,047,558
	2,650,000		UnitedHealth Group, Inc			2.950		10/15/27		2,778,411
	70,000		UnitedHealth Group, Inc			4.750		07/15/45		89,253
	1,400,000		UnitedHealth Group, Inc			3.750		10/15/47		1,565,243
	2,000,000		UnitedHealth Group, Inc			3.700		08/15/49		2,225,590
	550,000		Zimmer Biomet Holdings, Inc			3.700		03/19/23		563,584
	1,290,000		Zimmer Biomet Holdings, Inc			3.550		04/01/25		1,298,674
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							43,881,654
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	325,000		Ecolab, Inc			4.800		03/24/30		369,990
	2,000,000		Procter & Gamble Co			3.600		03/25/50		2,467,005
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS							2,836,995
INSURANCE - 1.2%
	150,000		Aetna, Inc			6.625		06/15/36		190,722
	900,000		Aflac, Inc			3.600		04/01/30		911,077
	53,000		Aflac, Inc			6.450		08/15/40		70,480
	1,500,000		Allstate Corp			3.850		08/10/49		1,651,515
	550,000		American Financial Group, Inc			3.500		08/15/26		523,536
	2,775,000		American International Group, Inc			3.900		04/01/26		2,891,323
	1,150,000		American International Group, Inc			4.200		04/01/28		1,206,815
	1,325,000		Aon Corp			3.750		05/02/29		1,397,742
	3,275,000		Aon plc			3.500		06/14/24		3,420,143
	675,000		Berkshire Hathaway Finance Corp			1.850		03/12/30		656,101
	400,000		Berkshire Hathaway Finance Corp			4.250		01/15/49		492,605
	3,600,000		Chubb INA Holdings, Inc			2.875		11/03/22		3,653,324
	700,000		CNA Financial Corp			3.950		05/15/24		727,185
	1,665,000		CNA Financial Corp			3.450		08/15/27		1,542,160
	200,000		CNA Financial Corp			3.900		05/01/29		199,527
	3,770,000	g,i	Cranberry RE Ltd	LIBOR 6 M + 1.980%		2.324		07/13/20		3,704,025
	3,025,000	g	Five Corners Funding Trust			4.419		11/15/23		3,254,110
	585,000		Genworth Holdings, Inc			4.800		02/15/24		506,025
	1,650,000		Hartford Financial Services Group, Inc			2.800		08/19/29		1,606,250
	250,000		Hartford Financial Services Group, Inc			4.300		04/15/43		259,485
	1,000,000		Hartford Financial Services Group, Inc			3.600		08/19/49		938,252
	1,800,000		Humana, Inc			3.950		03/15/27		1,831,093
	144,000	g	Liberty Mutual Group, Inc			4.250		06/15/23		146,595
	1,521,000	g	Liberty Mutual Group, Inc			4.569		02/01/29		1,682,325
	325,000	g	Liberty Mutual Group, Inc			4.500		06/15/49		316,383
	1,215,000		Lincoln National Corp			4.000		09/01/23		1,215,216
	600,000		Lincoln National Corp			3.800		03/01/28		597,418
	700,000		Markel Corp			3.500		11/01/27		638,446
	475,000		Marsh & McLennan Cos, Inc			3.500		06/03/24		485,275
	375,000		Marsh & McLennan Cos, Inc			3.500		03/10/25		388,648
	875,000		MetLife, Inc			3.600		11/13/25		915,101

235

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	500,000		Orlando Health Obligated Group			2.981	%	10/01/20	$	500,566
	500,000		Prudential Financial, Inc			3.905		12/07/47		483,506
	300,000	g	Prudential Funding LLC			6.750		09/15/23		333,558
	1,050,000		Reinsurance Group of America, Inc			3.900		05/15/29		1,025,180
	2,500,000	g,i	Residential Reinsurance 2016 Ltd	US Treasury Bill 3 M + 3.370%		3.431		06/06/20		2,457,500
	2,250,000	g,i	Residential Reinsurance 2017 Ltd	US Treasury Bill 3 M + 3.170%		3.180		06/06/21		2,187,900
	1,330,000		Verisk Analytics, Inc			4.125		03/15/29		1,403,972
	2,200,000	g,i	Vitality Re X Ltd			1.760		01/10/23		1,870,000
	350,000		Voya Financial, Inc			5.700		07/15/43		406,895
	925,000		Voya Financial, Inc			6.125		N/A‡		837,125
	850,000		Willis North America, Inc			3.600		05/15/24		877,285
	150,000		WR Berkley Corp			5.375		09/15/20		150,263
	1,515,000		XLIT Ltd			4.450		03/31/25		1,564,868
			TOTAL INSURANCE							52,117,520
MATERIALS - 1.3%
	1,400,000		Agrium, Inc			3.375		03/15/25		1,352,180
	200,000	g	Alcoa Nederland Holding BV			6.750		09/30/24		193,940
	200,000	g	Alcoa Nederland Holding BV			7.000		09/30/26		186,000
	425,000	g	American Woodmark Corp			4.875		03/15/26		396,313
	1,650,000	g	Anglo American Capital plc			5.625		04/01/30		1,675,022
	175,000	g	Arconic Rolled Products Corp			6.125		02/15/28		178,938
	270,000	g	Bemis Co, Inc			3.100		09/15/26		255,836
	2,500,000	g	Celulosa Arauco y Constitucion S.A.			4.250		04/30/29		2,106,250
	1,250,000	g	Celulosa Arauco y Constitucion S.A.			4.200		01/29/30		1,071,875
	2,500,000	g	Cemex SAB de C.V.			5.450		11/19/29		2,028,750
	2,900,000	g	Corp Nacional del Cobre de Chile-CODELCO			3.625		08/01/27		2,837,406
	2,000,000	g	Corp Nacional del Cobre de Chile-CODELCO			3.150		01/14/30		1,851,160
	2,000,000	g	Corp Nacional del Cobre de Chile-CODELCO			3.700		01/30/50		1,725,342
	5,805,000		DowDuPont, Inc			4.493		11/15/25		6,243,051
	2,310,000		DowDuPont, Inc			4.725		11/15/28		2,533,830
	950,000	g	Enviva Partners LP			6.500		01/15/26		926,250
	1,075,000	g	Industrias Penoles SAB de C.V.			4.150		09/12/29		949,134
	50,000		International Paper Co			8.700		06/15/38		71,917
	1,500,000		International Paper Co			5.150		05/15/46		1,554,451
	1,925,000		International Paper Co			4.350		08/15/48		1,863,918
	2,875,000	g	Inversiones CMPC S.A.			4.375		04/04/27		2,680,966
	1,175,000	g	Inversiones CMPC S.A.			3.850		01/13/30		1,057,500
	630,000	g	James Hardie International Finance DAC			4.750		01/15/25		593,781
	1,650,000		LYB International Finance III LLC			4.200		10/15/49		1,619,014
	1,400,000	g	Midwest Connector Capital Co LLC			3.900		04/01/24		1,307,112
	1,400,000	g	Midwest Connector Capital Co LLC			4.625		04/01/29		1,349,428
	1,200,000		Newmont Corp			2.250		10/01/30		1,105,093
	3,000,000	g	Nova Chemicals Corp			4.875		06/01/24		2,632,500
	1,125,000		Nutrien Ltd			3.375		03/15/25		1,145,629
	2,500,000	g	OCI NV			6.625		04/15/23		2,273,991
	1,700,000	g	OCP S.A.			6.875		04/25/44		1,840,250
	2,400,000	g	Owens-Brockway Glass Container, Inc			5.875		08/15/23		2,352,000
	2,450,000	g	SABIC Capital II BV			4.500		10/10/28		2,541,449
	1,075,000		SASOL Financing USA LLC			6.500		09/27/28		441,035
	1,500,000	g	Sociedad Quimica y Minera de Chile S.A.			4.250		05/07/29		1,340,640

236

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000		Suzano Austria GmbH		6.000	%	01/15/29	$	932,500
	300,000		Suzano Austria GmbH		5.000		01/15/30		264,000
	1,325,000	g	Suzano Austria GmbH		7.000		03/16/47		1,253,781
	1,000,000	g	Tronox Finance plc		5.750		10/01/25		892,500
	1,085,000	g	Tronox, Inc		6.500		04/15/26		976,500
	400,000	g	Univar Solutions USA, Inc		5.125		12/01/27		364,000
	820,000		WestRock RKT LLC		4.900		03/01/22		835,019
			TOTAL MATERIALS						59,800,251
MEDIA & ENTERTAINMENT - 2.3%
	725,000		AMC Networks, Inc		4.750		08/01/25		705,062
	1,175,000	g	Cable Onda S.A.		4.500		01/30/30		1,034,000
	1,000,000	g	CBS Radio, Inc		7.250		11/01/24		835,000
	3,000,000	g	CCO Holdings LLC		5.875		04/01/24		3,067,500
	1,800,000	g	CCO Holdings LLC		4.500		08/15/30		1,764,000
	1,075,000		Charter Communications Operating LLC		3.579		07/23/20		1,071,658
	1,700,000		Charter Communications Operating LLC		3.750		02/15/28		1,709,382
	1,750,000		Charter Communications Operating LLC		4.200		03/15/28		1,796,310
	1,465,000		Charter Communications Operating LLC		5.125		07/01/49		1,558,343
	1,650,000		Charter Communications Operating LLC		4.800		03/01/50		1,719,183
	1,800,000		Comcast Corp		3.700		04/15/24		1,931,953
	2,900,000		Comcast Corp		3.950		10/15/25		3,192,888
	4,750,000		Comcast Corp		2.350		01/15/27		4,732,115
	1,400,000		Comcast Corp		3.150		02/15/28		1,464,813
	5,000,000		Comcast Corp		4.150		10/15/28		5,692,201
	4,025,000		Comcast Corp		2.650		02/01/30		4,145,682
	2,975,000		Comcast Corp		3.200		07/15/36		3,140,687
	1,000,000		Comcast Corp		3.900		03/01/38		1,124,140
	755,000		Comcast Corp		6.400		05/15/38		1,101,242
	11,100,000		Comcast Corp		3.450		02/01/50		12,180,000
	1,000,000		CSC Holdings LLC		6.750		11/15/21		1,030,000
	1,800,000	g	CSC Holdings LLC		5.750		01/15/30		1,815,228
	850,000		Discovery Communications LLC		2.950		03/20/23		848,201
	2,000,000		Discovery Communications LLC		4.125		05/15/29		1,938,362
	2,000,000		Discovery Communications LLC		5.200		09/20/47		2,044,143
	2,150,000	g	Entercom Media Corp		6.500		05/01/27		1,865,125
	325,000	g	EW Scripps Co		5.125		05/15/25		286,000
	2,400,000	g	Gray Escrow, Inc		7.000		05/15/27		2,388,000
	1,400,000	g	Gray Television, Inc		5.875		07/15/26		1,347,920
	2,785,000		Grupo Televisa SAB		6.625		01/15/40		3,261,927
	400,000		Grupo Televisa SAB		5.250		05/24/49		411,701
	500,000	g	International Airport Finance S.A.		12.000		03/15/33		285,000
	1,000,000		Lamar Media Corp		5.000		05/01/23		990,000
	1,275,000	g	Lamar Media Corp		3.750		02/15/28		1,195,160
	1,850,000	g	Lions Gate Capital Holdings LLC		5.875		11/01/24		1,575,849
	1,000,000	g	Medco Bell Pte Ltd		6.375		01/30/27		579,801
	2,000,000	g	Medco Oak Tree Pte Ltd		7.375		05/14/26		1,261,158
	975,000		Meredith, Corp		6.875		02/01/26		838,500
	540,000		NBC Universal Media LLC		6.400		04/30/40		815,497
	925,000	g	Nielsen Finance LLC		5.000		04/15/22		852,684
	300,000		Outfront Media Capital LLC		5.625		02/15/24		297,000
	2,700,000	g	Sirius XM Radio, Inc		5.375		07/15/26		2,732,940
	2,075,000	g	TEGNA, Inc		4.625		03/15/28		1,823,406
	1,075,000	g	Telefonica Celular del Paraguay S.A.		5.875		04/15/27		969,559

237

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	800,000	g	Telenet Finance Luxembourg		5.500	%	03/01/28	$	743,860
	1,740,000	g	Terrier Media Buyer, Inc		8.875		12/15/27		1,461,600
	1,500,000		Time Warner Cable LLC		5.875		11/15/40		1,580,626
	475,000		Time Warner Cable LLC		4.500		09/15/42		446,509
	1,500,000	g	Vedanta Resources Finance II plc		9.250		04/23/26		626,250
	425,000		ViacomCBS, Inc		2.900		06/01/23		404,680
	850,000		ViacomCBS, Inc		2.900		01/15/27		820,827
	525,000		ViacomCBS, Inc		3.375		02/15/28		466,349
	600,000		ViacomCBS, Inc		5.850		09/01/43		615,388
	1,500,000		Walt Disney Co		3.700		03/23/27		1,658,704
	125,000		Walt Disney Co		7.625		11/30/28		164,549
	3,400,000		Walt Disney Co		2.000		09/01/29		3,316,778
	90,000		Walt Disney Co		6.550		03/15/33		128,127
	5,000,000		Walt Disney Co		4.700		03/23/50		6,475,732
			TOTAL MEDIA & ENTERTAINMENT						104,329,299
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.3%
	1,225,000		Abbott Laboratories		3.875		09/15/25		1,322,748
	1,247,000		Abbott Laboratories		3.750		11/30/26		1,392,092
	450,000		Abbott Laboratories		5.300		05/27/40		592,825
	850,000		AbbVie, Inc		2.850		05/14/23		861,617
	450,000		AbbVie, Inc		3.600		05/14/25		474,107
	6,750,000	g	AbbVie, Inc		2.950		11/21/26		6,877,287
	1,950,000	g	AbbVie, Inc		3.200		11/21/29		1,989,339
	3,850,000	g	AbbVie, Inc		4.050		11/21/39		4,037,579
	1,450,000		AbbVie, Inc		4.400		11/06/42		1,611,308
	580,000		AbbVie, Inc		4.450		05/14/46		616,352
	1,350,000	g	AbbVie, Inc		4.250		11/21/49		1,456,203
	2,625,000		Allergan Funding SCS		3.800		03/15/25		2,688,044
	1,150,000		AstraZeneca plc		3.125		06/12/27		1,151,776
	2,000,000	g	Bausch Health Companies, Inc		6.500		03/15/22		2,020,000
	300,000	g	Bausch Health Cos, Inc		5.750		08/15/27		308,880
	625,000	g	Bausch Health Cos, Inc		5.000		01/30/28		591,687
	625,000	g	Bristol-Myers Squibb Co		3.875		08/15/25		678,112
	3,150,000	g	Bristol-Myers Squibb Co		3.450		11/15/27		3,355,606
	4,725,000	g	Bristol-Myers Squibb Co		3.400		07/26/29		5,192,313
	4,500,000	g	Bristol-Myers Squibb Co		4.250		10/26/49		5,639,430
	450,000		Gilead Sciences, Inc		4.000		09/01/36		509,502
	1,500,000		Gilead Sciences, Inc		4.150		03/01/47		1,833,513
	345,000	g	Horizon Pharma USA, Inc		5.500		08/01/27		346,345
	1,375,000		Johnson & Johnson		2.450		03/01/26		1,469,591
	975,000		Johnson & Johnson		2.900		01/15/28		1,071,085
	900,000		Johnson & Johnson		3.400		01/15/38		1,041,321
	1,450,000		Mylan, Inc		4.550		04/15/28		1,419,557
	1,900,000		Novartis Capital Corp		3.000		11/20/25		2,015,906
	5,300,000		Teva Pharmaceutical Finance Netherlands III BV		3.150		10/01/26		4,464,455
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						57,028,580
REAL ESTATE - 1.4%
	350,000		Alexandria Real Estate Equities, Inc		3.950		01/15/27		350,508
	450,000		Alexandria Real Estate Equities, Inc		3.950		01/15/28		460,870
	1,650,000		Alexandria Real Estate Equities, Inc		4.900		12/15/30		1,792,521

238

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	6,000,000		American Tower Corp		3.300	%	02/15/21	$	5,998,878
	1,200,000		American Tower Corp		3.000		06/15/23		1,201,481
	875,000		American Tower Corp		5.000		02/15/24		926,260
	1,425,000		American Tower Corp		2.950		01/15/25		1,423,311
	475,000		American Tower Corp		3.375		10/15/26		475,080
	1,200,000		American Tower Corp		3.600		01/15/28		1,199,243
	2,200,000		American Tower Corp		3.800		08/15/29		2,245,678
	4,100,000		American Tower Corp		2.900		01/15/30		3,989,785
	950,000		Brandywine Operating Partnership LP		4.100		10/01/24		945,283
	1,750,000		Brixmor Operating Partnership LP		3.850		02/01/25		1,726,963
	575,000		Camden Property Trust		3.150		07/01/29		566,718
	575,000		Country Garden Holdings Co Ltd		4.750		09/28/23		552,062
	780,000		Crown Castle International Corp		4.875		04/15/22		818,867
	775,000		Crown Castle International Corp		3.650		09/01/27		772,141
	1,050,000		Crown Castle International Corp		3.800		02/15/28		1,051,783
	625,000		Digital Realty Trust LP		3.700		08/15/27		603,985
	325,000		Duke Realty LP		3.250		06/30/26		324,915
	625,000		Duke Realty LP		4.000		09/15/28		648,126
	775,000		Essex Portfolio LP		3.375		01/15/23		775,851
	2,500,000		Essex Portfolio LP		3.000		01/15/30		2,369,819
	150,000		Healthcare Realty Trust, Inc		3.750		04/15/23		149,796
	1,500,000		Healthcare Realty Trust, Inc		3.875		05/01/25		1,567,809
	1,500,000		Healthcare Realty Trust, Inc		3.625		01/15/28		1,504,284
	525,000		Healthcare Realty Trust, Inc		2.400		03/15/30		466,119
	325,000		Healthcare Trust of America Holdings LP		3.700		04/15/23		314,368
	1,225,000		Healthcare Trust of America Holdings LP		3.500		08/01/26		1,211,470
	3,750,000		Healthcare Trust of America Holdings LP		3.100		02/15/30		3,353,663
	150,000		Healthpeak Properties, Inc		3.500		07/15/29		146,729
	375,000		Highwoods Realty LP		3.875		03/01/27		373,665
	725,000		Highwoods Realty LP		4.125		03/15/28		779,561
	700,000		Highwoods Realty LP		4.200		04/15/29		716,491
	460,000		Hudson Pacific Properties LP		3.950		11/01/27		438,289
	2,000,000	g	Ladder Capital Finance Holdings LLLP		4.250		02/01/27		1,580,000
	1,500,000		Mid-America Apartments LP		4.300		10/15/23		1,491,497
	1,000,000		Mid-America Apartments LP		3.750		06/15/24		985,401
	850,000		Mid-America Apartments LP		4.000		11/15/25		884,930
	750,000		Mid-America Apartments LP		3.600		06/01/27		754,779
	3,925,000		Mid-America Apartments LP		2.750		03/15/30		3,634,542
	525,000		National Retail Properties, Inc		3.300		04/15/23		529,222
	550,000		National Retail Properties, Inc		4.000		11/15/25		566,394
	600,000		National Retail Properties, Inc		3.600		12/15/26		600,603
	675,000		ProLogis LP		4.375		02/01/29		757,942
	550,000		Regency Centers Corp		3.750		11/15/22		538,999
	875,000		Regency Centers LP		3.900		11/01/25		895,488
	925,000		Regency Centers LP		3.600		02/01/27		931,577
	1,650,000		Regency Centers LP		2.950		09/15/29		1,555,536
	603,000		SITE Centers Corp		3.625		02/01/25		610,696
	650,000		SITE Centers Corp		4.700		06/01/27		672,426
	4,000,000	g	VICI Properties LP		4.125		08/15/30		3,790,000
	1,150,000		Weingarten Realty Investors		3.375		10/15/22		1,179,078
	450,000		Weingarten Realty Investors		3.500		04/15/23		460,249
	400,000		Weingarten Realty Investors		4.450		01/15/24		428,591
	925,000		Weingarten Realty Investors		3.850		06/01/25		968,465
	300,000		Weingarten Realty Investors		3.250		08/15/26		282,009
			TOTAL REAL ESTATE						66,340,796

239

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
RETAILING - 0.5%
$	1,800,000		AutoNation, Inc		3.800	%	11/15/27	$	1,596,653
	425,000	g	Camelot Finance S.A.		4.500		11/01/26		412,250
	1,775,000		Home Depot, Inc		2.000		04/01/21		1,777,359
	250,000	g	Lithia Motors, Inc		5.250		08/01/25		217,500
	2,175,000	g	Lithia Motors, Inc		4.625		12/15/27		1,957,718
	1,515,000		O’Reilly Automotive, Inc		4.875		01/14/21		1,505,492
	790,000		O’Reilly Automotive, Inc		3.550		03/15/26		798,267
	1,400,000		O’Reilly Automotive, Inc		3.600		09/01/27		1,345,193
	1,225,000		O’Reilly Automotive, Inc		4.200		04/01/30		1,268,620
	2,145,000		Penske Automotive Group, Inc		5.500		05/15/26		1,954,052
	3,450,000	g	PetSmart, Inc		7.125		03/15/23		3,249,900
	600,000	g	PetSmart, Inc		8.875		06/01/25		543,000
	225,000		QVC, Inc		4.750		02/15/27		199,173
	3,000,000	g	Staples, Inc		7.500		04/15/26		2,625,018
	1,100,000		Target Corp		3.375		04/15/29		1,188,805
	3,750,000		Target Corp		2.350		02/15/30		3,776,398
	400,000		Target Corp		2.650		09/15/30		409,562
			TOTAL RETAILING						24,824,960
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.4%
	3,980,000		Intel Corp		2.875		05/11/24		4,170,299
	975,000		Intel Corp		2.600		05/19/26		1,030,329
	2,200,000		Intel Corp		3.750		03/25/27		2,418,770
	1,325,000		Intel Corp		3.734		12/08/47		1,547,513
	3,000,000		Intel Corp		4.750		03/25/50		3,920,510
	1,300,000	g	NXP BV		4.875		03/01/24		1,387,985
	1,460,000	g	NXP BV		3.875		06/18/26		1,420,017
	700,000		Texas Instruments, Inc		2.625		05/15/24		729,904
	775,000		Texas Instruments, Inc		4.150		05/15/48		958,508
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						17,583,835
SOFTWARE & SERVICES - 1.1%
	825,000		Activision Blizzard, Inc		2.300		09/15/21		830,704
	875,000		Activision Blizzard, Inc		3.400		09/15/26		922,713
	2,975,000		Adobe, Inc		2.300		02/01/30		2,973,959
	2,000,000		Baidu, Inc		2.875		07/06/22		1,999,983
	1,275,000		Baidu, Inc		4.375		05/14/24		1,347,031
	925,000		Fidelity National Information Services, Inc		3.750		05/21/29		1,006,736
	3,650,000		Fiserv, Inc		2.750		07/01/24		3,629,179
	5,075,000		Fiserv, Inc		3.500		07/01/29		5,370,215
	1,425,000		Global Payments, Inc		2.650		02/15/25		1,412,484
	3,075,000		Global Payments, Inc		3.200		08/15/29		3,004,063
	500,000		IHS Markit Ltd		4.125		08/01/23		520,240
	1,830,000		IHS Markit Ltd		4.250		05/01/29		1,935,243
	2,200,000		International Business Machines Corp		2.850		05/13/22		2,259,788
	6,400,000		International Business Machines Corp		3.500		05/15/29		6,987,094
	3,000,000		Microsoft Corp		2.400		08/08/26		3,172,646
	1,165,000		Microsoft Corp		3.300		02/06/27		1,292,822
	750,000		Microsoft Corp		4.100		02/06/37		915,672
	1,180,000		Microsoft Corp		3.700		08/08/46		1,399,713

240

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,375,000	g	Open Text Corp		5.875	%	06/01/26	$	1,442,237
	550,000	g	Open Text Holdings, Inc		4.125		02/15/30		517,137
	3,300,000		Oracle Corp		2.950		04/01/30		3,319,807
	2,250,000		Oracle Corp		3.600		04/01/40		2,239,775
	125,000	g	Presidio Holdings, Inc		4.875		02/01/27		112,500
	1,475,000	g	Prosus NV		3.680		01/21/30		1,334,931
	730,000	g	Sabre GLBL, Inc		5.375		04/15/23		667,950
	650,000		salesforce.com, Inc		3.700		04/11/28		717,524
			TOTAL SOFTWARE & SERVICES						51,332,146
TECHNOLOGY HARDWARE & EQUIPMENT - 0.9%
	2,025,000		Amphenol Corp		2.800		02/15/30		1,843,682
	5,575,000		Apple, Inc		2.450		08/04/26		5,841,689
	10,350,000		Apple, Inc		2.050		09/11/26		10,676,162
	1,000,000		Apple, Inc		3.850		05/04/43		1,182,731
	875,000		Apple, Inc		4.650		02/23/46		1,211,405
	3,800,000		Broadcom Corp		3.875		01/15/27		3,622,412
	1,200,000	g	CommScope, Inc		5.500		06/15/24		1,108,200
	1,900,000	g	CommScope, Inc		6.000		06/15/25		1,738,880
	525,000		Corning, Inc		4.375		11/15/57		545,798
	2,550,000	g	Dell International LLC		4.420		06/15/21		2,577,373
	650,000	g	Dell International LLC		7.125		06/15/24		671,125
	2,400,000	g	Dell International LLC		5.300		10/01/29		2,334,435
	2,525,000	g	Empresas Publicas de Medellin ESP		4.250		07/18/29		2,152,563
	875,000		Flex Ltd		4.875		06/15/29		830,639
	800,000	g	L3Harris Technologies, Inc		3.850		06/15/23		832,255
	875,000		L3Harris Technologies, Inc		2.900		12/15/29		826,760
	2,520,000	g	Millicom International Cellular S.A.		5.125		01/15/28		2,192,400
	1,500,000		Tyco Electronics Group S.A.		3.500		02/03/22		1,521,115
	450,000		Tyco Electronics Group S.A.		3.700		02/15/26		457,831
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						42,167,455
TELECOMMUNICATION SERVICES - 2.3%
	2,420,000		AT&T, Inc		3.800		03/15/22		2,499,562
	1,000,000		AT&T, Inc		3.400		06/15/22		1,024,028
	2,775,000		AT&T, Inc		3.400		05/15/25		2,870,187
	950,000		AT&T, Inc		3.600		07/15/25		986,547
	1,385,000		AT&T, Inc		3.875		01/15/26		1,421,784
	1,100,000		AT&T, Inc		3.800		02/15/27		1,142,900
	5,575,000		AT&T, Inc		4.350		03/01/29		5,994,398
	8,375,000		AT&T, Inc		4.300		02/15/30		9,014,189
	2,085,000		AT&T, Inc		4.500		05/15/35		2,273,147
	14,050,000		AT&T, Inc		4.500		03/09/48		15,247,897
	3,000,000	g	Bharti Airtel Ltd		4.375		06/10/25		2,763,660
	1,325,000	g	C&W Senior Financing Designated Activity Co		7.500		10/15/26		1,213,786
	3,200,000	g	C&W Senior Financing Designated Activity Co		6.875		09/15/27		2,760,000
	3,000,000	g	Deutsche Telekom International Finance BV		1.950		09/19/21		2,962,363
	1,325,000	g	Front Range BidCo, Inc		4.000		03/01/27		1,267,859
	1,375,000	g	Globo Comunicacao e Participacoes S.A.		4.875		01/22/30		1,174,937
	2,150,000	g	MTN Mauritius Investment Ltd		6.500		10/13/26		2,048,406
	3,000,000	g	Network i2i Ltd		5.650		N/A‡		2,415,000
	500,000		Orange S.A.		5.375		01/13/42		640,059
	1,800,000	g	Oztel Holdings SPC Ltd		6.625		04/24/28		1,275,709
	1,150,000		Rogers Communications, Inc		3.700		11/15/49		1,189,601

241

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,875,000		Telefonica Emisiones SAU		4.103	%	03/08/27	$	1,944,598
	925,000		T-Mobile USA, Inc		6.375		03/01/25		945,812
	2,300,000	g	Turkcell Iletisim Hizmetleri AS.		5.800		04/11/28		2,028,664
	146,000		Verizon Communications, Inc		3.376		02/15/25		156,610
	1,000,000		Verizon Communications, Inc		4.125		03/16/27		1,112,776
	5,320,000		Verizon Communications, Inc		4.329		09/21/28		6,130,765
	800,000		Verizon Communications, Inc		3.875		02/08/29		895,474
	9,113,000		Verizon Communications, Inc		4.272		01/15/36		10,646,366
	10,000,000		Verizon Communications, Inc		4.000		03/22/50		11,868,064
	3,200,000		Vodafone Group plc		4.250		09/17/50		3,289,093
	740,000		Vodafone Group plc		7.000		04/04/79		791,182
			TOTAL TELECOMMUNICATION SERVICES						101,995,423
TRANSPORTATION - 1.0%
	2,500,000	g	Adani Ports & Special Economic Zone Ltd		4.000		07/30/27		1,988,420
	1,690,000	g	Airbus SE		3.150		04/10/27		1,697,065
	2,500,000		Boeing Co		3.750		02/01/50		2,283,313
	2,300,000		Burlington Northern Santa Fe LLC		3.550		02/15/50		2,518,288
	2,325,000		Canadian Pacific Railway Co		2.050		03/05/30		2,158,888
	1,990,000		CSX Corp		3.250		06/01/27		2,044,019
	700,000		CSX Corp		3.800		03/01/28		743,336
	4,015,000		CSX Corp		4.250		03/15/29		4,504,947
	3,175,000		CSX Corp		2.400		02/15/30		3,126,663
	1,500,000		CSX Corp		4.300		03/01/48		1,646,283
	2,350,000		CSX Corp		3.350		09/15/49		2,225,350
	1,575,000		Delta Air Lines, Inc		3.800		04/19/23		1,480,115
	1,950,000		Delta Air Lines, Inc		2.900		10/28/24		1,560,757
	1,375,000		Delta Air Lines, Inc		3.750		10/28/29		1,108,081
	2,025,000	g	DP World Ltd		5.625		09/25/48		1,690,875
	50,000		FedEx Corp		3.250		04/01/26		50,617
	8,850,000		FedEx Corp		3.100		08/05/29		8,698,232
	1,100,000	g	Indian Railway Finance Corp Ltd		3.249		02/13/30		989,233
	775,000	g	Lima Metro Line 2 Finance Ltd		4.350		04/05/36		730,437
	1,550,000		Union Pacific Corp		3.950		09/10/28		1,664,048
	2,275,000	g	Union Pacific Corp		3.839		03/20/60		2,434,603
			TOTAL TRANSPORTATION						45,343,570
UTILITIES - 2.7%
	3,000,000	g	Adani Green Energy UP Ltd		6.250		12/10/24		2,640,742
	325,000		AEP Transmission Co LLC		3.100		12/01/26		337,815
	350,000		AEP Transmission Co LLC		4.000		12/01/46		354,245
	700,000		Alabama Power Co		4.150		08/15/44		657,614
	1,850,000		Ameren Corp		3.650		02/15/26		1,877,704
	525,000		American Water Capital Corp		3.000		12/01/26		526,530
	500,000		American Water Capital Corp		4.000		12/01/46		506,455
	1,475,000		American Water Capital Corp		3.750		09/01/47		1,478,069
	250,000		Atmos Energy Corp		4.125		10/15/44		271,617
	800,000	g	Azure Power Solar Energy Pvt Ltd		5.650		12/24/24		679,651
	1,325,000		Baltimore Gas & Electric Co		3.750		08/15/47		1,433,575
	1,650,000		Baltimore Gas & Electric Co		3.200		09/15/49		1,572,557
	925,000		Black Hills Corp		4.250		11/30/23		970,274
	325,000		Black Hills Corp		3.150		01/15/27		346,975
	300,000		CenterPoint Energy Resources Corp		6.250		02/01/37		369,826

242

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	525,000	g	Clearway Energy Operating LLC			4.750	%	03/15/28	$	486,938
	1,000,000		CMS Energy Corp			3.600		11/15/25		1,108,503
	200,000		Commonwealth Edison Co			5.900		03/15/36		236,647
	2,000,000		Consumers Energy Co			3.950		07/15/47		2,325,373
	1,000,000		Consumers Energy Co			3.500		08/01/51		1,075,721
	1,225,000		Dominion Energy Gas Holdings LLC			2.500		11/15/24		1,190,255
	750,000		Dominion Resources, Inc			2.000		08/15/21		745,557
	5,950,000		DTE Electric Co			2.625		03/01/31		5,940,004
	1,825,000		DTE Electric Co			3.750		08/15/47		1,925,173
	3,071,000		DTE Electric Co			2.950		03/01/50		2,864,707
	1,175,000		Duke Energy Corp			1.800		09/01/21		1,167,004
	1,725,000		Duke Energy Corp			2.650		09/01/26		1,711,887
	1,175,000		Duke Energy Corp			3.750		09/01/46		1,126,374
	5,000,000		Duke Energy Florida LLC			3.400		10/01/46		5,164,259
	2,800,000		Enel Chile S.A.			4.875		06/12/28		2,760,800
	1,125,000		Entergy Corp			2.950		09/01/26		1,115,097
	3,450,000	g	Eskom Holdings SOC Ltd			8.450		08/10/28		2,382,934
	1,225,000		Exelon Corp			4.050		04/15/30		1,213,216
	1,850,000		Exelon Generation Co LLC			3.400		03/15/22		1,870,736
	50,000	g	FirstEnergy Transmission LLC			4.350		01/15/25		52,033
	1,425,000		Florida Power & Light Co			3.990		03/01/49		1,607,086
	1,350,000		Florida Power & Light Co			3.150		10/01/49		1,400,497
	5,000,000	g,i	Golden State RE II Ltd	LIBOR 3 M + 2.200%		4.057		01/08/23		4,650,000
	1,575,000	g	Hunt Oil Co of Peru LLC Sucursal Del Peru			6.375		06/01/28		1,055,250
	750,000		Indiana Michigan Power Co			3.750		07/01/47		781,615
	125,000		Integrys Energy Group, Inc			4.170		11/01/20		125,821
	3,000,000	g	Israel Electric Corp Ltd			4.250		08/14/28		3,021,692
	1,525,000	g	Kallpa Generacion SA			4.125		08/16/27		1,370,228
	1,900,000	g	KazTransGas JSC			4.375		09/26/27		1,702,210
	2,200,000	g	Latam Finance Ltd			7.000		03/01/26		1,002,144
	350,000		LG&E and KU Energy LLC			3.750		11/15/20		347,593
	775,000		MidAmerican Energy Co			3.650		04/15/29		846,511
	1,550,000		MidAmerican Energy Co			3.650		08/01/48		1,663,676
	1,400,000	g	Minejesa Capital BV			4.625		08/10/30		1,250,081
	1,000,000		Nevada Power Co			5.450		05/15/41		1,188,758
	885,000		NextEra Energy Capital Holdings, Inc			3.250		04/01/26		915,925
	6,125,000		NextEra Energy Capital Holdings, Inc			2.750		11/01/29		5,911,828
	550,000	g	NextEra Energy Operating Partners LP			4.250		09/15/24		536,250
	1,700,000		NiSource, Inc			3.490		05/15/27		1,720,029
	1,400,000		Northern States Power Co			3.600		09/15/47		1,494,625
	1,075,000		Northern States Power Co			2.900		03/01/50		1,059,267
	165,000		NRG Energy, Inc			6.625		01/15/27		171,600
	1,350,000		NRG Energy, Inc			5.750		01/15/28		1,377,000
	500,000		NSTAR Electric Co			3.950		04/01/30		559,652
	1,550,000		Ohio Power Co			4.150		04/01/48		1,628,559
	1,550,000		Ohio Power Co			4.000		06/01/49		1,599,612
	575,000		ONE Gas, Inc			3.610		02/01/24		580,349
	825,000		PECO Energy Co			3.000		09/15/49		839,620
	2,000,000	g	Pelabuhan Indonesia III PT			4.875		10/01/24		2,020,000
	2,000,000	g	Perusahaan Listrik Negara PT			4.125		05/15/27		1,927,230
	1,800,000	g	Perusahaan Listrik Negara PT			5.450		05/21/28		1,878,732
	2,000,000	g	Petra Diamonds US Treasury plc			7.250		05/01/22		460,000
	50,000		Potomac Electric Power Co			7.900		12/15/38		72,473
	300,000		PPL Capital Funding, Inc			3.950		03/15/24		309,404

243

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,750,000	g	Promigas S.A. ESP		3.750	%	10/16/29	$	1,420,580
	2,475,000		PSEG Power LLC		3.850		06/01/23		2,517,514
	550,000		Public Service Co of Colorado		4.750		08/15/41		657,213
	1,600,000		Public Service Co of Colorado		4.050		09/15/49		1,812,694
	275,000		Public Service Co of Colorado		3.200		03/01/50		278,273
	1,733,000		Public Service Electric & Gas Co		3.850		05/01/49		1,937,728
	850,000		Public Service Electric & Gas Co		3.200		08/01/49		849,146
	2,614,926	g	Solar Star Funding LLC		3.950		06/30/35		2,651,802
	1,325,000		Southern Co		4.400		07/01/46		1,385,032
	1,800,000		Southern Co Gas Capital Corp		3.875		11/15/25		1,887,392
	625,000		Southern Co Gas Capital Corp		4.400		06/01/43		648,732
	425,000		Southern Co Gas Capital Corp		3.950		10/01/46		380,237
	1,650,000		Southern Power Co		2.500		12/15/21		1,625,224
	1,550,000		Southern Power Co		4.150		12/01/25		1,598,308
	650,000		Virginia Electric & Power Co		2.950		11/15/26		669,606
	650,000		Virginia Electric & Power Co		3.500		03/15/27		680,607
	775,000		Virginia Electric & Power Co		3.800		09/15/47		828,425
	750,000	g	Vistra Operations Co LLC		5.500		09/01/26		772,500
	850,000		Wisconsin Power & Light Co		4.100		10/15/44		901,372
	575,000		Xcel Energy, Inc		3.350		12/01/26		567,916
	215,000		Xcel Energy, Inc		4.800		09/15/41		231,795
			TOTAL UTILITIES						121,864,280
			TOTAL CORPORATE BONDS						1,721,596,951
			(Cost $1,773,013,587)
GOVERNMENT BONDS - 34.6%
AGENCY SECURITIES - 0.1%
	2,500,000	g	Reliance Industries Ltd		3.667		11/30/27		2,351,018
			TOTAL AGENCY SECURITIES						2,351,018
FOREIGN GOVERNMENT BONDS - 3.1%
	3,850,000	g	Abu Dhabi Government International Bond		3.125		09/30/49		3,577,420
	3,000,000	g	Angolan Government International Bond		8.250		05/09/28		1,209,347
	3,325,000	g	Arab Petroleum Investments Corp		4.125		09/18/23		3,324,615
	1,235,000	†	Argentina Republic Government International Bond		5.625		01/26/22		358,150
	550,000	g	Banque Ouest Africaine de Developpement		5.000		07/27/27		515,032
	2,000,000	g	Banque Ouest Africaine de Developpement		4.700		10/22/31		1,812,309
	17,500	g	Barbados Government International Bond		6.500		02/01/21		16,975
	287,000	g	Barbados Government International Bond		6.500		10/01/29		256,865
	4,000,000	g	Bermuda Government International Bond		3.717		01/25/27		3,810,000
	3,150,000	g	Bermuda Government International Bond		4.750		02/15/29		3,181,500
	3,100,000		Brazilian Government International Bond		5.625		02/21/47		3,188,381
	3,575,000		Chile Government International Bond		2.550		01/27/32		3,571,425
	3,000,000		Colombia Government International Bond		5.000		06/15/45		3,075,000
	825,000	g	Costa Rica Government International Bond		6.125		02/19/31		697,125
	1,850,000	g	Costa Rica Government International Bond		5.625		04/30/43		1,332,000
DOP	81,200,000	g	Dominican Republic Government International Bond		8.900		02/15/23		1,405,350
	160,000,000	g	Dominican Republic Government International Bond		12.000		03/05/32		2,775,814

244

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	3,000,000	g	Dominican Republic Government International Bond		6.500	%	02/15/48	$	2,640,000
	2,625,000	†,g	Ecuador Government International Bond		8.875		10/23/27		659,557
	2,525,000	g	Egypt Government International Bond		5.577		02/21/23		2,334,964
EUR	1,400,000	g	Egypt Government International Bond		5.625		04/16/30		1,173,981
$	2,475,000	g	Egypt Government International Bond		8.500		01/31/47		2,017,556
	1,200,000	g	El Salvador Government International Bond		7.625		02/01/41		984,012
	1,500,000	g	Export-Import Bank of China		2.850		09/16/20		1,513,466
	1,375,000	g	Export-Import Bank of India		3.875		02/01/28		1,265,621
	2,200,000	g	Ghana Government International Bond		8.125		03/26/32		1,552,919
	1,500,000	g	Ghana Government International Bond		8.627		06/16/49		1,044,000
	1,675,000	g	Guatemala Government International Bond		4.375		06/05/27		1,608,000
	1,200,000	g	Guatemala Government International Bond		6.125		06/01/50		1,191,012
	1,100,000	g	Iraq Government International Bond		5.800		01/15/28		836,220
	3,100,000		Israel Government International Bond		3.250		01/17/28		3,288,236
	2,175,000		Israel Government International Bond		4.125		01/17/48		2,327,398
EUR	9,100,000		Italy Buoni Poliennali Del Tesoro		0.350		06/15/20		10,040,045
$	3,025,000		Jamaica Government International Bond		8.000		03/15/39		3,297,280
	2,500,000	g	Japan Finance Organization for Municipalities		3.000		03/12/24		2,696,896
	550,000	g	Kazakhstan Government International Bond		4.875		10/14/44		620,262
	2,500,000	g	Kenya Government International Bond		7.000		05/22/27		2,300,591
	775,000	g	Kommunalbanken AS.		1.375		10/26/20		777,520
	1,560,000	g	Kommunalbanken AS.		2.750		02/05/24		1,683,342
	1,650,000	g	Korea Housing Finance Corp		2.000		10/11/21		1,658,811
	1,500,000	g	Korea Housing Finance Corp		3.000		10/31/22		1,555,290
	3,550,000	g	Kuwait Government International Bond		2.750		03/20/22		3,568,005
	2,200,000		Mexico Government International Bond		4.150		03/28/27		2,248,400
	575,000		Mexico Government International Bond		3.250		04/16/30		539,063
	1,859,000		Mexico Government International Bond		6.050		01/11/40		2,202,673
	550,000	g	Morocco Government International Bond		5.500		12/11/42		583,066
	1,400,000	g	Namibia Government International Bond		5.250		10/29/25		1,198,984
	1,500,000	g	Nederlandse Waterschapsbank NV		1.875		04/14/22		1,537,327
	2,425,000	g	Nigeria Government International Bond		6.500		11/28/27		1,673,154
	3,000,000		Panama Government International Bond		4.300		04/29/53		3,228,780
	1,600,000	g	Panama Notas del Tesoro		3.750		04/17/26		1,600,000
	925,000	g	Paraguay Government International Bond		4.700		03/27/27		925,009
	1,475,000	g	Paraguay Government International Bond		5.400		03/30/50		1,475,015
	3,400,000	g	Perusahaan Penerbit SBSN Indonesia III		3.900		08/20/24		3,424,786
	3,350,000	g	Perusahaan Penerbit SBSN Indonesia III		4.400		03/01/28		3,383,735
PEN	6,775,000	g	Peruvian Government International Bond		5.400		08/12/34		1,954,469
$	616,666	g	Petroamazonas EP		4.625		11/06/20		602,679
	1,650,000	†,g	Provincia de Buenos Aires		7.875		06/15/27		429,000
	1,500,000	g	Provincia de Mendoza Argentina		8.375		05/19/24		675,000
	5,000,000		Republic of Italy Government International Bond		4.000		10/17/49		4,680,042
	2,475,000		Republic of South Africa Government International Bond		4.850		09/27/27		2,170,427
	2,150,000	g	Republic of Uzbekistan Government International Bond		4.750		02/20/24		2,102,443
	3,175,000	g	Saudi Government International Bond		4.500		04/17/30		3,427,176
	2,000,000	g	Saudi Government International Bond		3.750		01/21/55		1,840,188
	1,200,000	g	Senegal Government International Bond		6.250		05/23/33		1,073,607
	2,350,000		South Africa Government International Bond		4.300		10/12/28		1,927,487
	1,500,000	g	Sri Lanka Government International Bond		6.850		03/14/24		943,937
	1,550,000	g	Sri Lanka Government International Bond		6.850		11/03/25		913,167

245

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,050,000		State of Israel		3.375	%	01/15/50	$	1,988,500
EUR	3,475,000	g	Ukraine Government International Bond		4.375		01/27/30		3,066,344
$	3,000,000	†,g	Zambia Government International Bond		8.500		04/14/24		1,170,726
			TOTAL FOREIGN GOVERNMENT BONDS						139,727,476
MORTGAGE BACKED - 17.1%
	875		Federal Home Loan Mortgage Corp (FHLMC)		8.250		07/15/21		892
	334		FHLMC		7.000		04/15/22		341
	2,632,000		FHLMC		3.000		10/15/33		2,934,773
	5,091,685		FHLMC		3.500		08/15/43		5,420,845
	3,993,414	i	FHLMC		5.215		03/15/44		779,283
	11,799,540		FHLMC		4.000		10/01/47		12,842,175
	7,491,935	i	FHLMC		8.793		06/15/48		8,970,738
	6,050,131	i	FHLMC		8.713		10/15/48		7,626,524
	219		Federal Home Loan Mortgage Corp Gold (FGLMC)		7.000		10/01/20		219
	1,081		FGLMC		8.000		01/01/31		1,126
	207,872		FGLMC		7.000		12/01/33		245,279
	37,024		FGLMC		4.500		10/01/34		40,151
	66,337		FGLMC		7.000		05/01/35		78,398
	2,097,167		FGLMC		5.000		06/01/36		2,333,807
	1,067,856		FGLMC		4.500		10/01/44		1,186,162
	143,183		FGLMC		4.500		11/01/44		159,168
	216,149		FGLMC		4.500		11/01/44		240,106
	92,740		FGLMC		4.500		12/01/44		101,567
	132,456		FGLMC		4.500		12/01/44		147,071
	1,007,573		FGLMC		3.500		04/01/45		1,082,632
	4,038,303		FGLMC		3.500		08/01/45		4,348,014
	8,884,457		FGLMC		3.500		10/01/45		9,532,670
	6,000,063		FGLMC		4.000		12/01/45		6,544,778
	21,271,705		FGLMC		3.500		08/01/46		22,823,928
	33,516,212		FGLMC		3.000		02/01/47		35,351,824
	2,351,045		FGLMC		4.500		06/01/47		2,611,285
	2,890,125		FGLMC		4.000		09/01/47		3,171,859
	3,393,260		FGLMC		3.500		12/01/47		3,640,650
	34,180,426		FGLMC		3.500		03/01/48		36,668,844
	11,158,756		FGLMC		4.000		03/01/48		12,143,502
	3,048,664		FGLMC		4.000		07/01/48		3,317,721
	22,712,285		FGLMC		4.500		08/01/48		24,880,918
	63		Federal National Mortgage Association (FNMA)		7.000		06/25/20		63
	51		FNMA		9.000		07/25/20		51
	209		FNMA		6.500		08/25/20		211
	1,115		FNMA		6.500		09/25/20		1,124
	1,008		FNMA		6.750		06/25/21		1,016
	4,509		FNMA		7.000		10/25/21		4,597
	1,873		FNMA		7.000		07/01/22		1,888
	732		FNMA		6.500		07/25/22		768
	1,942		FNMA		9.000		11/01/25		2,137
	27,870		FNMA		7.000		05/01/26		30,854
	66,493		FNMA		7.000		07/25/26		74,022
	1,610		FNMA		7.500		01/01/29		1,803
	753		FNMA		7.500		02/01/30		875
	274,005		FNMA		6.500		12/01/31		312,351

246

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	327,961		FNMA		6.000	%	04/01/32	$	364,106
	2,632,969		FNMA		3.500		05/01/32		2,780,384
	265,138		FNMA		7.000		07/01/32		309,954
	87,654		FNMA		7.000		07/01/32		104,799
	58,106		FNMA		7.000		07/01/32		68,091
	2,262,867		FNMA		3.500		11/01/32		2,393,645
	64,752		FNMA		4.500		10/01/33		70,959
	51,641		FNMA		6.000		03/01/34		56,810
	2,944,950		FNMA		5.000		05/01/35		3,271,519
	283,236		FNMA		5.000		06/25/35		296,613
	1,642,919		FNMA		5.000		10/01/35		1,829,075
	1,258,065		FNMA		5.000		02/01/36		1,400,824
	1,597,356		FNMA		6.500		08/01/37		1,827,851
	75,147		FNMA		6.000		09/01/37		87,316
	867,289		FNMA		5.500		11/01/38		983,646
	940,438		FNMA		5.500		03/01/39		1,062,479
	951,285		FNMA		6.000		09/01/39		1,094,589
	573,732		FNMA		5.000		09/01/40		636,001
	750,495		FNMA		5.000		05/01/41		832,637
	6,822,600		FNMA		4.000		09/01/42		7,484,116
	531,000	†,i	FNMA		3.337		12/25/42		184,061
	2,131,758		FNMA		3.000		04/25/43		2,264,911
	5,045,738	i	FNMA		5.003		09/25/43		1,059,108
	4,272,269		FNMA		4.000		01/01/44		4,650,369
	1,463,043		FNMA		4.500		02/01/44		1,625,140
	222,525		FNMA		4.500		03/01/44		250,159
	1,169,196		FNMA		4.500		06/01/44		1,299,512
	3,549,960		FNMA		4.500		10/01/44		3,944,993
	1,070,878		FNMA		4.000		11/01/44		1,158,643
	1,179,885		FNMA		5.000		11/01/44		1,307,601
	1,217,288		FNMA		4.000		01/01/45		1,336,267
	5,038,785		FNMA		3.000		02/25/45		5,305,872
	4,861,260		FNMA		3.000		02/25/45		5,102,865
	269,751		FNMA		3.500		03/01/45		289,771
	184,334		FNMA		3.500		03/01/45		198,014
	450,054		FNMA		4.500		03/01/45		500,151
	2,892,513		FNMA		3.000		03/25/45		3,071,570
	4,178,081		FNMA		3.500		04/25/45		4,396,326
	2,534,044		FNMA		3.500		05/01/45		2,727,576
	8,240,000		FNMA		4.000		06/01/45		8,912,977
	2,809,546		FNMA		3.000		12/01/45		2,969,479
	3,035,109		FNMA		4.000		12/01/45		3,301,664
	1,035,033		FNMA		4.000		12/01/45		1,120,085
	10,817,606		FNMA		3.000		12/25/45		11,549,586
	1,272,965		FNMA		3.500		01/01/46		1,365,493
	6,935,193		FNMA		4.000		01/01/46		7,549,224
	4,327,708		FNMA		4.000		03/01/46		4,679,262
	666,863		FNMA		3.500		06/01/46		715,337
	6,578,318		FNMA		3.500		07/01/46		7,056,491
	7,990,051		FNMA		3.500		07/01/46		8,577,020
	337,329		FNMA		3.000		08/01/46		355,913
	8,474,232		FNMA		3.000		10/01/46		8,797,872
	2,336,913		FNMA		3.500		10/01/46		2,506,789
	42,917,666		FNMA		3.000		11/01/46		45,279,369

247

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	8,770,798		FNMA		3.500	%	12/01/46	$	9,310,242
	42,255,971		FNMA		3.500		01/01/47		44,790,622
	2,685,995		FNMA		3.000		04/25/47		2,862,492
	3,767,434		FNMA		4.500		05/01/47		4,122,500
	12,979,347		FNMA		3.500		08/01/47		13,822,247
	10,961,380		FNMA		3.500		09/01/47		11,661,403
	7,313,416		FNMA		3.000		11/01/47		7,590,359
	2,331,367		FNMA		3.500		11/01/47		2,509,692
	10,931,186		FNMA		4.000		12/01/47		11,897,148
	21,572,514	h	FNMA		3.500		01/01/48		23,225,211
	1,865,874		FNMA		3.500		01/01/48		2,008,041
	12,611,265		FNMA		4.500		01/01/48		13,815,786
	2,474,337		FNMA		4.500		02/01/48		2,709,554
	20,210,692		FNMA		3.000		02/25/48		21,383,585
	4,905,750		FNMA		4.000		03/01/48		5,336,775
	10,773,313		FNMA		4.500		03/01/48		11,797,433
	20,243,926		FNMA		3.500		04/01/48		21,383,928
	20,900,463		FNMA		4.000		04/01/48		22,406,987
	8,809,502		FNMA		4.500		05/01/48		9,646,982
	6,782,171		FNMA		4.500		05/01/48		7,426,927
	5,247,973		FNMA		5.000		06/01/48		5,671,238
	4,872,868		FNMA		5.000		08/01/48		5,401,096
	6,653,163		FNMA		3.000		11/25/48		681,568
	76,000,000	h	FNMA		3.000		04/25/49		79,696,094
	10,000,000	h	FNMA		3.500		04/25/49		10,578,516
	14,083		FNMA		3.000		05/01/49		14,602
	1,035,116		FNMA		3.000		08/01/49		1,096,292
	17,665,000		FNMA		2.500		04/01/50		18,307,436
	86,147		Government National Mortgage Association (GNMA)		5.000		02/15/33		93,096
	226,199		GNMA		5.000		09/15/33		248,795
	4,070,380		GNMA		3.700		10/15/33		4,380,680
	19,784		GNMA		5.500		04/15/34		22,335
	26,717		GNMA		5.000		04/15/38		29,766
	11,817		GNMA		4.500		02/20/39		13,601
	1,404,745		GNMA		4.500		02/20/41		1,547,777
	15,915		GNMA		4.500		08/20/41		17,944
	55,923		GNMA		4.500		09/20/41		64,317
	11,802		GNMA		4.500		01/20/44		13,590
	11,102		GNMA		4.500		02/20/44		12,583
	25,239		GNMA		4.500		05/20/44		29,052
	160,316		GNMA		4.500		05/20/44		184,575
	181,601		GNMA		4.500		08/20/44		208,941
	117,593		GNMA		4.500		09/20/44		135,410
	70,179		GNMA		4.500		10/20/44		79,848
	27,674		GNMA		4.500		11/20/44		29,937
	115,401		GNMA		4.500		12/20/44		132,856
	154,425		GNMA		4.500		02/20/45		173,769
	180,887		GNMA		4.500		08/20/45		208,299
	181,000		GNMA		4.500		08/20/45		208,428
	167,444		GNMA		4.500		12/20/45		190,050
	7,647,050	†	GNMA		4.000		06/20/46		910,470
	8,938,567		GNMA		3.500		01/20/49		9,755,571
			TOTAL MORTGAGE BACKED						781,870,340

248

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
MUNICIPAL BONDS - 4.9%
$	1,000,000	Anaheim City School District		3.825	%	08/01/23	$	1,075,220
	5,000,000	California Housing Finance Agency		2.966		08/01/22		5,147,400
	2,000,000	California State University		3.803		11/01/30		2,241,660
	9,745,000	Chicago Housing Authority		3.922		01/01/27		10,870,840
	7,500,000	Chicago Housing Authority		4.361		01/01/38		8,664,300
	1,620,000	City & County of San Francisco CA Community Facilities District		3.000		09/01/25		1,720,246
	1,200,000	City & County of San Francisco CA Community Facilities District		3.250		09/01/27		1,302,096
	5,500,000	City of Austin TX Electric Utility Revenue		3.336		11/15/39		5,572,600
	5,500,000	City of Cleveland OH Airport System Revenue		2.492		01/01/25		5,594,930
	4,155,000	City of Cleveland OH Airport System Revenue		2.832		01/01/30		4,194,306
	1,040,000	City of Fort Worth TX		3.955		03/01/32		1,110,980
	1,390,000	City of Fort Worth TX		4.088		03/01/37		1,475,499
	2,500,000	City of Inglewood CA		4.300		09/01/40		2,702,000
	7,300,000	City of New York NY		2.280		08/01/25		7,322,484
	500,000	City of San Angelo TX Water & Sewer Revenue		4.261		02/15/37		518,555
	2,995,000	County of Miami-Dade FL Aviation Revenue		2.218		10/01/22		2,976,221
	5,000,000	County of Miami-Dade FL Aviation Revenue		2.368		10/01/23		4,948,900
	3,425,000	County of Miami-Dade FL Aviation Revenue		2.949		10/01/25		3,598,476
	1,555,000	County of Miami-Dade FL Aviation Revenue		3.354		10/01/29		1,661,455
	5,475,000	County of Miami-Dade FL Aviation Revenue		4.280		10/01/41		5,844,617
	2,000,000	Denver City & County School District No		4.242		12/15/37		2,179,760
	2,000,000	Florida Municipal Power Agency		2.769		10/01/23		2,058,120
	2,100,000	Florida Municipal Power Agency		2.919		10/01/24		2,194,206
	3,000,000	Florida Municipal Power Agency		3.059		10/01/25		3,178,710
	12,920,000	Grand Parkway Transportation Corp		3.236		10/01/52		12,546,741
	600,000	Grant County Public Utility District No 2		5.630		01/01/27		745,044
	845,000	Illinois Housing Development Authority		4.105		07/01/27		880,913
	2,430,000	Indiana Finance Authority		3.166		07/01/30		2,587,658
	2,270,000	Los Angeles County Public Works Financing Authority		2.910		12/01/20		2,298,897
	1,250,000	Los Angeles County Public Works Financing Authority		3.450		12/01/22		1,319,588
	2,000,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		2.000		09/01/22		2,012,960
	3,960,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		4.000		08/01/24		4,306,381
	3,840,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		3.375		09/01/35		3,942,989
	1,250,000	Maryland Community Development Administration Housing Revenue		2.713		03/01/25		1,265,450
	5,000,000	Maryland Health & Higher Educational Facilities Authority		3.632		07/01/24		5,367,950
	410,000	Massachusetts Housing Finance Agency		4.786		12/01/32		426,105
	1,135,000	Massachusetts Housing Finance Agency		4.621		12/01/38		1,149,301
	565,000	Massachusetts Housing Finance Agency		4.721		06/01/40		572,085
	3,500,000	Massachusetts Water Resources Authority		2.453		08/01/31		3,556,385
	3,500,000	Massachusetts Water Resources Authority		2.553		08/01/32		3,552,570
	575,000	New Jersey Economic Development Authority		3.500		06/15/20		577,685
	1,000,000	New Jersey Economic Development Authority		3.800		06/15/20		1,005,270

249

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	7,500,000		New Jersey Economic Development Authority		4.271	%	06/15/20	$	7,542,975
	500,000		New Jersey Economic Development Authority		3.700		06/15/21		512,090
	3,515,000		New Jersey Economic Development Authority		4.150		06/15/22		3,707,095
	1,500,000		New Jersey Educational Facilities Authority		2.304		07/01/22		1,510,740
	1,415,000		New Jersey Educational Facilities Authority		2.504		07/01/23		1,436,055
	1,615,000		New Jersey Institute of Technology		4.177		07/01/37		1,715,792
	2,655,000		New York City Transitional Finance Authority Future Tax Secured Revenue		5.000		02/01/23		2,893,525
	1,000,000		New York City Transitional Finance Authority Future Tax Secured Revenue		3.780		02/01/26		1,087,960
	2,495,000		New York Transportation Development Corp		5.000		01/01/27		2,496,223
	5,000,000	g	Oregon State Business Development Commission		6.500		04/01/31		3,468,900
	2,500,000		Palm Beach County Solid Waste Authority		2.636		10/01/24		2,625,925
	1,690,000		Port of Corpus Christi Authority of Nueces County		2.888		12/01/21		1,725,304
	2,000,000		Port of Seattle WA		3.471		05/01/31		2,141,080
	3,975,000		Public Finance Authority		4.269		07/01/40		4,426,441
	860,000		Public Finance Authority		4.269		07/01/40		973,950
	1,390,000		Regents of the University of California Medical Center Pooled Revenue		2.659		05/15/28		1,503,911
	1,800,000		Regents of the University of California Medical Center Pooled Revenue		2.759		05/15/29		1,968,318
	5,000,000		Rhode Island Convention Center Authority		3.195		05/15/26		5,387,550
	3,750,000		Rhode Island Convention Center Authority		3.265		05/15/27		4,025,137
	5,000,000		San Jose Redevelopment Agency		3.250		08/01/29		5,192,700
	2,045,000		Sangamon County Water Reclamation District		3.272		01/01/37		2,061,094
	2,100,000		State of Colorado		4.047		09/01/38		2,315,397
	500,000		University of California		2.676		05/15/21		507,090
	4,500,000		University of California		2.817		05/15/24		4,721,535
	7,000,000		University of California		3.063		07/01/25		7,503,440
	3,000,000		University of California		3.169		05/15/29		3,238,920
	4,385,000		Virgin Islands Public Finance Authority		5.000		10/01/21		4,360,356
	3,585,000	g	Virgin Islands Water & Power Authority-Electric System		7.000		07/01/20		3,578,189
	2,740,000		Virginia Housing Development Authority		3.668		10/01/27		2,810,911
	1,245,000		Wake Forest University		3.093		06/01/26		1,291,222
			TOTAL MUNICIPAL BONDS						224,997,378
U.S. TREASURY SECURITIES - 9.4%
	17,000,000		United States Treasury Bond		4.375		11/15/39		26,897,851
	12,000,000		United States Treasury Bond		2.500		02/15/46		15,083,437
	15,000,000		United States Treasury Bond		2.500		05/15/46		18,870,117
	10,675,000		United States Treasury Bond		3.000		05/15/47		14,757,354
	14,400,000		United States Treasury Bond		2.750		08/15/47		19,034,438
	5,845,000		United States Treasury Bond		2.750		11/15/47		7,736,634
	33,350,000		United States Treasury Bond		3.000		02/15/48		46,164,998
	45,080,000		United States Treasury Bond		3.000		08/15/48		62,678,809
	20,680,000		United States Treasury Bond		2.250		08/15/49		25,160,128
	11,920,000		United States Treasury Bond		2.375		11/15/49		14,877,650
	21,766,400	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/21		21,324,322
	15,909,300	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/22		15,683,563
	20,768,800	k	United States Treasury Inflation Indexed Bonds		0.625		04/15/23		20,927,385
	10,855,500	k	United States Treasury Inflation Indexed Bonds		0.625		01/15/26		11,216,993
	4,052,088	k	United States Treasury Inflation Indexed Bonds		0.500		01/15/28		4,225,186
	895,000		United States Treasury Note		2.375		04/30/20		896,636

250

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	15,000,000		United States Treasury Note		1.625	%	06/30/20	$	15,056,904
	10,000,000		United States Treasury Note		1.625		07/31/20		10,048,424
	65,000,000		United States Treasury Note		2.625		08/15/20		65,619,531
	1,925,000		United States Treasury Note		0.500		03/15/23		1,937,031
	150,000		United States Treasury Note		0.625		03/31/27		150,756
	5,670,000		United States Treasury Note		1.500		02/15/30		6,112,742
	5,000,000		United States Treasury Note		2.000		02/15/50		5,807,227
			TOTAL U.S. TREASURY SECURITIES						430,268,116
			TOTAL GOVERNMENT BONDS						1,579,214,328
			(Cost $1,494,978,698)
STRUCTURED ASSETS - 20.5%
ASSET BACKED - 7.4%
	2,938,519	g	AASET Trust		4.335		01/16/40		1,944,497
			Series - 2020 1A (Class B)
	961,406	g	AASET Trust		6.413		01/16/40		593,096
			Series - 2020 1A (Class C)
	7,036,885	g	Adams Outdoor Advertising LP		4.810		11/15/48		7,019,886
			Series - 2018 1 (Class A)
	5,000,000	g	Adams Outdoor Advertising LP		7.356		11/15/48		4,851,278
			Series - 2018 1 (Class C)
	1,199,692		American Airlines Pass Through Trust		3.575		01/15/28		1,138,126
			Series - 2016 1 (Class AA)
	400,000		American Express Credit Account Master Trust		3.060		02/15/24		407,383
			Series - 2018 6 (Class A)
	1,576,079	g	American Homes 4 Rent Trust		3.786		10/17/36		1,583,936
			Series - 2014 SFR2 (Class A)
	1,360,000	g	AMSR Trust		1.819		04/17/37		1,260,993
			Series - 2020 SFR1 (Class A)
	2,625,000	g,i	AMSR Trust		3.247		01/19/39		2,094,809
			Series - 2019 SFR1 (Class D)
	1,000,000	g,i	Apidos CLO XXIX		3.344		07/25/30		885,541
			Series - 2018 29A (Class A2)
	931,752	†,g	Apollo Aviation Securitization Equity Trust		6.413		01/16/38		772,954
			Series - 2018 1A (Class C)
	984,100	g	Apollo Aviation Securitization Equity Trust		3.844		05/15/39		741,369
			Series - 2019 1 (Class A)
	4,015,000	g	Applebee’s Funding LLC		4.194		06/07/49		3,651,642
			Series - 2019 1A (Class A2I)
	1,730,000	g	Applebee’s Funding LLC		4.723		06/07/49		1,494,149
			Series - 2019 1A (Class A2II)
	2,150,000	g,i	AREIT Trust		1.725		09/14/36		1,980,243
			Series - 2019 CRE3 (Class A)
	265,996	i	Asset Backed Securities Corp Home Equity Loan Trust		3.386		08/25/34		250,322
			Series - 2004 HE5 (Class M1)
	3,000,000	g	Avis Budget Rental Car Funding AESOP LLC		3.780		06/20/22		2,937,526
			Series - 2016 1A (Class B)
	5,000,000	g	Avis Budget Rental Car Funding AESOP LLC		3.360		11/20/22		4,906,634
			Series - 2016 2A (Class B)
	6,830,000	g	Avis Budget Rental Car Funding AESOP LLC		4.830		11/20/22		6,823,223
			Series - 2016 2A (Class C)

251

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,500,000	g	Avis Budget Rental Car Funding AESOP LLC		4.150	%	09/20/23	$	1,471,955
			Series - 2017 1A (Class C)
	8,500,000	g	Avis Budget Rental Car Funding AESOP LLC		2.970		03/20/24		7,968,185
			Series - 2017 2A (Class A)
	975,000	g	Avis Budget Rental Car Funding AESOP LLC		4.950		03/20/25		632,942
			Series - 2018 2A (Class C)
	1,910,000	g	Avis Budget Rental Car Funding AESOP LLC		4.240		09/22/25		1,824,187
			Series - 2019 2A (Class C)
	444,106	i	Bayview Financial Mortgage Pass-Through Trust		5.500		12/28/35		422,992
			Series - 2005 D (Class AF4)
	1,500,000	i	Bayview Financial Mortgage Pass-Through Trust		1.591		02/28/41		1,397,353
			Series - 2006 A (Class M3)
	100,000	i	Bear Stearns Asset Backed Securities Trust		1.617		04/25/36		95,641
			Series - 2006 SD1 (Class M1)
	3,448,829	g	BRE Grand Islander Timeshare Issuer LLC		3.280		09/26/33		3,405,512
			Series - 2019 A (Class A)
	4,766,060	g	Capital Automotive REIT		3.660		10/15/44		4,299,849
			Series - 2014 1A (Class A)
	4,717,336	g	Capital Automotive REIT		3.870		04/15/47		4,133,719
			Series - 2017 1A (Class A1)
	5,100,000	g	Capital Automotive REIT		4.520		02/15/50		3,652,620
			Series - 2020 1A (Class B2)
	180,000		Capital One Multi-Asset Execution Trust		1.720		08/15/24		181,717
			Series - 2019 A2 (Class A2)
	250,000		Capital One Multi-Asset Execution Trust		2.290		07/15/25		246,630
			Series - 2017 A6 (Class A6)
	1,455,258	i	C-BASS Trust		1.027		07/25/36		1,322,798
			Series - 2006 CB6 (Class A1)
	6,451,318	†,g,i	CBRE Realty Finance		2.343		04/07/52		0
			Series - 2007 1A (Class A2)
	333,333	g	CCR, Inc		4.750		07/10/22		340,421
			Series - 2012 CA (Class C)
	26,680		Centex Home Equity		5.540		01/25/32		26,233
			Series - 2002 A (Class AF6)
	460,000	i	Citigroup Mortgage Loan Trust		1.697		01/25/36		440,914
			Series - 2006 WFH1 (Class M4)
	1,730,000	g	Corevest American Finance Trust		1.832		03/15/50		1,611,669
			Series - 2020 1 (Class A1)
	25,278		Countrywide Asset-Backed Certificates (Step Bond)		5.216		10/25/27		25,797
			Series - 2002 S4 (Class A5)
	950,000	g	CSMC Trust		3.196		07/10/34		941,869
			Series - 2017 MOON (Class A)
	4,887,500	g	DB Master Finance LLC		3.629		11/20/47		4,702,068
			Series - 2017 1A (Class A2I)
	10,197,938	g	DB Master Finance LLC		3.787		05/20/49		9,856,205
			Series - 2019 1A (Class A2I)
	4,451,363	g	DB Master Finance LLC		4.021		05/20/49		4,263,381
			Series - 2019 1A (Class A2II)
	3,225,625	g	DB Master Finance LLC		4.352		05/20/49		3,065,731
			Series - 2019 1A (Class A23)
	3,437,606	g	Diamond Resorts Owner Trust		3.700		01/21/31		3,403,129
			Series - 2018 1 (Class A)

252

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	916,695	g	Diamond Resorts Owner Trust		5.900	%	01/21/31	$	912,016
			Series - 2018 1 (Class D)
	3,490,461	g	Diamond Resorts Owner Trust		2.890		02/20/32		3,366,801
			Series - 2019 1A (Class A)
	4,747,800	g	Domino’s Pizza Master Issuer LLC		4.474		10/25/45		4,607,787
			Series - 2015 1A (Class A2II)
	1,881,688	g	Domino’s Pizza Master Issuer LLC		3.082		07/25/47		1,816,449
			Series - 2017 1A (Class A2II)
	4,887,500	g	Domino’s Pizza Master Issuer LLC		4.118		07/25/47		4,731,686
			Series - 2017 1A (Class A23)
	1,576,000	g	Domino’s Pizza Master Issuer LLC		4.116		07/25/48		1,521,660
			Series - 2018 1A (Class A2I)
	2,970,000	g	Driven Brands Funding LLC		4.641		04/20/49		2,841,280
			Series - 2019 1A (Class A2)
	5,000,000	g,i	Dryden 50 Senior Loan Fund		4.081		07/15/30		4,299,461
			Series - 2017 50A (Class C)
	2,114,261	g,i	Ellington Loan Acquisition Trust		2.047		05/25/37		2,017,423
			Series - 2007 2 (Class A2C)
	1,473,338	g	FOCUS Brands Funding LLC		5.093		04/30/47		1,215,032
			Series - 2017 1A (Class A2II)
	4,100,000	g,i	Galaxy XIX CLO Ltd		0.000		07/24/30		3,909,990
			Series - 2015 19A (Class A1R)
	732,562	g	HERO Funding Trust		4.500		09/21/42		734,332
			Series - 2016 1R (Class A1)
	588,258	g	HERO Funding Trust		3.280		09/20/48		605,906
			Series - 2017 2A (Class A1)
	1,176,516	g	HERO Funding Trust		4.070		09/20/48		1,228,675
			Series - 2017 2A (Class A2)
	3,050,000	g	Hertz Vehicle Financing II LP		4.260		05/25/25		2,872,815
			Series - 2019 2A (Class C)
	10,000,000	g	Hertz Vehicle Financing LLC		4.030		07/25/24		9,522,331
			Series - 2018 3A (Class A)
	1,168,633	g	Hilton Grand Vacations Trust		2.660		12/26/28		1,147,273
			Series - 2017 AA (Class A)
	1,947,721	g	Hilton Grand Vacations Trust		2.960		12/26/28		1,911,673
			Series - 2017 AA (Class B)
	1,624,576	g	Hilton Grand Vacations Trust		4.000		02/25/32		1,616,260
			Series - 2018 AA (Class C)
	4,737,307	g	Hilton Grand Vacations Trust		2.340		07/25/33		4,014,691
			Series - 2019 AA (Class A)
	4,105,666	g	Hilton Grand Vacations Trust		2.840		07/25/33		3,334,673
			Series - 2019 AA (Class C)
	61,778	i	Home Equity Asset Trust		3.986		06/25/33		58,021
			Series - 2003 1 (Class M1)
	2,371,795	g	Horizon Aircraft Finance II Ltd		3.721		07/15/39		1,659,394
			Series - 2019 1 (Class A)
	464,147	g	Horizon Aircraft Finance II Ltd		6.900		07/15/39		276,064
			Series - 2019 1 (Class C)
	8,541,667	g	Horizon Aircraft Finance III Ltd		3.425		11/15/39		5,977,495
			Series - 2019 2 (Class A)
	1,381,687	g,i	Invitation Homes Trust		1.605		06/17/37		1,273,190
			Series - 2018 SFR2 (Class A)
	200,000	g,i	Invitation Homes Trust		2.155		06/17/37		169,931
			Series - 2018 SFR2 (Class D)

253

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	773,786	i	JP Morgan Mortgage Acquisition Trust		1.267	%	03/25/37	$	708,319
			Series - 2007 CH3 (Class A1B)
	10,817,714	i	JP Morgan Mortgage Acquisition Trust		1.107		06/25/37		10,001,438
			Series - 2007 CH5 (Class A1)
	3,750,000	g	LUNAR AIRCRAFT LTD		4.335		02/15/45		2,430,601
			Series - 2020 1A (Class B)
	1,450,000	g	LUNAR AIRCRAFT LTD		6.413		02/15/45		890,016
			Series - 2020 1A (Class C)
	493,346		MASTR Asset Backed Securities Trust (Step Bond)		5.648		11/25/35		479,830
			Series - 2005 AB1 (Class A4)
	998,993		Mid-State Capital Trust		5.745		01/15/40		1,019,148
			Series - 2005 1 (Class A)
	2,095,676	g	Mosaic Solar Loans LLC		3.820		06/22/43		2,078,063
			Series - 2017 2A (Class A)
	800,000	g,i	MSCG Trust		3.462		06/07/35		683,340
			Series - 2015 ALDR (Class C)
	4,310,000	g,i	MSCG Trust		3.462		06/07/35		3,107,862
			Series - 2015 ALDR (Class D)
	753,837	g	MVW Owner Trust		2.520		12/20/32		742,186
			Series - 2015 1A (Class A)
	1,036,943	g	MVW Owner Trust		2.640		12/20/33		1,008,040
			Series - 2016 1A (Class B)
	1,406,413	g	MVW Owner Trust		2.420		12/20/34		1,368,721
			Series - 2017 1A (Class A)
	2,525,525	g	MVW Owner Trust		3.900		01/21/36		2,429,606
			Series - 2018 1A (Class C)
	2,637,875	g	MVW Owner Trust		3.330		11/20/36		2,411,986
			Series - 2019 1A (Class C)
	1,180,000	g,i	Myers Park CLO Ltd		3.419		10/20/30		1,058,938
			Series - 2018 1A (Class B1)
	516,092		Oakwood Mortgage Investors, Inc		5.410		11/15/32		515,263
			Series - 2002 C (Class A1)
	180,717	g,i	Orange Lake Timeshare Trust		3.030		07/09/29		179,330
			Series - 2014 AA (Class B)
	938,868	g	Orange Lake Timeshare Trust		3.100		11/08/30		920,841
			Series - 2018 A (Class A)
	3,170,536	g	Pioneer Aircraft Finance Ltd		3.967		06/15/44		2,216,844
			Series - 2019 1 (Class A)
	6,156,250	g	Planet Fitness Master Issuer LLC		4.262		09/05/48		5,801,835
			Series - 2018 1A (Class A2I)
	2,462,500	g	Planet Fitness Master Issuer LLC		4.666		09/05/48		2,190,345
			Series - 2018 1A (Class A2II)
	876,736	g	Pretium Mortgage Credit Partners I LLC (Step Bond)		3.844		12/25/58		760,150
			Series - 2019 NPL2 (Class A1)
	1,796,656	g	Progress Residential Trust		2.897		12/17/34		1,786,950
			Series - 2017 SFR2 (Class A)
	1,776,300	g	PRPM LLC (Step Bond)		3.967		04/25/24		1,588,846
			Series - 2019 2A (Class A1)
	740,000	i	RASC Trust		3.080		08/25/35		709,303
			Series - 2005 KS8 (Class M4)
	7,980,000	g	SERVPRO Master Issuer LLC		3.882		10/25/49		7,386,607
			Series - 2019 1A (Class A2)

254

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	4,975,000	g	Sesac Finance LLC		5.216	%	07/25/49	$	4,673,067
			Series - 2019 1 (Class A2)
	4,728,716	g	Settlement Fee Finance LLC		3.840		11/01/49		4,510,375
			Series - 2019 1A (Class A)
	947,946	g	Sierra Timeshare Receivables Funding LLC		2.580		09/20/32		939,863
			Series - 2015 3A (Class A)
	1,326,642	g	Sierra Timeshare Receivables Funding LLC		3.080		09/20/32		1,315,995
			Series - 2015 3A (Class B)
	731,912	g	Sierra Timeshare Receivables Funding LLC		2.330		07/20/33		721,845
			Series - 2016 2A (Class A)
	1,463,823	g	Sierra Timeshare Receivables Funding LLC		2.780		07/20/33		1,444,118
			Series - 2016 2A (Class B)
	2,071,128	g	Sierra Timeshare Receivables Funding LLC		3.200		03/20/34		2,040,234
			Series - 2017 1A (Class B)
	1,606,561	g	Sierra Timeshare Receivables Funding LLC		3.650		06/20/35		1,529,597
			Series - 2018 2A (Class B)
	867,520	g	Sierra Timeshare Receivables Funding LLC		4.540		05/20/36		857,308
			Series - 2019 2A (Class D)
	1,407,487	g	SoFi Professional Loan Program LLC		2.630		07/25/40		1,392,186
			Series - 2017 C (Class A2B)
	454,229	g	SolarCity LMC		4.800		11/20/38		420,116
			Series - 2013 1 (Class A)
	608,047	g	SolarCity LMC		4.590		04/20/44		579,959
			Series - 2014 1 (Class A)
	1,093,331	g	SolarCity LMC		4.020		07/20/44		1,022,778
			Series - 2014 2 (Class A)
	7,728,554	g	Sonic Capital LLC		3.845		01/20/50		7,398,622
			Series - 2020 1A (Class A2I)
	2,050,045	g	START Ireland		4.089		05/15/43		1,552,515
			Series - 2018 1 (Class A)
	4,642,857	g	START Ireland		5.095		03/15/44		2,921,849
			Series - 2019 1 (Class B)
	2,171,354	g	START Ireland		6.413		03/15/44		1,235,771
			Series - 2019 1 (Class C)
	1,473,743	g,i	Starwood Waypoint Homes		1.655		01/17/35		1,350,182
			Series - 2017 1 (Class A)
	6,806	i	Structured Asset Investment Loan Trust		1.847		09/25/34		6,021
			Series - 2004 8 (Class M1)
	24,337	i	Structured Asset Investment Loan Trust		1.947		09/25/34		22,643
			Series - 2004 8 (Class A9)
	918,585	i	Structured Asset Securities Corp Mortgage Loan Trust		3.081		04/25/35		839,991
			Series - 2005 7XS (Class 2A1A)
	948,188	g	Taco Bell Funding LLC		4.377		05/25/46		915,959
			Series - 2016 1A (Class A2II)
	7,366,688	g	Taco Bell Funding LLC		4.970		05/25/46		7,044,984
			Series - 2016 1A (Class A23)
	10,171,250	g	Taco Bell Funding LLC		4.318		11/25/48		9,917,070
			Series - 2018 1A (Class A2I)
	3,950,000	g	Taco Bell Funding LLC		4.940		11/25/48		3,844,812
			Series - 2018 1A (Class A2II)
	5,445,760	g	TES LLC		4.330		10/20/47		4,251,287
			Series - 2017 1A (Class A)

255

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,500,000	g	TES LLC		7.740	%	10/20/47	$	2,111,396
			Series - 2017 1A (Class B)
	7,875,000	g	Tesla Auto Lease Trust		2.130		04/20/22		7,886,715
			Series - 2019 A (Class A2)
	1,156,999	g	Thunderbolt Aircraft Lease Ltd		4.500		05/17/32		743,040
			Series - 2017 A (Class C)
	6,199,459	g	Thunderbolt Aircraft Lease Ltd (Step Bond)		4.212		05/17/32		4,626,247
			Series - 2017 A (Class A)
	2,500,000	g	Tricon American Homes Trust		4.878		11/17/33		2,380,741
			Series - 2016 SFR1 (Class E)
	1,539,032	g	Tricon American Homes Trust		2.716		09/17/34		1,512,258
			Series - 2017 SFR1 (Class A)
	1,600,000	g	Tricon American Homes Trust		4.011		09/17/34		1,465,604
			Series - 2017 SFR1 (Class E)
	400,000	g	Tricon American Homes Trust		3.275		01/17/36		388,527
			Series - 2017 SFR2 (Class B)
	4,665,133		United Airlines Pass Through Trust		3.700		03/01/30		4,460,822
			Series - 2018 1 (Class )
	4,750,000		United Airlines Pass Through Trust		2.700		05/01/32		4,272,408
			Series - 2019 2 (Class )
	1,689,320	g	VOLT LXXV LLC (Step Bond)		3.967		02/25/49		1,495,288
			Series - 2019 NPL2 (Class A1)
	600,000	g	VOLT LXXV LLC (Step Bond)		3.967		10/25/49		445,822
			Series - 2019 NPL7 (Class A1B)
	2,350,000	g	VOLT LXXXIV LLC (Step Bond)		3.967		12/27/49		1,890,027
			Series - 2019 NP10 (Class A1B)
	10,141,563	g	Wendys Funding LLC		3.573		03/15/48		9,255,596
			Series - 2018 1A (Class A2I)
	7,820,000	g	Wendys Funding LLC		3.884		03/15/48		7,079,211
			Series - 2018 1A (Class A2II)
			TOTAL ASSET BACKED						339,950,690
OTHER MORTGAGE BACKED - 13.1%
	10,000,000	g,i	20 Times Square Trust		3.100		05/15/35		8,460,653
			Series - 2018 20TS (Class D)
	802,767	g,i	Agate Bay Mortgage Trust		3.500		11/25/44		794,932
			Series - 2014 3 (Class A13)
	1,159,163	g,i	Agate Bay Mortgage Trust		3.500		09/25/45		1,172,173
			Series - 2015 6 (Class A9)
	52,834		Alternative Loan Trust		5.250		11/25/33		50,054
			Series - 2003 J3 (Class 1A3)
	320,809	i	Alternative Loan Trust		1.447		06/25/34		281,865
			Series - 2004 8CB (Class M1)
	1,313,351	i	American Home Mortgage Investment Trust		3.263		10/25/34		1,256,325
			Series - 2004 3 (Class 4A)
	540,000	i	Banc of America Commercial Mortgage Trust		4.360		09/15/48		455,814
			Series - 2015 UBS7 (Class C)
	10,700,000		Banc of America Commercial Mortgage Trust		3.019		07/15/49		10,955,250
			Series - 2016 UB10 (Class ASB)
	2,165,000		BANK		3.625		05/15/50		2,308,995
			Series - 2017 BNK4 (Class A4)
	41,944,090	i	BANK		0.997		10/17/52		2,608,411
			Series - 2019 BN21 (Class XA)

256

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	25,108,042	i	BANK		0.701	%	12/15/52	$	1,325,672
			Series - 2019 BN23 (Class XA)
	1,000,000		BANK		3.203		12/15/52		936,199
			Series - 2019 BN23 (Class AS)
	58,713,376	i	BANK		0.604		11/15/62		2,654,279
			Series - 2019 BN22 (Class XA)
	54,582,544	i	BANK		0.768		11/15/62		2,718,827
			Series - 2019 BN24 (Class XA)
	2,900,000	†,g	BANK		2.500		11/15/62		1,608,922
			Series - 2019 BN24 (Class D)
	8,625,000		BANK		2.929		11/15/62		8,903,115
			Series - 2019 BN24 (Class ASB)
	2,500,000	†,g	BANK		2.500		01/15/63		1,618,382
			Series - 2020 BN25 (Class D)
	1,100,000	g,i	Barclays Commercial Mortgage Securities LLC		4.284		09/10/28		1,085,167
			Series - 2015 STP (Class D)
	5,000,000	g,i	BBCMS Trust		4.267		08/05/38		3,256,970
			Series - 2018 CHRS (Class E)
	58,988,405	i	BBCMS Trust		1.060		02/15/53		4,478,524
			Series - 2020 C6 (Class XA)
	902,282	i	Bear Stearns Commercial Mortgage Securities Trust		5.117		02/11/41		892,837
			Series - 2005 PWR7 (Class B)
	2,350,000	i	Bear Stearns Commercial Mortgage Securities Trust		5.143		09/11/42		2,348,951
			Series - 2005 PWR9 (Class E)
	500,000		Benchmark Mortgage Trust		4.468		03/15/52		475,487
			Series - 2019 B9 (Class B)
	2,600,000		Benchmark Mortgage Trust		3.419		08/15/52		2,603,458
			Series - 2019 B12 (Class AS)
	8,157	i	Benchmark Mortgage Trust		0.832		12/15/72		472
			Series - 2019 B15 (Class XA)
	13,996,618	g,i	BX Commercial Mortgage Trust		1.625		10/15/36		13,313,367
			Series - 2019 XL (Class A)
	3,821,602	g,i	BX Commercial Mortgage Trust		1.955		10/15/36		3,467,629
			Series - 2019 XL (Class C)
	3,821,602	g,i	BX Commercial Mortgage Trust		2.505		10/15/36		3,343,295
			Series - 2019 XL (Class E)
	4,500,000		CD Mortgage Trust		2.622		08/10/49		4,559,320
			Series - 2016 CD1 (Class ASB)
	1,000,000	i	CD Mortgage Trust		4.027		11/10/49		845,993
			Series - 2016 CD2 (Class C)
	1,400,000	i	CD Mortgage Trust		4.560		02/10/50		1,152,986
			Series - 2017 CD3 (Class C)
	5,000,000	i	CFCRE Commercial Mortgage Trust		3.502		11/10/49		4,960,486
			Series - 2016 C6 (Class AM)
	221,985		Citicorp Mortgage Securities, Inc		5.500		07/25/35		208,547
			Series - 2005 4 (Class 1A7)
	2,000,000	g	Citigroup Commercial Mortgage Trust		4.350		05/10/36		1,840,879
			Series - 2019 PRM (Class D)
	1,900,000		Citigroup Commercial Mortgage Trust		4.023		03/10/47		2,014,503
			Series - 2014 GC19 (Class A4)
	2,600,000	i	Citigroup Commercial Mortgage Trust		3.758		04/10/48		2,481,271
			Series - 2015 GC29 (Class B)

257

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	900,000	i	Citigroup Commercial Mortgage Trust		4.176	%	04/10/48	$	762,054
			Series - 2015 GC29 (Class C)
	1,000,000		Citigroup Commercial Mortgage Trust		4.233		04/10/49		970,973
			Series - 2016 GC37 (Class B)
	57,968,990	i	Citigroup Commercial Mortgage Trust		0.630		11/10/52		2,703,981
			Series - 2019 GC43 (Class XA)
	3,127,000	†,i	Citigroup Commercial Mortgage Trust		3.622		11/10/52		2,204,491
			Series - 2019 GC43 (Class C)
	52,590,939	i	Citigroup Commercial Mortgage Trust		0.989		02/15/53		3,793,821
			Series - 2020 GC46 (Class XA)
	1,020,000		Citigroup Commercial Mortgage Trust		3.018		08/10/56		950,292
			Series - 2019 GC41 (Class AS)
	412,713	i	COBALT CMBS Commercial Mortgage Trust		5.646		04/15/47		408,723
			Series - 2007 C2 (Class C)
	20,000,000	g	COMM Mortgage Trust		2.841		08/15/45		20,156,408
			Series - 2012 CR2 (Class A3)
	1,900,000		COMM Mortgage Trust		3.101		03/10/46		1,938,635
			Series - 2013 CR6 (Class A4)
	1,000,000	i	COMM Mortgage Trust		4.210		08/10/46		1,058,788
			Series - 2013 CR10 (Class A4)
	3,000,000	g,i	COMM Mortgage Trust		5.288		08/10/46		2,649,317
			Series - 2013 LC13 (Class D)
	5,000,000		COMM Mortgage Trust		4.199		03/10/47		5,119,010
			Series - 2014 UBS2 (Class AM)
	3,092,577	i	COMM Mortgage Trust		4.974		03/10/47		2,799,626
			Series - 2014 UBS2 (Class C)
	1,120,000		COMM Mortgage Trust		4.174		05/10/47		1,146,986
			Series - 2014 CR17 (Class AM)
	5,000,000		COMM Mortgage Trust		3.828		07/15/47		5,289,789
			Series - 2014 CR18 (Class A5)
	2,452,500	i	COMM Mortgage Trust		4.456		07/15/47		2,428,407
			Series - 2014 CR18 (Class B)
	1,050,000		COMM Mortgage Trust		3.796		08/10/47		1,105,408
			Series - 2014 CR19 (Class A5)
	2,800,000	i	COMM Mortgage Trust		4.703		08/10/47		2,796,817
			Series - 2014 CR19 (Class B)
	1,500,000	g,i	COMM Mortgage Trust		4.731		08/10/47		1,255,708
			Series - 2014 CR19 (Class D)
	2,700,000		COMM Mortgage Trust		3.917		10/10/47		2,877,107
			Series - 2014 LC17 (Class A5)
	2,500,000	g	COMM Mortgage Trust		3.000		03/10/48		1,622,399
			Series - 2015 CR22 (Class E)
	2,600,000	g,i	COMM Mortgage Trust		4.110		03/10/48		2,076,251
			Series - 2015 CR22 (Class D)
	3,340,500	i	COMM Mortgage Trust		4.110		03/10/48		2,893,420
			Series - 2015 CR22 (Class C)
	1,000,000		COMM Mortgage Trust		3.801		05/10/48		1,011,004
			Series - 2015 CR23 (Class AM)
	4,000,000	i	COMM Mortgage Trust		4.304		05/10/48		3,184,208
			Series - 2015 CR23 (Class D)
	2,500,000	i	COMM Mortgage Trust		3.463		08/10/48		1,879,100
			Series - 2015 CR24 (Class D)
	2,500,000	i	COMM Mortgage Trust		4.379		08/10/48		2,121,162
			Series - 2015 CR24 (Class C)

258

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	4,485,000	i	COMM Mortgage Trust		4.484	%	10/10/48	$	3,814,127
			Series - 2015 CR26 (Class C)
	4,000,000		COMM Mortgage Trust		2.972		10/10/49		4,101,689
			Series - 2016 COR1 (Class ASB)
	5,000,000		COMM Mortgage Trust		4.181		05/10/51		5,444,241
			Series - 2018 COR3 (Class ASB)
	1,295,331	i	Connecticut Avenue Securities		3.547		05/25/24		1,162,216
			Series - 2014 C02 (Class 1M2)
	12,560,263	i	Connecticut Avenue Securities		3.947		07/25/24		11,492,644
			Series - 2014 C03 (Class 1M2)
	1,360,220	i	Connecticut Avenue Securities		5.947		11/25/24		1,311,436
			Series - 2014 C04 (Class 2M2)
	419,950	i	Connecticut Avenue Securities		6.497		04/25/28		388,903
			Series - 2015 C04 (Class 2M2)
	661,415	i	Connecticut Avenue Securities		6.647		04/25/28		653,966
			Series - 2015 C04 (Class 1M2)
	755,382	i	Connecticut Avenue Securities		7.697		08/25/28		721,307
			Series - 2016 C01 (Class 1M2)
	3,001,707	i	Connecticut Avenue Securities		7.897		08/25/28		2,998,199
			Series - 2016 C01 (Class 2M2)
	6,963,836	i	Connecticut Avenue Securities		6.847		10/25/28		6,789,735
			Series - 2016 C03 (Class 2M2)
	1,195,000	i	Connecticut Avenue Securities		5.397		01/25/29		994,534
			Series - 2016 C05 (Class 2M2B)
	2,475,733	i	Connecticut Avenue Securities		5.397		01/25/29		2,362,779
			Series - 2016 C05 (Class 2M2)
	1,000,000	i	Connecticut Avenue Securities		5.197		04/25/29		961,797
			Series - 2016 C06 (Class 1M2)
	2,267,475	i	Connecticut Avenue Securities		3.147		01/25/30		2,189,496
			Series - 2017 C05 (Class 1M2A)
	2,410,983	i	Connecticut Avenue Securities		1.847		08/25/30		2,217,400
			Series - 2018 C02 (Class 2EA2)
	4,150,000	i	Connecticut Avenue Securities		1.797		10/25/30		3,926,078
			Series - 2018 C03 (Class 1EA2)
	1,829,909	i	Connecticut Avenue Securities		3.497		12/25/30		1,499,921
			Series - 2018 C04 (Class 2M2)
	171,912	g,i	Connecticut Avenue Securities		3.397		07/25/31		142,467
			Series - 2019 R01 (Class 2M2)
	1,792,332	g,i	Connecticut Avenue Securities		3.097		09/25/31		1,467,415
			Series - 2019 R03 (Class 1M2)
	440,000	g,i	Connecticut Avenue Securities		2.947		01/25/40		285,399
			Series - 2020 R02 (Class 2M2)
	45,087		Countrywide Alternative Loan Trust		5.000		04/25/20		42,593
			Series - 2005 6CB (Class 2A1)
	497,863	i	Countrywide Alternative Loan Trust		1.003		07/20/35		428,900
			Series - 2005 24 (Class 4A1)
	499,637	i	Countrywide Home Loan Mortgage Pass Through Trust		3.921		11/20/34		429,601
			Series - 2004 HYB6 (Class A2)
	51,448		Countrywide Home Loan Mortgage Pass Through Trust		5.250		09/25/35		46,467
			Series - 2005 17 (Class 1A10)

259

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	5,750,000	g,i	CPT Mortgage Trust		2.997	%	11/13/39	$	4,382,139
			Series - 2019 CPT (Class E)
	1,100,000	g,i	Credit Suisse Commercial Mortgage Trust		1.597		05/25/36		1,036,566
			Series - 2006 CF2 (Class M3)
	11,312,841	g,i	Credit Suisse Commercial Mortgage Trust		3.500		02/25/48		11,495,224
			Series - 2018 J1 (Class A11)
	1,493,836	i	Credit Suisse First Boston Mortgage Securities Corp		6.168		04/25/33		1,416,566
			Series - 2003 8 (Class DB1)
	5,065,000		DBJPM		3.539		05/10/49		5,094,084
			Series - 2016 C1 (Class AM)
	2,083,000	g,i	DBUBS Mortgage Trust		5.335		08/10/44		2,144,459
			Series - 2011 LC3A (Class B)
	2,000,000	g,i	Ellington Financial Mortgage Trust		3.587		06/25/59		1,805,667
			Series - 2019 1 (Class M1)
	1,081,214	i	Fieldstone Mortgage Investment Trust		1.682		12/25/35		1,037,591
			Series - 2005 2 (Class M2)
	11,758,268	g,i	FirstKey Mortgage Trust		3.500		11/25/44		11,645,910
			Series - 2014 1 (Class A8)
	2,791,384	g,i	Flagstar Mortgage Trust		3.500		03/25/47		2,809,504
			Series - 2017 1 (Class 1A5)
	72,722	g,i	Flagstar Mortgage Trust		3.500		10/25/47		71,986
			Series - 2017 2 (Class A5)
	948,124	g,i	Flagstar Mortgage Trust		4.113		10/25/47		858,604
			Series - 2017 2 (Class B3)
	494,626	g,i	Flagstar Mortgage Trust		4.000		07/25/48		490,329
			Series - 2018 4 (Class A4)
	766,158	g,i	Flagstar Mortgage Trust		4.000		09/25/48		756,950
			Series - 2018 5 (Class A11)
	2,864,000	†,i	GE Capital Commercial Mortgage Corp		5.941		11/10/45		628,562
			Series - 2005 C4 (Class B)
	14,346,000	i	GS Mortgage Securities Corp II		3.978		03/10/51		15,461,348
			Series - 2018 GS9 (Class AAB)
	1,958,000	g,i	GS Mortgage Securities Trust		3.550		07/10/52		1,731,792
			Series - 2019 GC40 (Class DBC)
	1,071,771	g,i	GS Mortgage-Backed Securities Corp Trust		4.000		08/25/49		1,045,159
			Series - 2019 PJ1 (Class A4)
	802,730	g,i	GS Mortgage-Backed Securities Corp Trust		4.000		11/25/49		809,332
			Series - 2019 PJ2 (Class A1)
	2,096,682	g,i	GS Mortgage-Backed Securities Corp Trust		4.000		11/25/49		2,103,909
			Series - 2019 PJ2 (Class A4)
	308,983	g	GSMPS Mortgage Loan Trust		7.500		03/25/35		314,281
			Series - 2005 RP2 (Class 1A2)
	304,454	g	GSMPS Mortgage Loan Trust		7.500		09/25/35		300,931
			Series - 2005 RP3 (Class 1A2)
	463,542		GSR Mortgage Loan Trust		6.000		01/25/35		452,715
			Series - 2005 1F (Class 3A3)
	2,320,884	i	HarborView Mortgage Loan Trust		1.370		08/19/45		1,958,148
			Series - 2005 11 (Class 2A1A)
	4,000,000	g,i	Hudson Yards Mortgage Trust		3.443		07/10/39		3,729,530
			Series - 2019 30HY (Class D)
	2,000,000	g,i	Hudson Yards Mortgage Trust		2.943		12/10/41		1,792,878
			Series - 2019 55HY (Class D)
	3,500,000	g,i	Hudson Yards Mortgage Trust		2.943		12/10/41		2,904,626
			Series - 2019 55HY (Class F)

260

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	115,096	i	Impac CMB Trust		1.607	%	03/25/35	$	99,306
			Series - 2004 11 (Class 2A1)
	72,908	i	JP Morgan Alternative Loan Trust		1.227		04/25/47		63,533
			Series - 2007 S1 (Class A1)
	2,140,000		JP Morgan Chase Commercial Mortgage Securities Corp		2.822		08/15/49		2,181,714
			Series - 2016 JP2 (Class A4)
	1,700,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		4.079		01/15/46		1,449,449
			Series - 2013 C13 (Class D)
	310,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.403		07/15/46		311,914
			Series - 2011 C4 (Class C)
	1,719,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		4.119		01/15/49		1,777,850
			Series - 2015 JP1 (Class AS)
	10,000,000		JP Morgan Chase Commercial Mortgage Securities Trust		2.713		08/15/49		10,119,684
			Series - 2016 JP2 (Class ASB)
	5,000,000		JP Morgan Chase Commercial Mortgage Securities Trust		3.379		09/15/50		5,191,068
			Series - 2017 JP7 (Class A3)
	569,599	i	JP Morgan Mortgage Trust		4.115		11/25/33		527,525
			Series - 2006 A2 (Class 5A3)
	1,718,265	g,i	JP Morgan Mortgage Trust		2.974		12/25/44		1,376,213
			Series - 2015 1 (Class B1)
	387,189	g,i	JP Morgan Mortgage Trust		3.500		05/25/45		383,368
			Series - 2015 3 (Class A19)
	1,383,447	g,i	JP Morgan Mortgage Trust		3.500		10/25/45		1,361,425
			Series - 2015 6 (Class A13)
	839,466	g,i	JP Morgan Mortgage Trust		3.500		05/25/46		835,587
			Series - 2016 1 (Class A13)
	7,210,999	g,i	JP Morgan Mortgage Trust		3.500		01/25/47		7,240,550
			Series - 2017 1 (Class A3)
	1,096,128	g,i	JP Morgan Mortgage Trust		3.500		05/25/47		1,081,752
			Series - 2017 2 (Class A5)
	986,284	g,i	JP Morgan Mortgage Trust		3.500		05/25/47		986,119
			Series - 2017 2 (Class A13)
	1,298,575	g,i	JP Morgan Mortgage Trust		3.500		08/25/47		1,293,097
			Series - 2017 3 (Class 1A5)
	582,502	g,i	JP Morgan Mortgage Trust		3.500		09/25/48		566,663
			Series - 2018 3 (Class A13)
	188,042	g,i	JP Morgan Mortgage Trust		3.500		10/25/48		182,851
			Series - 2018 4 (Class A13)
	773,090	g,i	JP Morgan Mortgage Trust		3.500		10/25/48		751,473
			Series - 2018 5 (Class A13)
	1,364,026	g,i	JP Morgan Mortgage Trust		4.000		01/25/49		1,366,447
			Series - 2018 8 (Class A5)
	1,144,421	g,i	JP Morgan Mortgage Trust		4.000		01/25/49		1,130,603
			Series - 2018 8 (Class A13)
	1,319,757	g,i	JP Morgan Mortgage Trust		4.000		02/25/49		1,345,205
			Series - 2018 9 (Class A13)

262

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	547,943	g,i	JP Morgan Mortgage Trust		4.000	%	05/25/49	$	554,826
			Series - 2019 1 (Class A3)
	2,507,705	g,i	JP Morgan Mortgage Trust		4.000		05/25/49		2,467,480
			Series - 2019 1 (Class A15)
	154,807	g,i	JP Morgan Mortgage Trust		4.000		08/25/49		153,115
			Series - 2019 2 (Class A4)
	855,799	g,i	JP Morgan Mortgage Trust		4.751		09/25/49		811,482
			Series - 2019 3 (Class B1)
	2,566,597	g,i	JP Morgan Mortgage Trust		3.895		06/25/50		2,037,612
			Series - 2020 1 (Class B2)
	890,239		JPMBB Commercial Mortgage Securities Trust		3.657		09/15/47		915,875
			Series - 2014 C23 (Class ASB)
	2,000,000	i	JPMBB Commercial Mortgage Securities Trust		4.554		09/15/47		1,970,661
			Series - 2014 C22 (Class B)
	5,000,000		JPMBB Commercial Mortgage Securities Trust		3.634		02/15/48		5,058,668
			Series - 2015 C27 (Class AS)
	1,000,000	i	JPMBB Commercial Mortgage Securities Trust		4.307		02/15/48		856,214
			Series - 2015 C27 (Class C)
	1,000,000	i	JPMBB Commercial Mortgage Securities Trust		4.620		08/15/48		991,616
			Series - 2015 C31 (Class B)
	4,300,000		JPMBB Commercial Mortgage Securities Trust		3.227		10/15/48		4,464,494
			Series - 2015 C28 (Class A4)
	2,365,000		JPMCC Commercial Mortgage Securities Trust		3.723		03/15/50		2,549,883
			Series - 2017 JP5 (Class A5)
	2,200,000	i	JPMDB Commercial Mortgage Securities Trust		3.638		12/15/49		2,023,833
			Series - 2016 C4 (Class B)
	9,000,000	g,i	KKR Industrial Portfolio Trust		2.037		03/15/37		8,032,913
			Series - 2020 AIP (Class A)
	2,370,000	g,i	KKR Industrial Portfolio Trust		2.633		03/15/37		1,988,750
			Series - 2020 AIP (Class C)
	10,000,000	g	Liberty Street Trust		3.597		02/10/36		10,344,138
			Series - 2016 225L (Class A)
	385,456		Master Alternative Loan Trust		7.000		01/25/34		403,529
			Series - 2004 1 (Class 3A1)
	2,387,586	g	Morgan Stanley Bank of America Merrill Lynch Trust		4.384		12/15/46		2,050,982
			Series - 2014 C19 (Class LNC2)
	1,910,069	g	Morgan Stanley Bank of America Merrill Lynch Trust		4.750		12/15/46		1,574,504
			Series - 2014 C19 (Class LNC3)
	12,304,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.249		02/15/48		12,536,046
			Series - 2015 C20 (Class A4)
	1,185,000		Morgan Stanley Bank of America Merrill Lynch Trust		4.160		02/15/48		1,157,937
			Series - 2015 C20 (Class B)
	850,782		Morgan Stanley Bank of America Merrill Lynch Trust		3.338		03/15/48		870,506
			Series - 2015 C21 (Class A4)
	2,500,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.306		04/15/48		2,610,667
			Series - 2015 C22 (Class A4)
	655,069	i	Morgan Stanley Capital I Trust		1.772		08/25/34		626,080
			Series - 2004 HE6 (Class M1)

263

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,496,483	i	Morgan Stanley Capital I Trust		1.652	%	02/25/35	$	2,332,754
			Series - 2005 WMC2 (Class M3)
	2,000,000	i	Morgan Stanley Capital I Trust		3.779		05/15/48		2,089,397
			Series - 2015 MS1 (Class A4)
	10,000,000		Morgan Stanley Capital I Trust		2.606		08/15/49		10,124,310
			Series - 2016 UB11 (Class ASB)
	263,690	†,i	Morgan Stanley Capital I Trust		6.149		12/12/49		157,159
			Series - 2007 IQ16 (Class AJFX)
	300,000		Morgan Stanley Capital I Trust		3.587		12/15/50		324,869
			Series - 2017 HR2 (Class A4)
	1,000,000	g,i	Natixis Commercial Mortgage Securities Trust		3.790		11/15/32		972,237
			Series - 2018 285M (Class C)
	2,000,000	g,i	Natixis Commercial Mortgage Securities Trust		1.488		07/15/33		1,910,214
			Series - 2018 850T (Class A)
	10,000,000	g,i	Natixis Commercial Mortgage Securities Trust		2.205		07/15/36		9,358,292
			Series - 2019 MILE (Class A)
	3,000,000	g,i	Natixis Commercial Mortgage Securities Trust		4.205		07/15/36		2,965,611
			Series - 2019 MILE (Class E)
	5,280,000	g,i	Natixis Commercial Mortgage Securities Trust		4.955		07/15/36		4,357,851
			Series - 2019 MILE (Class F)
	10,000,000	g	Natixis Commercial Mortgage Securities Trust		3.305		10/15/36		8,633,317
			Series - 2019 1776 (Class D)
	3,000,000	g	Natixis Commercial Mortgage Securities Trust		3.902		10/15/36		2,486,862
			Series - 2019 1776 (Class E)
	170,338	g,i	New Residential Mortgage Loan Trust		4.000		02/25/57		176,326
			Series - 2017 1A (Class A1)
	1,054,323	g,i	New Residential Mortgage Loan Trust		4.000		08/27/57		1,091,152
			Series - 2017 6A (Class A1)
	339,197	i	New York Mortgage Trust		1.427		02/25/36		308,282
			Series - 2005 3 (Class A1)
	5,700,000	g	One Bryant Park Trust		2.516		09/15/54		5,678,019
			Series - 2019 OBP (Class A)
	712,607	g,i	Sequoia Mortgage Trust		3.500		05/25/45		726,215
			Series - 2015 2 (Class A1)
	933,637	g,i	Sequoia Mortgage Trust		3.500		06/25/46		945,302
			Series - 2016 1 (Class A19)
	4,272,624	g,i	Sequoia Mortgage Trust		3.500		11/25/46		4,290,513
			Series - 2016 3 (Class A10)
	3,331,293	g,i	Sequoia Mortgage Trust		3.500		02/25/47		3,350,468
			Series - 2017 1 (Class A4)
	2,697,224	g,i	Sequoia Mortgage Trust		3.500		02/25/47		2,687,067
			Series - 2017 2 (Class A19)
	2,676,866	g,i	Sequoia Mortgage Trust		3.500		04/25/47		2,707,708
			Series - 2017 3 (Class A19)
	8,846,176	g,i	Sequoia Mortgage Trust		3.500		04/25/47		8,886,291
			Series - 2017 3 (Class A4)
	1,293,784	g,i	Sequoia Mortgage Trust		3.754		09/25/47		1,215,601
			Series - 2017 6 (Class B1)
	1,348,290	g,i	Sequoia Mortgage Trust		3.500		02/25/48		1,361,815
			Series - 2018 2 (Class A1)
	4,383,786	g,i	Sequoia Mortgage Trust		3.500		02/25/48		4,409,328
			Series - 2018 2 (Class A19)
	1,967,136	g,i	Sequoia Mortgage Trust		3.500		03/25/48		1,980,450
			Series - 2018 3 (Class A1)

264

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	987,158	g,i	Sequoia Mortgage Trust		3.500	%	03/25/48	$	982,654
			Series - 2018 3 (Class A4)
	288,553	g,i	Sequoia Mortgage Trust		4.000		09/25/48		289,991
			Series - 2018 7 (Class A19)
	1,482,514	g,i	Sequoia Mortgage Trust		4.000		09/25/48		1,477,451
			Series - 2018 7 (Class A4)
	418,288	g,i	Sequoia Mortgage Trust		4.000		11/25/48		428,938
			Series - 2018 8 (Class A1)
	164,034	g,i	Sequoia Mortgage Trust		4.000		11/25/48		167,527
			Series - 2018 8 (Class A19)
	973,699	g,i	Sequoia Mortgage Trust		4.000		06/25/49		963,610
			Series - 2019 2 (Class A19)
	3,390,420	g,i	Sequoia Mortgage Trust		4.000		06/25/49		3,371,145
			Series - 2019 2 (Class A1)
	3,737,619	g,i	Sequoia Mortgage Trust		3.500		11/25/49		3,791,128
			Series - 2019 4 (Class A1)
	5,750,834	g,i	Sequoia Mortgage Trust		3.500		12/25/49		5,853,831
			Series - 2019 5 (Class A1)
	3,234,844	g,i	Sequoia Mortgage Trust		3.500		12/25/49		3,274,500
			Series - 2019 5 (Class A19)
	5,250,000	g,i	Sequoia Mortgage Trust		3.000		04/25/50		5,289,845
			Series - 2020 3 (Class A19)
	572,866	g,i	Shellpoint Co-Originator Trust		3.500		11/25/46		573,608
			Series - 2016 1 (Class 1A10)
	2,948,229	g,i	Shellpoint Co-Originator Trust		3.500		04/25/47		2,953,007
			Series - 2017 1 (Class A4)
	3,003,851	g,i	Shellpoint Co-Originator Trust		3.500		10/25/47		3,042,235
			Series - 2017 2 (Class A1)
	1,338,827	g,i	Shellpoint Co-Originator Trust		3.500		10/25/47		1,339,049
			Series - 2017 2 (Class A4)
	197,018	i	Structured Adjustable Rate Mortgage Loan Trust		1.287		08/25/35		194,376
			Series - 2005 16XS (Class A1)
	2,785,555	i	Structured Agency Credit Risk Debt Note (STACR)		5.597		10/25/28		2,646,276
			Series - 2016 DNA2 (Class M3)
	2,465,000	i	STACR		4.197		07/25/29		2,169,197
			Series - 2017 DNA1 (Class M2)
	261,810	i	STACR		2.147		10/25/29		254,919
			Series - 2017 DNA2 (Class M1)
	3,984,628	i	STACR		1.897		04/25/30		3,724,782
			Series - 2017 HQA3 (Class M2AS)
	219,063	i	STACR		3.297		04/25/30		188,064
			Series - HQA3 (Class M2)
	477,683	g,i	STACR		3.729		02/25/48		474,641
			Series - 2018 SPI1 (Class M1)
	802,025	g,i	STACR		3.811		05/25/48		775,880
			Series - 2018 SPI2 (Class M1)
	907,596	g,i	STACR		4.148		08/25/48		886,186
			Series - 2018 SPI3 (Class M1)
	3,175,417	g,i	STACR		4.461		11/25/48		2,611,407
			Series - 2018 SPI4 (Class M2)
	5,010,000	g,i	STACR		2.797		02/25/50		3,182,360
			Series - 2020 DNA2 (Class M2)

265

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	4,000,000	g,i	STACR		3.911	%	03/25/50	$	2,573,934
			Series - 2020 HQA2 (Class M2)
	3,000,000		UBS-Barclays Commercial Mortgage Trust		2.850		12/10/45		2,989,997
			Series - 2012 C4 (Class A5)
	755,000	g,i	UBSBB		4.104		03/10/46		683,109
			Series - 2013 C5 (Class C)
	732,411	g,i	Verus Securitization Trust		4.108		10/25/58		718,149
			Series - 2018 3 (Class A1)
	2,077,634	g	VSE VOI Mortgage LLC		4.020		02/20/36		2,043,746
			Series - 2018 A (Class C)
	3,120,141	i	Wachovia Bank Commercial Mortgage Trust		5.748		04/15/47		3,053,745
			Series - 2007 C31 (Class F)
	794,896	i	Wachovia Mortgage Loan Trust		4.254		10/20/35		711,001
			Series - 2005 B (Class 1A1)
	16,472	i	Washington Mutual Mortgage Pass-Through Certificates Trust		6.123		08/25/38		16,318
			Series - 2004 RA3 (Class 2A)
	3,675,000		Wells Fargo Commercial Mortgage Trust		3.540		05/15/48		3,797,430
			Series - 2015 C28 (Class A4)
	2,000,000	i	Wells Fargo Commercial Mortgage Trust		4.158		05/15/48		1,592,784
			Series - 2015 NXS1 (Class D)
	2,650,000		Wells Fargo Commercial Mortgage Trust		3.637		06/15/48		2,751,553
			Series - 2015 C29 (Class A4)
	4,950,000	i	Wells Fargo Commercial Mortgage Trust		3.767		07/15/58		5,171,218
			Series - 2015 NXS2 (Class A5)
	1,806,953	g,i	Wells Fargo Mortgage Backed Securities Trust		4.000		04/25/49		1,820,447
			Series - 2019 2 (Class A17)
	159,105	g	WFRBS Commercial Mortgage Trust		4.375		03/15/44		160,898
			Series - 2011 C3 (Class A4)
	1,000,000	i	WFRBS Commercial Mortgage Trust		3.714		03/15/45		983,000
			Series - 2013 C11 (Class B)
	9,027,000		WFRBS Commercial Mortgage Trust		3.607		11/15/47		9,405,863
			Series - 2014 C24 (Class A5)
	2,000,000		WF-RBS Commercial Mortgage Trust		3.337		06/15/46		2,031,977
			Series - 2013 C14 (Class A5)
			TOTAL OTHER MORTGAGE BACKED						598,410,388
			TOTAL STRUCTURED ASSETS						938,361,078
			(Cost $1,007,545,137)
			TOTAL BONDS						4,239,172,357
			(Cost $4,275,537,422)
SHARES			COMPANY
COMMON STOCKS - 0.0%
ENERGY - 0.0%
	38,800		Peabody Energy Corp						112,520
	84,437	*	Tidewater, Inc						597,814
			TOTAL ENERGY						710,334
RETAILING - 0.0%
	1,108	*,†,i	FullBeauty Brands Holdings Corp						1,108
			TOTAL RETAILING						1,108
			TOTAL COMMON STOCKS						711,442
			(Cost $2,238,829)

266

TIAA-CREF FUNDS - Core Plus Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 5.3%
GOVERNMENT AGENCY DEBT - 5.3%
$	5,000,000		Federal Farm Credit Bank (FFCB)		0.120	%	09/25/20	$	4,996,804
	5,000,000		FFCB		0.100		11/20/20		4,995,470
	10,000,000		Federal Home Loan Bank (FHLB)		0.170		06/24/20		9,998,367
	118,000		FHLB		1.625		06/30/20		117,979
	10,000,000		FHLB		0.120		07/09/20		9,997,525
	28,850,000		FHLB		0.200		07/20/20		28,842,067
	25,000,000		FHLB		0.130		07/24/20		24,992,875
	41,345,000		FHLB		0.150		07/31/20		41,332,493
	20,000,000		FHLB		0.270		09/15/20		19,987,939
	55,000,000		FHLB		0.060		10/01/20		54,960,858
	10,000,000		Federal Home Loan Mortgage Corp (FHLMC)		0.050		10/19/20		9,992,183
	20,000,000		Federal National Mortgage Association (FNMA)		0.200		10/16/20		19,984,600
	10,000,000		FNMA		0.080		11/13/20		9,991,211
			TOTAL GOVERNMENT AGENCY DEBT						240,190,371
TREASURY DEBT - 0.0%
UAH	73,000,000	j	Ukraine Treasury Bill		0.000		04/01/20		2,642,773
			TOTAL TREASURY DEBT						2,642,773
			TOTAL SHORT-TERM INVESTMENTS						242,833,144
			(Cost $243,032,054)
			TOTAL INVESTMENTS - 100.6%						4,592,466,767
			(Cost $4,649,901,286)
			OTHER ASSETS & LIABILITIES, NET - (0.6)%						(25,884,379	)
			NET ASSETS - 100.0%					$	4,566,582,388

	Abbreviation(s):
DOP	Dominican Republic Peso
EUR	Euro
LIBOR	London Interbank Offered Rate
M	Month
PEN	Peruvian Sol
REIT	Real Estate Investment Trust
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, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2020, the aggregate value of these securities is $1,095,992,203 or 24.0% 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.
o	Payment in Kind Bond

267

TIAA-CREF FUNDS - Core Plus Bond Fund

Futures contracts outstanding as of March 31, 2020 were as follows:

Description	Number of long (short) contracts		Expiration date	Notional amount			Value			Unrealized appreciation (depreciation)
US Ultra Bond (CBT)	72		06/19/20	$	15,025,087		$	15,975,000		$	949,913
US 5 Year Note (CBT)	(280	)	06/30/20		(34,605,547	)		(35,100,625	)		(495,078	)
Total	(208	)		$	(19,580,460	)	$	(19,125,625	)	$	454,835

Forward foreign currency contracts outstanding as of March 31, 2020 were as follows:

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date	Unrealized appreciation (depreciation)
$	4,268	EUR	3,825	Citibank, N.A.	04/27/20	$	44
$	1,713,628	EUR	1,572,886	Citibank, N.A.	05/18/20		(24,415	)
Total						$	(24,371	)
$	10,024,024	EUR	9,100,000	Morgan Stanley	06/15/20	$	(41,524	)
$	3,849,123	EUR	3,471,175	Toronto Dominion Bank	04/27/20		16,563
Total						$	(49,332	)

	Abbreviation(s):
EUR	Euro

268

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

TIAA-CREF FUNDS

5-15 YEAR LADDERED TAX-EXEMPT BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2020

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
LONG-TERM MUNICIPAL BONDS - 96.3%
ALABAMA - 2.2%
$	500,000		City of Birmingham AL		5.000	%	12/01/29	$	629,240
	500,000		City of Birmingham AL		5.000		12/01/30		626,410
	630,000		County of Mobile AL		5.000		02/01/34		794,480
	2,900,000		Lower Alabama Gas District		4.000		12/01/50		3,016,348
	1,000,000		University of South Alabama		5.000		11/01/31		1,196,010
			TOTAL ALABAMA						6,262,488
ALASKA - 1.3%
	500,000		Alaska Municipal Bond Bank Authority		5.000		12/01/31		586,045
	2,570,000		Borough of Matanuska-Susitna AK		5.000		09/01/25		3,031,032
			TOTAL ALASKA						3,617,077
ARIZONA - 1.0%
	2,000,000		Chandler Industrial Development Authority		5.000		06/01/49		2,216,000
	200,000		City of Phoenix Civic Improvement Corp		5.000		07/01/25		233,012
	190,000		Pinal County Electric District No 3		5.000		07/01/33		226,102
			TOTAL ARIZONA						2,675,114
ARKANSAS - 0.8%
	1,000,000	g	Arkansas Development Finance Authority		4.500		09/01/49		893,560
	1,000,000		City of Fort Smith AR Water & Sewer Revenue		5.000		10/01/32		1,245,730
			TOTAL ARKANSAS						2,139,290
CALIFORNIA - 4.4%
	1,350,000		Abag Finance Authority for Nonprofit Corps		4.850		08/01/35		1,350,000
	365,000		California Educational Facilities Authority		5.000		12/01/29		417,669
	1,510,000		California Health Facilities Financing Authority		5.000		09/01/33		1,836,583
	185,000		California Municipal Finance Authority		4.000		07/15/29		185,418
	715,000	g	California School Finance Authority		5.000		08/01/25		770,992
	225,000	g	California Statewide Communities Development Authority		5.000		12/01/28		259,351
	2,000,000		City of Los Angeles Department of Airports		5.000		05/15/27		2,340,820
	1,715,000		Elk Grove Finance Authority		5.000		09/01/30		1,930,610
	450,000		Palmdale Community Redevelopment Agency		5.000		09/01/25		537,183
	415,000		Palmdale Community Redevelopment Agency		5.000		09/01/31		498,743
	750,000		San Diego Public Facilities Financing Authority		5.000		10/15/31		900,060
	500,000		Santee CDC Successor Agency		5.000		08/01/27		610,840
			TOTAL CALIFORNIA						11,638,269
COLORADO - 1.4%
	1,500,000		City & County of Denver CO Airport System Revenue		5.000		11/15/30		1,773,315
	250,000		Colorado Health Facilities Authority		5.000		12/01/41		290,662
	310,000		Denver Health & Hospital Authority		5.000		12/01/28		383,997
	1,000,000		Interlocken Metropolitan District		5.000		12/01/27		1,235,000
			TOTAL COLORADO						3,682,974

269

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

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
CONNECTICUT - 2.7%
$	1,180,000		Capital Region Development Authority		5.000	%	06/15/29	$	1,433,570
	765,000		Capital Region Development Authority		5.000		06/15/33		917,648
	495,000		Connecticut State Health & Educational Facilities Authority		5.000		07/01/27		591,045
	630,000		Connecticut State Health & Educational Facilities Authority		5.000		07/01/29		701,354
	330,000		Connecticut State Health & Educational Facilities Authority		5.000		07/01/30		365,587
	350,000		Connecticut State Health & Educational Facilities Authority		5.000		07/01/32		407,606
	350,000		Connecticut State Health & Educational Facilities Authority		5.000		07/01/33		405,489
	2,000,000		University of Connecticut		5.000		03/15/28		2,374,320
			TOTAL CONNECTICUT						7,196,619
DISTRICT OF COLUMBIA - 0.4%
	955,000		District of Columbia		5.000		04/01/27		1,135,008
			TOTAL DISTRICT OF COLUMBIA						1,135,008
FLORIDA - 6.7%
	1,000,000		Alachua County Health Facilities Authority		5.000		12/01/31		1,229,560
	1,000,000	g	Capital Trust Agency, Inc		7.250		06/01/33		1,093,610
	250,000		County of Broward FL Airport System Revenue		5.000		10/01/27		294,012
	250,000		County of Broward FL Airport System Revenue		5.000		10/01/28		292,687
	3,000,000		Escambia County Health Facilities Authority		5.000		08/15/32		3,555,330
	1,100,000		Greater Orlando Aviation Authority		5.000		10/01/26		1,285,372
	175,000		Hillsborough County Aviation Authority		5.000		10/01/31		205,135
	185,000		Hillsborough County Aviation Authority		5.000		10/01/32		216,195
	190,000		Hillsborough County Aviation Authority		5.000		10/01/33		221,625
	400,000		Hillsborough County Port District		5.000		06/01/29		495,440
	1,000,000		Hillsborough County Port District		5.000		06/01/33		1,225,500
	2,000,000		JEA Electric System Revenue		4.110		10/01/34		2,000,000
	210,000		Miami-Dade County Educational Facilities Authority		5.000		04/01/28		249,073
	1,375,000		Miami-Dade County Expressway Authority		5.000		07/01/31		1,624,659
	2,180,000		Port St. Lucie Community Redevelopment Agency		5.000		01/01/26		2,589,949
	500,000		School District of Broward County		5.000		07/01/31		593,705
	75,000		Volusia County Educational Facility Authority		5.000		10/15/25		86,999
	540,000		Volusia County Educational Facility Authority		5.000		10/15/32		631,741
			TOTAL FLORIDA						17,890,592
GEORGIA - 3.4%
	1,250,000		Brookhaven Development Authority		5.000		07/01/27		1,559,137
	1,110,000		Burke County Development Authority		2.250		10/01/32		1,091,940
	1,000,000		Dahlonega Downtown Development Authority		4.000		07/01/37		1,107,740
	1,250,000		Dahlonega Downtown Development Authority		4.000		07/01/38		1,380,387
	1,000,000		Dahlonega Downtown Development Authority		5.000		07/01/39		1,183,000
	250,000		Georgia Municipal Association, Inc		5.000		12/01/30		311,205
	1,000,000		Glynn-Brunswick Memorial Hospital Authority		5.000		08/01/47		1,164,700
	1,020,000		Main Street Natural Gas, Inc		4.000		08/01/49		1,088,360
	500,000		Municipal Electric Authority of Georgia		5.000		01/01/25		551,985
			TOTAL GEORGIA						9,438,454
GUAM - 0.2%
	200,000		Port Authority of Guam		5.000		07/01/29		203,200
	200,000		Port Authority of Guam		5.000		07/01/30		202,228
			TOTAL GUAM						405,428

270

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

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
HAWAII - 1.4%
$	1,275,000	City & County of Honolulu HI		5.000	%	09/01/27	$	1,606,831
	1,000,000	State of Hawaii Airports System Revenue		5.000		07/01/29		1,153,640
	1,000,000	State of Hawaii Airports System Revenue		5.000		07/01/41		1,106,710
		TOTAL HAWAII						3,867,181
ILLINOIS - 12.5%
	1,500,000	Chicago Board of Education		5.000		12/01/26		1,539,345
	1,335,000	Chicago Board of Education		4.000		12/01/27		1,286,219
	500,000	Chicago Housing Authority		5.000		01/01/33		603,235
	2,000,000	Chicago Midway International Airport		5.000		01/01/26		2,296,600
	400,000	Chicago O'Hare International Airport		5.000		01/01/22		422,620
	750,000	Chicago O'Hare International Airport		5.000		01/01/25		837,195
	300,000	Chicago O'Hare International Airport		5.000		01/01/28		343,737
	1,000,000	Chicago O'Hare International Airport		5.000		01/01/32		1,102,090
	1,000,000	Chicago Transit Authority		5.000		06/01/25		1,157,340
	3,250,000	City of Chicago IL		5.000		01/01/28		3,365,147
	500,000	City of Chicago IL Wastewater Transmission Revenue		5.000		01/01/22		529,255
	1,500,000	City of Chicago IL Wastewater Transmission Revenue		5.000		01/01/22		1,587,765
	1,000,000	City of Chicago IL Wastewater Transmission Revenue		5.000		01/01/25		1,127,280
	1,000,000	City of Chicago IL Wastewater Transmission Revenue		5.000		01/01/26		1,150,620
	1,250,000	City of Chicago IL, GO		5.000		01/01/29		1,294,125
	1,500,000	City of Chicago IL, GO		5.500		01/01/35		1,556,220
	650,000	City of Chicago IL, GO		5.500		01/01/37		672,204
	500,000	City of Chicago IL, GO		5.500		01/01/42		513,815
	1,750,000	County of Cook IL		5.000		11/15/31		1,788,640
	400,000	Illinois Finance Authority		5.000		05/01/21		412,704
	500,000	Illinois Finance Authority		5.000		11/01/21		522,835
	1,000,000	Illinois State Toll Highway Authority		5.000		01/01/25		1,147,720
	2,000,000	Metropolitan Water Reclamation District of Greater Chicago		5.000		12/01/30		2,333,400
	1,500,000	Sales Tax Securitization Corp		5.000		01/01/30		1,720,620
	2,000,000	State of Illinois		5.000		06/01/28		2,072,360
	145,000	State of Illinois, GO		6.250		12/15/20		148,132
	250,000	Village of Broadview IL		5.000		12/01/28		309,915
	200,000	Village of Broadview IL		5.000		12/01/29		247,420
	545,000	Village of Broadview IL		5.000		12/01/30		672,230
	745,000	Village of Broadview IL		5.000		12/01/33		908,177
		TOTAL ILLINOIS						33,668,965
INDIANA - 0.6%
	1,365,000	City of Whiting IN		5.000		12/01/44		1,488,833
		TOTAL INDIANA						1,488,833
IOWA - 0.2%
	475,000	Iowa Higher Education Loan Authority		5.000		10/01/27		579,728
		TOTAL IOWA						579,728
KENTUCKY - 2.0%
	2,000,000	Kentucky Turnpike Authority		5.000		07/01/26		2,414,180
	1,250,000	Paducah Electric Plant Board		5.000		10/01/34		1,490,725
	1,250,000	Paducah Electric Plant Board		5.000		10/01/35		1,484,988
		TOTAL KENTUCKY						5,389,893

271

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

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
LOUISIANA - 1.6%
$	750,000		Louisiana Local Government Environmental Facilities & Community Development Auth		5.000	%	10/01/27	$	927,788
	500,000		New Orleans Aviation Board		5.000		10/01/33		622,580
	1,250,000		St. Tammany Parish Hospital Service District No		5.000		07/01/33		1,526,713
	1,000,000		State of Louisiana		5.000		08/01/26		1,217,610
			TOTAL LOUISIANA						4,294,691
MAINE - 0.2%
	750,000	g	Finance Authority of Maine		5.375		12/15/33		635,663
			TOTAL MAINE						635,663
MARYLAND - 0.8%
	2,000,000		County of Baltimore MD		4.000		01/01/29		2,268,040
			TOTAL MARYLAND						2,268,040
MASSACHUSETTS - 0.2%
	500,000		Massachusetts Development Finance Agency		5.000		12/01/29		596,975
			TOTAL MASSACHUSETTS						596,975
MICHIGAN - 4.8%
	915,000		Lansing Community College		5.000		05/01/32		988,191
	275,000		Lansing Community College		5.000		05/01/32		295,323
	2,000,000		Michigan Finance Authority		5.000		04/01/25		2,312,860
	2,000,000		Michigan Finance Authority		5.000		11/15/28		2,390,080
	1,650,000		Michigan Finance Authority		5.000		07/01/44		1,749,924
	3,000,000		Michigan State Housing Development Authority		5.250		06/01/38		3,000,000
	1,250,000		Wayne County Airport Authority		5.000		12/01/29		1,494,350
	385,000		Wayne County Airport Authority		5.000		12/01/29		472,037
			TOTAL MICHIGAN						12,702,765
MINNESOTA - 0.9%
	1,055,000		City of Minneapolis MN		5.000		11/15/33		1,313,718
	70,000		Duluth Economic Development Authority		5.000		02/15/33		82,801
	500,000		Northern Municipal Power Agency		5.000		01/01/26		597,060
	500,000		Northern Municipal Power Agency		5.000		01/01/28		588,010
			TOTAL MINNESOTA						2,581,589
MISSISSIPPI - 3.4%
	4,000,000		Mississippi Business Finance Corp		3.790		12/01/30		4,000,000
	1,250,000		Mississippi Development Bank		5.000		03/01/25		1,429,838
	1,045,000		Mississippi Development Bank		5.000		03/01/26		1,218,951
	1,000,000		Mississippi Development Bank		5.000		06/01/27		1,237,150
	1,000,000		Mississippi Development Bank		5.000		03/01/35		1,130,060
			TOTAL MISSISSIPPI						9,015,999
MISSOURI - 2.7%
	1,225,000		City of Kansas City MO		5.000		10/01/26		1,438,958
	1,000,000		City of St. Louis MO Parking Revenue		5.000		12/15/25		1,178,970
	1,000,000		City of St. Louis MO Parking Revenue		5.000		12/15/26		1,187,000
	900,000		Health & Educational Facilities Authority of the State of Missouri		5.000		02/15/28		1,124,496
	450,000		St. Louis Land Clearance for Redevelopment Authority		4.000		06/01/20		451,661
	1,745,000		St. Louis Municipal Finance Corp		5.000		02/15/26		2,081,506
			TOTAL MISSOURI						7,462,591

272

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	$	270,323
			TOTAL NEBRASKA						270,323
NEVADA - 0.6%
	1,000,000		Las Vegas Redevelopment Agency		5.000		06/15/26		1,166,440
	625,000	g	State of Nevada Department of Business & Industry		6.950		02/15/38		642,462
			TOTAL NEVADA						1,808,902
NEW JERSEY - 5.5%
	1,000,000		New Jersey Economic Development Authority		5.000		06/15/27		1,098,200
	3,500,000		New Jersey Economic Development Authority		5.000		11/01/35		3,749,200
	1,000,000		New Jersey Educational Facilities Authority		5.000		07/01/27		1,168,970
	1,000,000		New Jersey Transportation Trust Fund Authority		5.000		06/15/29		1,106,990
	765,000		New Jersey Transportation Trust Fund Authority		5.000		12/15/33		820,424
	6,000,000		New Jersey Transportation Trust Fund Authority		5.000		06/15/34		6,424,620
	500,000		South Jersey Port Corp		5.000		01/01/48		517,185
			TOTAL NEW JERSEY						14,885,589
NEW YORK - 4.0%
	1,000,000		Brooklyn Arena Local Development Corp		5.000		07/15/25		1,034,150
	1,000,000		Brooklyn Arena Local Development Corp		5.000		07/15/26		1,034,790
	1,000,000		Metropolitan Transportation Authority		5.000		11/15/25		1,084,320
	1,750,000		New York State Dormitory Authority		5.000		07/01/33		2,002,403
	375,000		New York Transportation Development Corp		5.000		07/01/30		390,630
	1,000,000		New York Transportation Development Corp		5.000		08/01/31		993,100
	715,000		New York Transportation Development Corp		5.000		01/01/36		695,952
	1,000,000		Port Authority of New York & New Jersey		4.000		11/01/34		1,109,480
	1,000,000		Port Authority of New York & New Jersey		5.000		11/01/35		1,244,220
	1,000,000		Westchester County Local Development Corp		5.000		11/01/25		1,182,590
			TOTAL NEW YORK						10,771,635
NORTH CAROLINA - 2.4%
	100,000		City of Charlotte NC Airport Revenue		5.000		07/01/25		114,987
	1,355,000		County of Duplin NC		5.000		04/01/27		1,609,754
	1,000,000		North Carolina Medical Care Commission		5.000		12/01/26		1,214,910
	2,000,000		North Carolina Medical Care Commission		5.000		06/01/34		2,011,520
	255,000		North Carolina Medical Care Commission		3.000		07/01/36		267,717
	200,000		North Carolina Turnpike Authority		5.000		01/01/22		212,238
	1,000,000		The Charlotte-Mecklenburg Hospital Authority		5.000		01/15/26		1,200,830
			TOTAL NORTH CAROLINA						6,631,956
NORTH DAKOTA - 0.4%
	1,000,000		North Dakota Housing Finance Agency		2.400		01/01/26		1,020,050
			TOTAL NORTH DAKOTA						1,020,050
OHIO - 2.2%
	1,000,000		American Municipal Power, Inc		5.000		02/15/34		1,241,590
	1,000,000		City of Cleveland OH Airport System Revenue		5.000		01/01/27		1,177,990
	200,000		City of Cleveland OH Income Tax Revenue		5.000		10/01/27		248,848
	250,000		City of Cleveland OH Income Tax Revenue		5.000		10/01/28		313,582
	240,000		City of Toledo OH		4.000		12/01/29		279,072
	250,000		City of Toledo OH		4.000		12/01/30		289,728

273

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

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	200,000		City of Toledo OH		4.000	%	12/01/31	$	230,252
	1,500,000		County of Miami OH		5.000		08/01/32		1,830,210
	175,000		State of Ohio		5.000		01/15/35		211,822
			TOTAL OHIO						5,823,094
OKLAHOMA - 0.9%
	750,000		Oklahoma Development Finance Authority		5.000		08/15/28		921,060
	1,500,000		Oklahoma Development Finance Authority		5.250		08/15/48		1,675,140
			TOTAL OKLAHOMA						2,596,200
OREGON - 1.6%
	3,000,000	g	Oregon State Business Development Commission		6.500		04/01/31		2,081,340
	1,000,000		Oregon State Business Development Commission		11.500		04/01/31		848,510
	1,000,000		Tri-County Metropolitan Transportation District of Oregon		5.000		10/01/28		1,254,330
			TOTAL OREGON						4,184,180
PENNSYLVANIA - 4.4%
	1,100,000		Allegheny County Higher Education Building Authority		5.000		03/01/29		1,265,396
	480,000		Borough of Columbia PA		4.000		06/15/38		498,360
	1,200,000	g	City of Chester PA		4.125		11/30/20		1,173,204
	1,000,000		City of Philadelphia PA		5.000		08/01/26		1,196,180
	740,000		Coatesville School District		5.000		08/01/25		863,469
	2,000,000		Pennsylvania Economic Development Financing Authority		5.000		12/31/25		2,205,200
	415,000		Pittsburgh Water & Sewer Authority		5.000		09/01/27		518,024
	1,500,000		School District of the City of Erie		5.000		04/01/28		1,856,475
	1,155,000		State Public School Building Authority		5.000		05/01/25		1,353,106
	915,000		Township of Northampton PA		4.000		05/15/33		997,487
			TOTAL PENNSYLVANIA						11,926,901
RHODE ISLAND - 0.7%
	825,000		Rhode Island Commerce Corp		5.000		06/15/27		1,009,577
	810,000		Rhode Island Health & Educational Building Corp		4.000		05/15/20		812,616
			TOTAL RHODE ISLAND						1,822,193
SOUTH CAROLINA - 0.3%
	265,000		City of Rock Hill SC Combined Utility System Revenue		5.000		01/01/27		324,278
	170,000		City of Rock Hill SC Combined Utility System Revenue		5.000		01/01/28		212,692
	265,000		City of Rock Hill SC Combined Utility System Revenue		5.000		01/01/29		338,495
			TOTAL SOUTH CAROLINA						875,465
SOUTH DAKOTA - 0.2%
	465,000		South Dakota Health & Educational Facilities Authority		5.000		11/01/25		553,187
			TOTAL SOUTH DAKOTA						553,187
TENNESSEE - 1.4%
	350,000		Knox County Health Educational & Housing Facility Board		5.000		04/01/20		350,000
	2,305,000		Metropolitan Nashville Airport Authority		5.000		07/01/35		2,793,314
	755,000		Tennessee Energy Acquisition Corp		4.000		11/01/49		784,687
			TOTAL TENNESSEE						3,928,001

274

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

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
TEXAS - 10.2%
$	800,000		Austin Convention Enterprises, Inc		5.000	%	01/01/22	$	806,424
	1,100,000		Central Texas Regional Mobility Authority		5.000		01/01/27		1,230,482
	1,210,000		Central Texas Regional Mobility Authority		5.000		01/01/29		1,366,102
	400,000		City of Austin TX Airport System Revenue		5.000		11/15/27		473,152
	900,000		City of Austin TX Airport System Revenue		5.000		11/15/39		989,694
	1,000,000		City of El Paso TX		4.000		08/15/35		1,170,680
	2,000,000		City of El Paso TX Airport Revenue		5.000		08/15/28		2,381,500
	1,970,000		City of Houston TX		5.000		03/01/32		2,385,020
	1,500,000		City of Lubbock TX		5.000		02/15/25		1,753,560
	500,000		County of Galveston TX		4.000		02/01/38		560,335
	550,000		Dallas County Utility & Reclamation District		5.000		02/15/26		659,136
	1,105,000		Love Field Airport Modernization Corp		5.250		11/01/40		1,084,502
	1,000,000		Lower Colorado River Authority		5.000		05/15/25		1,177,020
	600,000		North Texas Tollway Authority		5.000		01/01/25		698,148
	1,000,000		North Texas Tollway Authority		5.000		01/01/30		1,236,790
	420,000		Port Freeport TX		5.000		06/01/28		530,557
	825,000		Port Freeport TX		5.000		06/01/29		1,031,778
	865,000		Port Freeport TX		5.000		06/01/30		1,078,759
	935,000		Port Freeport TX		5.000		06/01/32		1,159,643
	1,545,000		Texas Municipal Gas Acquisition & Supply Corp III		5.000		12/15/32		1,595,444
	2,500,000		Texas Private Activity Bond Surface Transportation Corp		5.000		12/31/35		2,815,225
	1,000,000		University of North Texas		5.000		04/15/27		1,243,310
			TOTAL TEXAS						27,427,261
UTAH - 1.0%
	475,000		Salt Lake City Corp Airport Revenue		5.000		07/01/31		556,106
	1,000,000		Salt Lake City Corp Airport Revenue		5.000		07/01/32		1,166,410
	1,000,000		Salt Lake City Corp Airport Revenue		5.000		07/01/33		1,162,860
			TOTAL UTAH						2,885,376
VIRGIN ISLANDS - 1.8%
	2,000,000	g	Virgin Islands Public Finance Authority		5.000		09/01/25		2,265,300
	2,500,000	g	Virgin Islands Public Finance Authority		5.000		09/01/33		2,782,000
			TOTAL VIRGIN ISLANDS						5,047,300
WASHINGTON - 1.4%
	1,855,000	g	City of Bellingham WA Water & Sewer Revenue		5.500		02/01/21		1,855,000
	500,000		Klickitat County Public Utility District No		5.000		12/01/27		617,500
	1,000,000		Pend Oreille County Public Utility District No  Box Canyon		5.000		01/01/29		1,195,990
			TOTAL WASHINGTON						3,668,490
WEST VIRGINIA - 1.4%
	1,000,000		West Virginia Higher Education Policy Commission		5.000		07/01/27		1,237,980
	750,000		West Virginia Hospital Finance Authority		5.000		01/01/29		924,248
	1,215,000		West Virginia Hospital Finance Authority		5.000		01/01/30		1,493,903
			TOTAL WEST VIRGINIA						3,656,131
			TOTAL LONG-TERM MUNICIPAL BONDS						260,416,460
			(Cost $257,154,163)

275

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

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM MUNICIPAL BONDS - 1.1%
NATIONAL - 1.1%
$	3,000,000	g	JPMorgan Chase Putters		4.125	%	06/01/21	$	3,000,000
			TOTAL NATIONAL						3,000,000
			TOTAL SHORT-TERM MUNICIPAL BONDS						3,000,000
			(Cost $3,000,000)
			TOTAL INVESTMENTS - 97.4%						263,416,460
			(Cost $260,154,163)
			OTHER ASSETS & LIABILITIES, NET - 2.6%						6,973,364
			NET ASSETS - 100.0%					$	270,389,824

	Abbreviation(s):
GO	General Obligation
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2020, the aggregate value of these securities is $17,452,482 or 6.5% of net assets.

276

TIAA-CREF FUNDS – Green Bond Fund

TIAA-CREF FUNDS

GREEN BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2020

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 1.3%
UTILITIES - 1.3%
$	477,543	i	ExGen Renewables IV LLC	LIBOR 3 M + 3.000%		4.620	%	11/28/24	$	427,401
			TOTAL UTILITIES							427,401
			TOTAL BANK LOAN OBLIGATIONS							427,401
			(Cost $473,689)
BONDS - 93.5%
CORPORATE BONDS - 42.6%
BANKS - 6.7%
	725,000		Bank of America Corp			2.456		10/22/25		731,134
	250,000		First Abu Dhabi Bank PJSC			3.000		03/30/22		247,250
	500,000		HSBC Holdings plc			3.033		11/22/23		496,312
	500,000	g	ING Groep NV			4.625		01/06/26		526,980
	200,000	g	Shinhan Financial Group Co Ltd			3.340		02/05/30		206,739
			TOTAL BANKS							2,208,415
CAPITAL GOODS - 0.7%
	250,000	g	NBM US Holdings, Inc			6.625		08/06/29		225,000
			TOTAL CAPITAL GOODS							225,000
CONSUMER SERVICES - 1.6%
	250,000		Conservation Fund			3.474		12/15/29		279,503
	260,000		Nature Conservancy			2.843		02/01/24		260,278
			TOTAL CONSUMER SERVICES							539,781
MATERIALS - 3.6%
	250,000	g	Celulosa Arauco y Constitucion S.A.			5.150		01/29/50		196,750
	525,000	g	Inversiones CMPC S.A.			4.375		04/04/27		489,568
	500,000	g	LG Chem Ltd			3.625		04/15/29		493,118
			TOTAL MATERIALS							1,179,436
REAL ESTATE - 2.3%
	500,000		Alexandria Real Estate Equities, Inc			4.000		01/15/24		510,833
	275,000	g	HAT Holdings I LLC			5.250		07/15/24		264,000
			TOTAL REAL ESTATE							774,833
TECHNOLOGY HARDWARE & EQUIPMENT - 3.2%
	500,000		Apple, Inc			2.850		02/23/23		521,638
	500,000		Apple, Inc			3.000		06/20/27		540,980
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							1,062,618

277

TIAA-CREF FUNDS – Green Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
UTILITIES - 24.5%
$	250,000	g	AES Gener S.A.		6.350	%	10/07/79	$	190,000
	500,000		Avangrid, Inc		3.150		12/01/24		497,366
	500,000	g	Azure Power Energy Ltd		5.500		11/03/22		456,447
	215,000	g	Consorcio Transmantaro SA		4.700		04/16/34		201,296
	250,000		DTE Electric Co		4.050		05/15/48		283,804
	250,000		Duke Energy Florida LLC		2.500		12/01/29		245,697
	250,000	g	Electricite de France S.A.		3.625		10/13/25		257,324
	500,000		Georgia Power Co		3.250		04/01/26		519,090
	250,000	g	Hanwha Energy USA Holdings Corp		2.375		07/30/22		248,658
	500,000		Interstate Power & Light Co		4.100		09/26/28		560,077
	500,000		MidAmerican Energy Co		3.950		08/01/47		538,602
	600,000		MidAmerican Energy Co		3.650		08/01/48		644,004
	250,000		MidAmerican Energy Co		3.150		04/15/50		253,477
	250,000		NorthWestern Corp		4.176		11/15/44		274,756
	529,000		Public Service Co of Colorado		3.700		06/15/28		560,389
	200,000		Public Service Co of Colorado		4.100		06/15/48		217,779
	550,000		Public Service Co of Colorado		3.200		03/01/50		556,546
	250,000		Southern Power Co		2.500		12/15/21		246,246
	230,000	g	Star Energy Geothermal Wayang Windu Ltd		6.750		04/24/33		207,152
	381,372	g	Topaz Solar Farms LLC		4.875		09/30/39		392,789
	750,000		Westar Energy, Inc		2.550		07/01/26		778,273
			TOTAL UTILITIES						8,129,772
			TOTAL CORPORATE BONDS						14,119,855
			(Cost $13,671,870)
GOVERNMENT BONDS -  30.0%
AGENCY SECURITIES - 4.1%
	250,000		Overseas Private Investment Corp (OPIC)		1.790		10/15/29		261,075
	250,000		OPIC		2.360		10/15/29		265,927
	243,400		OPIC		3.050		06/15/35		274,115
	243,400		OPIC		3.590		06/15/35		284,009
	250,000		OPIC		2.580		07/15/38		276,439
			TOTAL AGENCY SECURITIES						1,361,565
FOREIGN GOVERNMENT BONDS - 12.5%
	579,000		Asian Development Bank		1.750		08/14/26		611,211
	250,000		Asian Development Bank		3.125		09/26/28		292,832
	250,000		Chile Government International Bond		3.500		01/25/50		258,750
	250,000		European Bank for Reconstruction & Development		1.625		09/27/24		261,101
	275,000		European Investment Bank		1.625		10/09/29		287,086
	500,000		International Bank for Reconstruction & Development		2.125		03/03/25		534,709
	500,000		International Bank for Reconstruction & Development		3.125		11/20/25		564,634
	250,000	g	International Development Association		2.750		04/24/23		267,404
	500,000		Kreditanstalt fuer Wiederaufbau		1.750		09/14/29		532,238
	300,000	g	Perusahaan Penerbit SBSN Indonesia III		3.750		03/01/23		298,788
	250,000	g	Perusahaan Penerbit SBSN Indonesia III		3.900		08/20/24		251,823
			TOTAL FOREIGN GOVERNMENT BONDS						4,160,576
MUNICIPAL BONDS - 13.4%
	360,000		City of Austin TX Electric Utility Revenue		2.677		11/15/25		373,212
	300,000		City of Cleveland OH Income Tax Revenue		3.072		10/01/41		287,049

278

TIAA-CREF FUNDS – Green Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	600,000		Grant County Public Utility District No 2			1.544	%	01/01/23	$	604,266
	250,000		Grant County Public Utility District No 2			3.210		01/01/40		253,350
	100,000		Klickitat County Public Utilities			3.688		12/01/38		103,583
	210,000		Mount Shasta Public Financing Authority			3.000		08/01/35		223,518
	220,000		Mount Shasta Public Financing Authority			2.625		08/01/36		225,498
	120,000		Mount Shasta Public Financing Authority			2.625		08/01/37		122,574
	160,000		Mount Shasta Public Financing Authority			2.750		08/01/38		163,787
	165,000		Mount Shasta Public Financing Authority			2.750		08/01/39		168,552
	125,000		New York State Energy Research & Development Authority			4.577		04/01/35		125,796
	105,000		New York State Environmental Facilities Corp			2.506		11/15/22		108,065
	500,000	g	Ohio Air Quality Development Authority			4.500		01/15/48		454,280
	240,000		Semitropic Improvement District			2.164		12/01/22		238,078
	500,000	i	State of California	LIBOR 1 M + 0.780%		2.295		04/01/47		503,840
	500,000	g	Warm Springs Reservation Confederated Tribe			2.800		11/01/22		507,325
			TOTAL MUNICIPAL BONDS							4,462,773
			TOTAL GOVERNMENT BONDS							9,984,914
			(Cost $9,654,647)
STRUCTURED ASSETS - 20.9%
ASSET BACKED - 12.6%
	276,631	g	HERO Funding Trust			4.050		09/20/41		287,076
			Series - 2016 1A (Class A)
	430,225	g	HERO Funding Trust			3.910		09/20/42		447,110
			Series - 2016 3A (Class A2)
	242,542	g	HERO Funding Trust			4.290		09/20/47		255,611
			Series - 2016 4A (Class A2)
	106,849	g	HERO Funding Trust			4.460		09/20/47		113,861
			Series - 2017 1A (Class A2)
	258,325	g	HERO Funding Trust			3.190		09/20/48		253,814
			Series - 2017 3A (Class A1)
	520,524	g	HERO Funding Trust			3.950		09/20/48		524,334
			Series - 2017 3A (Class A2)
	250,000	g	HERO Funding Trust			2.720		09/20/57		230,695
			Series - 2020 1A (Class A)
	240,999	g	Sunrun Athena Issuer LLC			5.310		04/30/49		212,267
			Series - 2018 1 (Class A)
	496,891	g	Sunrun Atlas Issuer LLC			3.610		02/01/55		376,079
			Series - 2019 2 (Class A)
	463,693	g	Sunrun Callisto Issuer LLC			3.980		06/30/54		352,043
			Series - 2019 1A (Class A)
	637,672	g	Tesla Auto Lease Trust			3.710		08/20/21		640,548
			Series - 2018 B (Class A)
	250,000	g	Tesla Auto Lease Trust			2.160		10/20/22		250,663
			Series - 2019 A (Class A3)
	250,000	g	Tesla Auto Lease Trust			2.200		11/21/22		244,566
			Series - 2019 A (Class A4)
			TOTAL ASSET BACKED							4,188,667
OTHER MORTGAGE BACKED - 8.3%
	100,000	g	BBCMS Trust			4.498		08/10/35		94,335

279

TIAA-CREF FUNDS – Green Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
			Series - 2015 SRCH (Class B)
$	600,000	g,i	BBCMS Trust		4.957	%	08/10/35	$	518,713
			Series - 2015 SRCH (Class D)
	500,000	g	COMM Mortgage Trust		3.178		02/10/35		511,933
			Series - 2015 3BP (Class A)
	500,000	g	CPT Mortgage Trust		2.865		11/13/39		489,783
			Series - 2019 CPT (Class A)
	275,000	g	GRACE Mortgage Trust		3.369		06/10/28		276,396
			Series - 2014 GRCE (Class A)
	177,907	g	JP Morgan Chase Commercial Mortgage Securities Trust		3.093		07/05/32		177,013
			Series - 2012 HSBC (Class A)
	250,000	g,i	Natixis Commercial Mortgage Securities Trust		4.955		07/15/36		206,337
			Series - 2019 MILE (Class F)
	500,000	g	One Bryant Park Trust		2.516		09/15/54		498,072
			Series - 2019 OBP (Class A)
			TOTAL OTHER MORTGAGE BACKED						2,772,582
			TOTAL STRUCTURED ASSETS						6,961,249
			(Cost $7,333,996)
			TOTAL BONDS						31,066,018
			(Cost $30,660,513)
SHARES			COMPANY
PREFERRED STOCKS - 1.9%
REAL ESTATE - 0.9%
	10,000		Brookfield Property Partners LP						159,400
	10,000	*	Brookfield Property Partners LP						140,000
			TOTAL REAL ESTATE						299,400
UTILITIES - 1.0%
	16,000	*	Brookfield Renewable Partners LP						311,680
			TOTAL UTILITIES						311,680
			TOTAL PREFERRED STOCKS						611,080
			(Cost $900,000)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 1.3%
GOVERNMENT AGENCY DEBT - 1.3%
$	437,000		Federal Home Loan Bank (FHLB)		0.530		06/12/20		436,965
			TOTAL GOVERNMENT AGENCY DEBT						436,965
			TOTAL SHORT-TERM INVESTMENTS						436,965
			(Cost $436,965)
			TOTAL INVESTMENTS - 98.0%						32,541,464
			(Cost $32,471,167)
			OTHER ASSETS & LIABILITIES, NET - 2.0%						680,378
			NET ASSETS - 100.0%					$	33,221,842

280

TIAA-CREF FUNDS – Green Bond Fund

	Abbreviation(s):
LIBOR	London Interbank Offered Rate
M	Month

*	Non-income producing
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2020, the aggregate value of these securities is $13,096,690 or 39.4% 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.

281

TIAA-CREF FUNDS – High-Yield Fund

TIAA-CREF FUNDS

HIGH-YIELD FUND

SCHEDULE OF INVESTMENTS

March 31, 2020

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 7.1%
AUTOMOBILES & COMPONENTS - 0.3%
$	11,423,284	i	Gates Global LLC	LIBOR 1 M + 2.750%		3.750	%	04/01/24	$	9,846,870
			TOTAL AUTOMOBILES & COMPONENTS							9,846,870
CAPITAL GOODS - 0.9%
	1,620,563	i	Proampac PG Borrower LLC	LIBOR 1 M and 3 M + 3.500%		5.263		11/20/23		1,343,041
	4,398,947	i	Titan Acquisition Ltd	LIBOR 3 M + 3.000%		4.450		03/28/25		3,585,142
	9,529,571	i	TransDigm, Inc	LIBOR 1 M + 2.250%		3.239		12/09/25		8,648,086
	17,175,000	i	Vertiv Group Corp	LIBOR 1 M + 3.000%		4.581		03/02/27		14,770,500
			TOTAL CAPITAL GOODS							28,346,769
COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	1,500,000	i	Amentum Government Services Holdings LLC	LIBOR 1 M + 4.000%		4.989		01/29/27		1,380,000
	14,540,583	i	Spin Holdco, Inc	LIBOR 3 M + 3.250%		5.093		11/14/22		12,904,768
	4,254,792	†,i	WASH Multifamily Laundry Systems LLC	LIBOR 1 M + 7.000%		8.000		05/15/23		3,276,190
	745,208	†,i	WASH Multifamily Laundry Systems LLC	LIBOR 1 M + 7.000%		8.603		05/15/23		573,810
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							18,134,768
CONSUMER DURABLES & APPAREL - 0.1%
	5,757,455	i	Academy Ltd	LIBOR 1 M + 4.000%		5.581		07/01/22		3,073,848
			TOTAL CONSUMER DURABLES & APPAREL							3,073,848
CONSUMER SERVICES - 0.7%
	13,275,000	i	CDS US Intermediate Holdings, Inc	LIBOR 3 M + 8.250%		9.700		07/10/23		5,088,706
	9,653,063	i	KUEHG Corp	LIBOR 3 M + 3.750%		5.200		02/21/25		7,152,919
	8,800,000	i	KUEHG Corp	LIBOR 3 M + 8.250%		9.700		08/22/25		8,008,000
	3,641,374	i	Scientific Games International, Inc	LIBOR 1 M and 2 M + 2.750%		4.369		08/14/24		2,925,225
			TOTAL CONSUMER SERVICES							23,174,850
ENERGY - 0.4%
	8,750,000	i	Buckeye Partners LP	LIBOR 1 M + 2.750%		4.265		11/02/26		7,980,000
	10,845,000	i	California Resources Corp	LIBOR 3 M + 10.375%		11.988		12/31/21		511,233
	4,775,461	i	Petrochoice Holdings, Inc	LIBOR 3 M + 5.000%		6.777		08/21/22		3,915,878
			TOTAL ENERGY							12,407,111
FOOD, BEVERAGE & TOBACCO - 0.1%
	4,400,000	i	Froneri US, Inc	LIBOR 1 M + 2.250%		3.239		01/29/27		4,169,000
			TOTAL FOOD, BEVERAGE & TOBACCO							4,169,000
HEALTH CARE EQUIPMENT & SERVICES - 0.8%
	3,950,000	i	Da Vinci Purchaser Corp	LIBOR 3 M + 4.000%		5.872		01/08/27		3,713,000
	9,875,000	i	Envision Healthcare Corp	LIBOR 1 M + 3.750%		4.739		10/10/25		4,986,875
	18,648,659	i	RegionalCare Hospital Partners Holdings, Inc	LIBOR 1 M + 3.750%		4.739		11/16/25		17,215,136
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							25,915,011

282

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
INSURANCE - 0.7%
$	12,262,725	i	Acrisure LLC	LIBOR 3 M + 3.500%		5.207	%	02/15/27	$	10,791,198
	5,475,000	i	Asurion LLC	LIBOR 1 M + 6.500%		7.489		08/04/25		4,989,094
	3,366,563	i	HUB International Ltd	LIBOR 3 M + 4.000%		5.692		04/25/25		3,156,152
	4,738,125	i	USI, Inc	LIBOR 1 M + 4.000%		4.989		12/02/26		4,232,709
			TOTAL INSURANCE							23,169,153
MATERIALS - 0.5%
	3,731,902	i	Berlin Packaging LLC	LIBOR 1 M and 3 M + 3.000%		4.590		11/07/25		3,281,427
	4,750,000	i	Berry Global, Inc	LIBOR 1 M + 2.000%		2.863		10/01/22		4,522,380
	4,300,000	i	Ingersoll-Rand Services Co	LIBOR 1 M + 1.750%		2.739		03/01/27		4,020,500
	4,342,562	i	Tronox Finance LLC	LIBOR 1 M and 3 M + 2.750%		3.739		09/23/24		3,781,112
			TOTAL MATERIALS							15,605,419
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2%
	9,067,500	i	Alphabet Holding Co, Inc	LIBOR 1 M + 3.500%		4.489		09/26/24		7,168,403
	1,078,793	i	PAREXEL International Corp	LIBOR 1 M + 2.750%		3.739		09/27/24		915,626
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							8,084,029
REAL ESTATE - 0.4%
	14,442,188	i	Cushman & Wakefield plc	LIBOR 1 M + 2.750%		3.739		08/21/25		12,600,809
			TOTAL REAL ESTATE							12,600,809
RETAILING - 0.4%
	6,650,000		Sally Holdings LLC			4.500		07/05/24		5,685,750
	9,800,938	i	Staples, Inc	LIBOR 1 M + 5.000%		6.515		04/16/26		7,693,736
			TOTAL RETAILING							13,379,486
SOFTWARE & SERVICES - 0.6%
	23,000,000	i	Dun & Bradstreet Corp	LIBOR 1 M + 4.000%		4.959		02/06/26		20,613,750
			TOTAL SOFTWARE & SERVICES							20,613,750
TRANSPORTATION - 0.3%
	10,500,000	i	Genesee & Wyoming, Inc	LIBOR 3 M + 2.000%		3.450		12/30/26		10,007,865
			TOTAL TRANSPORTATION							10,007,865
UTILITIES - 0.1%
	3,418,779	i	ExGen Renewables IV LLC	LIBOR 3 M + 3.000%		4.620		11/28/24		3,059,808
			TOTAL UTILITIES							3,059,808
			TOTAL BANK LOAN OBLIGATIONS							231,588,546
			(Cost $285,718,825)
BONDS - 79.1%
CORPORATE BONDS - 79.1%
AUTOMOBILES & COMPONENTS - 3.1%
	9,950,000	g	Adient Global Holdings Ltd			4.875		08/15/26		6,814,257

283

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	3,600,000	g	Allison Transmission, Inc		5.000	%	10/01/24	$	3,492,000
	600,000	g	Allison Transmission, Inc		4.750		10/01/27		552,000
	5,700,000	g	Dana Financing Luxembourg SARL		5.750		04/15/25		4,959,000
	7,500,000	g	Dana Financing Luxembourg SARL		6.500		06/01/26		6,600,000
	1,900,000		Dana, Inc		5.500		12/15/24		1,657,769
	1,695,000		Dana, Inc		5.375		11/15/27		1,372,950
	7,550,000	g	Dealer Tire LLC		8.000		02/01/28		6,040,000
	37,075,000	g	Gates Global LLC		6.250		01/15/26		32,811,375
	2,875,000		Goodyear Tire & Rubber Co		5.000		05/31/26		2,652,188
	1,100,000	g,o	IHO Verwaltungs GmbH		4.750		09/15/26		858,000
	19,800,000	g,o	IHO Verwaltungs GmbH		6.375		05/15/29		15,147,000
	20,650,000	g	Panther BF Aggregator 2 LP		8.500		05/15/27		18,015,060
			TOTAL AUTOMOBILES & COMPONENTS						100,971,599
BANKS - 0.5%
	4,400,000		Barclays plc		7.750		N/A‡		3,858,800
	4,750,000	g	Lloyds Banking Group plc		6.657		N/A‡		5,118,125
	2,250,000		Royal Bank of Scotland Group plc		6.100		06/10/23		2,313,431
	4,275,000		Royal Bank of Scotland Group plc		8.625		N/A‡		4,168,125
			TOTAL BANKS						15,458,481
CAPITAL GOODS - 2.8%
	3,000,000		Anixter, Inc		5.125		10/01/21		3,020,280
	2,500,000		Anixter, Inc		5.500		03/01/23		2,489,800
	5,000,000		Anixter, Inc		6.000		12/01/25		4,893,750
	22,950,000	g	Beacon Escrow Corp		4.875		11/01/25		20,712,375
	3,015,000	g	Beacon Roofing Supply, Inc		4.500		11/15/26		2,782,242
	3,100,000	g	Builders FirstSource, Inc		5.000		03/01/30		2,790,000
	10,015,000	g	Cloud Crane LLC		10.125		08/01/24		7,886,812
	2,025,000	g	Masonite International Corp		5.375		02/01/28		1,990,170
	7,450,000	g	SPX FLOW, Inc		5.625		08/15/24		7,226,500
	4,150,000	g	SPX FLOW, Inc		5.875		08/15/26		3,984,000
	12,250,000		TransDigm UK Holdings plc		6.875		05/15/26		11,392,500
	2,375,000		TransDigm, Inc		6.500		05/15/25		2,256,250
	9,000,000		TransDigm, Inc		7.500		03/15/27		8,673,300
	11,280,000	g	TransDigm, Inc		5.500		11/15/27		10,123,800
			TOTAL CAPITAL GOODS						90,221,779
COMMERCIAL & PROFESSIONAL SERVICES - 7.1%
	6,851,000		ADT Corp		6.250		10/15/21		6,696,852
	12,350,000	g	ADT Corp		4.875		07/15/32		10,493,795
	2,250,000		AECOM		5.875		10/15/24		2,199,375
	13,500,000		AECOM		5.125		03/15/27		12,150,000
	11,100,000	g	Allied Universal Holdco LLC		6.625		07/15/26		10,864,192
	5,300,000	g	Allied Universal Holdco LLC		9.750		07/15/27		4,994,720
	6,785,000	g	ASGN, Inc		4.625		05/15/28		6,360,937
	2,525,000	g	Cimpress Plc		7.000		06/15/26		2,222,000
	5,700,000		Covanta Holding Corp		6.000		01/01/27		4,747,616
	2,025,000	g	GFL Environmental, Inc		7.000		06/01/26		1,960,028
	1,960,000	g	GFL Environmental, Inc		5.125		12/15/26		1,911,000
	1,050,000	g	GFL Environmental, Inc		8.500		05/01/27		1,054,935
	15,500,000		H&E Equipment Services, Inc		5.625		09/01/25		14,376,250
	13,425,000	g	Iron Mountain, Inc		4.875		09/15/27		13,022,250

284

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	7,475,000	g	KAR Auction Services, Inc		5.125	%	06/01/25	$	7,138,625
	15,700,000	g	Prime Security Services Borrower LLC		5.250		04/15/24		15,508,303
	30,075,000	g	Prime Security Services Borrower LLC		5.750		04/15/26		29,473,500
	18,100,000	g	Prime Security Services Borrower LLC		6.250		01/15/28		15,611,250
	2,000,000	g	Ritchie Bros Auctioneers, Inc		5.375		01/15/25		2,020,000
	8,650,000		RR Donnelley & Sons Co		6.500		11/15/23		8,650,000
	6,225,000	g	Stericycle, Inc		5.375		07/15/24		6,162,750
	11,425,000		United Rentals North America, Inc		5.500		07/15/25		11,196,500
	6,675,000		United Rentals North America, Inc		4.625		10/15/25		6,307,808
	1,175,000		United Rentals North America, Inc		5.875		09/15/26		1,190,040
	12,500,000		United Rentals North America, Inc		6.500		12/15/26		12,687,500
	4,500,000		United Rentals North America, Inc		5.500		05/15/27		4,386,825
	4,200,000		United Rentals North America, Inc		4.875		01/15/28		4,074,000
	13,250,000	g	Waste Pro USA, Inc		5.500		02/15/26		12,293,350
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						229,754,401
CONSUMER DURABLES & APPAREL - 3.0%
	2,125,000	g	Hanesbrands, Inc		4.625		05/15/24		2,103,750
	1,000,000	g	Hanesbrands, Inc		4.875		05/15/26		982,500
	5,575,000		KB Home		7.000		12/15/21		5,519,250
	1,900,000		KB Home		7.625		05/15/23		1,909,500
	16,650,000		KB Home		6.875		06/15/27		16,650,000
	16,000,000		Lennar Corp		4.500		04/30/24		15,648,640
	8,150,000		Lennar Corp		5.875		11/15/24		8,243,725
	15,300,000	g	LGI Homes, Inc		6.875		07/15/26		13,311,000
	8,000,000	g	M/I Homes Inc		4.950		02/01/28		6,790,000
	8,875,000	g	Mattamy Group Corp		5.250		12/15/27		8,253,750
	18,050,000	g	Mattel, Inc		6.750		12/31/25		18,411,000
			TOTAL CONSUMER DURABLES & APPAREL						97,823,115
CONSUMER SERVICES - 3.8%
	3,425,000	g	1011778 BC ULC / New Red Finance Inc		4.250		05/15/24		3,416,403
	15,000,000	g	1011778 BC ULC / New Red Finance Inc		5.000		10/15/25		14,324,850
	4,000,000		Boyd Gaming Corp		6.375		04/01/26		3,460,000
	6,300,000		Boyd Gaming Corp		6.000		08/15/26		5,418,000
	11,000,000	g	Cott Holdings, Inc		5.500		04/01/25		10,670,000
	13,400,000	g	frontdoor, Inc		6.750		08/15/26		12,830,500
	8,500,000		Hilton Worldwide Finance LLC		4.625		04/01/25		7,905,000
	8,035,000	g	International Game Technology plc		6.250		02/15/22		7,388,263
	10,270,000	g	International Game Technology plc		6.500		02/15/25		9,087,820
	4,650,000	g	International Game Technology plc		6.250		01/15/27		4,045,500
	2,500,000	g	Live Nation Entertainment, Inc		4.875		11/01/24		2,275,900
	11,250,000		MGM Resorts International		6.000		03/15/23		10,856,250
	16,000,000	g	Penn National Gaming, Inc		5.625		01/15/27		11,869,920
	4,650,000	g	Scientific Games International, Inc		5.000		10/15/25		4,045,500
	3,950,000	g	Scientific Games International, Inc		7.000		05/15/28		2,429,250
	13,000,000	g	Wynn Las Vegas LLC		5.500		03/01/25		12,090,000
	523,000	g	Yum! Brands, Inc		7.750		04/01/25		549,150
			TOTAL CONSUMER SERVICES						122,662,306
DIVERSIFIED FINANCIALS - 3.4%
	5,600,000	g	Credit Suisse Group AG.		6.250		N/A‡		5,163,200

285

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	25,400,000		Ford Motor Credit Co LLC		4.063	%	11/01/24	$	23,050,500
	4,500,000		Icahn Enterprises LP		6.750		02/01/24		4,342,500
	10,000,000		Icahn Enterprises LP		4.750		09/15/24		9,175,000
	9,700,000		Icahn Enterprises LP		5.250		05/15/27		8,960,375
	10,200,000	g	Jefferies Finance LLC		6.250		06/03/26		9,435,000
	4,600,000	g	LPL Holdings, Inc		4.625		11/15/27		4,207,252
	8,000,000		Navient Corp		6.125		03/25/24		7,480,480
	19,350,000	g	Quicken Loans, Inc		5.250		01/15/28		18,920,430
	10,675,000		Springleaf Finance Corp		6.125		03/15/24		10,542,737
	10,960,000		Springleaf Finance Corp		5.375		11/15/29		10,034,099
			TOTAL DIVERSIFIED FINANCIALS						111,311,573
ENERGY - 10.2%
	9,175,000		AmeriGas Partners LP		5.500		05/20/25		8,441,000
	8,375,000		AmeriGas Partners LP		5.875		08/20/26		8,021,575
	13,075,000	g	Antero Midstream Partners LP		5.750		03/01/27		8,368,000
	9,625,000	g	Antero Midstream Partners LP		5.750		01/15/28		6,160,000
	1,293,000		Archrock Partners LP		6.000		10/01/22		1,293,000
	12,550,000	g	Archrock Partners LP		6.875		04/01/27		8,911,755
	10,800,000	g	Archrock Partners LP		6.250		04/01/28		7,452,000
	2,000,000		Ashland, Inc		6.875		05/15/43		2,020,000
	2,183,000	†	California Resources Corp		5.500		09/15/21		212,842
	5,180,000	†,g	California Resources Corp		8.000		12/15/22		77,700
	4,151,000	†	California Resources Corp		6.000		11/15/24		83,020
	13,650,000		Calumet Specialty Products Partners LP		7.750		04/15/23		9,418,500
	6,000,000	g	Calumet Specialty Products Partners LP		11.000		04/15/25		4,322,100
	13,000,000		Cheniere Energy Partners LP		5.625		10/01/26		12,090,000
	11,875,000	g	Cheniere Energy Partners LP		4.500		10/01/29		10,568,750
	7,963,000	†	Cloud Peak Energy Resources LLC		12.000		11/01/21		0
	1,153,196		Cloud Peak Energy, Inc		9.000		10/24/24		576,598
	1,820,835		Cloud Peak Energy, Inc		12.000		05/01/25		910,417
	7,345,000		Crestwood Midstream Partners LP		6.250		04/01/23		4,114,669
	6,050,000		Crestwood Midstream Partners LP		5.750		04/01/25		3,463,988
	5,700,000	g	Crestwood Midstream Partners LP		5.625		05/01/27		3,133,347
	3,600,000	g	Denbury Resources, Inc		9.000		05/15/21		1,053,000
	1,273,000	†	Denbury Resources, Inc		5.500		05/01/22		63,650
	525,000	†	Denbury Resources, Inc		4.625		07/15/23		26,250
	15,532,000	g	Denbury Resources, Inc		7.750		02/15/24		2,332,906
	1,912,000	†,g	Denbury Resources, Inc		6.375		12/31/24		749,795
	5,543,000		EnLink Midstream Partners LP		4.150		06/01/25		2,686,692
	5,000,000		EnLink Midstream Partners LP		4.850		07/15/26		2,458,500
	10,300,000	g	Ensign Drilling, Inc		9.250		04/15/24		3,785,250
	14,250,000	†,g,q	EP Energy LLC		7.750		05/15/26		1,710,000
	11,900,000		Genesis Energy LP		6.500		10/01/25		8,601,320
	17,500,000		Genesis Energy LP		6.250		05/15/26		12,512,500
	6,175,000		Genesis Energy LP		7.750		02/01/28		4,299,035
	1,075,000		Global Partners LP		7.000		08/01/27		806,250
	13,825,000	g	Hess Midstream Operations LP		5.625		02/15/26		9,761,349
	8,750,000	g	Moss Creek Resources Holdings, Inc		10.500		05/15/27		2,843,750
	6,875,000		Murphy Oil Corp		6.875		08/15/24		4,073,437
	4,800,000		Murphy Oil Corp		5.750		08/15/25		2,568,480
	15,307,000		Murphy Oil Corp		5.875		12/01/27		8,002,500
	1,650,000		Murphy Oil USA, Inc		5.625		05/01/27		1,616,670
	3,750,000		Nabors Industries, Inc		5.100		09/15/23		937,500

286

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	5,875,000		Nabors Industries, Inc		5.750	%	02/01/25	$	1,292,500
	3,075,000		NuStar Logistics LP		6.000		06/01/26		2,275,500
	10,750,000	g	Oasis Petroleum, Inc		6.250		05/01/26		1,720,000
	7,000,000	g	Parkland Fuel Corp		6.000		04/01/26		6,510,000
	6,975,000	g	Parkland Fuel Corp		5.875		07/15/27		6,538,365
	2,375,000		Range Resources Corp		4.875		05/15/25		1,413,125
	15,000,000	g	Range Resources Corp		9.250		02/01/26		9,000,000
	8,250,000		SM Energy Co		6.125		11/15/22		3,490,806
	1,900,000		SM Energy Co		6.750		09/15/26		570,000
	10,500,000		SM Energy Co		6.625		01/15/27		3,056,182
	14,250,000		Southwestern Energy Co		7.500		04/01/26		9,333,750
	4,750,000		Southwestern Energy Co		7.750		10/01/27		3,123,125
	13,130,000	g	Stena AB		7.000		02/01/24		10,635,300
	1,650,000	g	Stena International S.A.		6.125		02/01/25		1,386,000
	10,200,000		Suburban Propane Partners LP		5.750		03/01/25		9,435,000
	8,175,000		Suburban Propane Partners LP		5.875		03/01/27		7,531,219
	3,361,000		Sunoco LP		4.875		01/15/23		3,245,617
	2,500,000		Sunoco LP		5.500		02/15/26		2,163,200
	5,000,000		Sunoco LP		6.000		04/15/27		4,300,000
	9,825,000		Targa Resources Partners LP		5.125		02/01/25		8,374,830
	11,500,000		Targa Resources Partners LP		5.875		04/15/26		9,573,750
	2,025,000		Targa Resources Partners LP		6.500		07/15/27		1,726,313
	10,000,000		Targa Resources Partners LP		5.000		01/15/28		8,060,650
	10,000,000	g	TerraForm Power Operating LLC		5.000		01/31/28		10,478,000
	9,414,625	g	Transocean Guardian Ltd		5.875		01/15/24		7,531,700
	5,678,000	g	Transocean Pontus Ltd		6.125		08/01/25		4,599,180
	6,220,000	†	Transocean, Inc		6.800		03/15/38		1,430,600
	30,000,000		USA Compression Partners LP		6.875		04/01/26		18,750,000
	2,650,000		USA Compression Partners LP		6.875		09/01/27		1,643,000
	7,000,000		Whiting Petroleum Corp		6.250		04/01/23		525,000
	2,125,000		WPX Energy, Inc		5.250		10/15/27		1,168,750
			TOTAL ENERGY						331,409,557
FOOD & STAPLES RETAILING - 1.1%
	14,250,000		Albertsons Cos LLC		5.750		03/15/25		14,232,330
	1,325,000	g	Albertsons Cos LLC		5.875		02/15/28		1,348,585
	5,900,000	g	Albertsons Cos, Inc		4.875		02/15/30		5,841,000
	13,984,000		Ingles Markets, Inc		5.750		06/15/23		13,914,080
			TOTAL FOOD & STAPLES RETAILING						35,335,995
FOOD, BEVERAGE & TOBACCO - 0.2%
	4,450,000		Kraft Heinz Foods Co		3.000		06/01/26		4,324,297
	2,375,000	g	Post Holdings, Inc		5.000		08/15/26		2,444,231
			TOTAL FOOD, BEVERAGE & TOBACCO						6,768,528
HEALTH CARE EQUIPMENT & SERVICES - 6.3%
	15,682,000		Centene Corp		4.750		01/15/25		15,878,025
	2,000,000	g	Centene Corp		5.375		08/15/26		2,040,000
	7,175,000	g	Centene Corp		4.625		12/15/29		7,210,875
	11,000,000	g	Change Healthcare Holdings LLC		5.750		03/01/25		10,175,000
	17,900,000	g	CHS		6.625		02/15/25		16,557,500
	3,850,000	g	CHS		8.000		12/15/27		3,542,000

287

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	7,150,000		CHS/Community Health Systems		6.250	%	03/31/23	$	6,788,031
	10,000,000	g	CHS/Community Health Systems		8.000		03/15/26		9,500,000
	5,000,000		DaVita, Inc		5.125		07/15/24		4,985,000
	13,000,000		DaVita, Inc		5.000		05/01/25		12,982,970
	2,698,000		Encompass Health Corp		5.750		11/01/24		2,710,681
	4,000,000		Encompass Health Corp		5.750		09/15/25		3,840,000
	33,350,000		HCA, Inc		5.375		02/01/25		33,933,292
	900,000		HCA, Inc		7.500		11/06/33		918,000
	6,475,000	g	MEDNAX, Inc		6.250		01/15/27		5,196,188
	4,005,000		MPT Operating Partnership LP		5.500		05/01/24		3,894,862
	5,000,000		MPT Operating Partnership LP		5.000		10/15/27		4,850,000
	5,000,000		MPT Operating Partnership LP		4.625		08/01/29		4,600,000
	2,375,000	g	RegionalCare Hospital Partners Holdings, Inc		9.750		12/01/26		2,249,481
	11,500,000		Tenet Healthcare Corp		8.125		04/01/22		10,867,500
	15,000,000		Tenet Healthcare Corp		6.750		06/15/23		13,837,500
	23,125,000		Tenet Healthcare Corp		4.625		07/15/24		22,026,563
	5,150,000		Tenet Healthcare Corp		7.000		08/01/25		4,454,750
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						203,038,218
MATERIALS - 7.3%
	1,600,000	g	Alcoa Nederland Holding BV		6.750		09/30/24		1,551,520
	1,600,000	g	Alcoa Nederland Holding BV		7.000		09/30/26		1,488,000
	1,500,000	g	Alcoa Nederland Holding BV		6.125		05/15/28		1,365,000
	4,750,000		Arconic Inc		5.125		10/01/24		4,690,625
	825,000	g	Arconic Rolled Products Corp		6.125		02/15/28		843,562
	1,900,000		Berry Global, Inc		5.125		07/15/23		1,904,180
	3,000,000	g	Berry Global, Inc		4.875		07/15/26		3,030,000
	1,075,000	g	Berry Global, Inc		5.625		07/15/27		1,110,604
	1,800,000	g	Cemex SAB de C.V.		7.750		04/16/26		1,611,018
	4,750,000		Chemours Co		7.000		05/15/25		3,954,375
	8,750,000		Chemours Co		5.375		05/15/27		6,692,438
	7,625,000		Commercial Metals Co		5.750		04/15/26		7,117,137
	3,000,000		Crown Americas LLC		4.750		02/01/26		3,074,100
	7,660,000	g	Enviva Partners LP		6.500		01/15/26		7,468,500
	6,000,000	g	First Quantum Minerals Ltd		7.250		05/15/22		5,340,000
	4,750,000	g	First Quantum Minerals Ltd		7.250		04/01/23		4,067,188
	6,025,000	g	First Quantum Minerals Ltd		7.500		04/01/25		5,013,945
	9,500,000	g	First Quantum Minerals Ltd		6.875		03/01/26		7,623,750
	4,250,000	g	FMG Resources Ltd		4.750		05/15/22		4,234,062
	2,650,000	g	FMG Resources Ltd		5.125		03/15/23		2,597,000
	5,000,000		Freeport-McMoRan, Inc		3.875		03/15/23		4,762,500
	9,250,000		Freeport-McMoRan, Inc		4.550		11/14/24		8,735,238
	4,000,000		Freeport-McMoRan, Inc		5.250		09/01/29		3,769,200
	3,100,000		Freeport-McMoRan, Inc		5.400		11/14/34		2,867,500
	14,250,000		Freeport-McMoRan, Inc		5.450		03/15/43		12,753,750
	6,650,000	g	GCP Applied Technologies, Inc		5.500		04/15/26		6,184,500
	5,175,000	g	James Hardie International Finance DAC		4.750		01/15/25		4,877,489
	12,250,000	g	James Hardie International Finance DAC		5.000		01/15/28		11,576,250
	35,000,000	g	Nova Chemicals Corp		4.875		06/01/24		30,712,500
	3,500,000	g	NV Chemicals Corp		5.250		08/01/23		3,038,630
	16,000,000	g	OCI NV		6.625		04/15/23		14,553,543
	6,575,000	g	OCI NV		5.250		11/01/24		5,653,307
	6,450,000		Olin Corp		5.125		09/15/27		5,763,494
	11,250,000	g	Owens-Brockway Glass Container, Inc		5.875		08/15/23		11,025,000

288

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	550,000	g	Silgan Holdings, Inc		4.125	%	02/01/28	$	507,375
	4,180,000	g	Standard Industries, Inc		5.500		02/15/23		4,033,700
	2,000,000	g	Standard Industries, Inc		5.000		02/15/27		1,820,000
	13,500,000	g	Trinseo Materials Operating S.C.A		5.375		09/01/25		11,373,750
	11,800,000	g	Tronox Finance plc		5.750		10/01/25		10,531,500
	7,000,000	g	Tronox, Inc		6.500		04/15/26		6,300,000
	4,940,000	g	Univar Solutions USA, Inc		5.125		12/01/27		4,495,400
			TOTAL MATERIALS						240,111,630
MEDIA & ENTERTAINMENT - 10.5%
	9,250,000	g	Altice Financing S.A.		5.000		01/15/28		8,186,250
	10,615,000	g	CBS Radio, Inc		7.250		11/01/24		8,863,525
	34,637,000	g	CCO Holdings LLC		5.875		04/01/24		35,416,332
	5,363,000	g	CCO Holdings LLC		5.375		05/01/25		5,498,148
	7,250,000	g	CCO Holdings LLC		4.500		08/15/30		7,105,000
	9,500,000		CSC Holdings LLC		6.750		11/15/21		9,785,000
	10,850,000	g	CSC Holdings LLC		5.500		04/15/27		11,228,665
	29,250,000	g	CSC Holdings LLC		7.500		04/01/28		31,163,535
	4,350,000	g	CSC Holdings LLC		6.500		02/01/29		4,691,431
	11,725,000	g	CSC Holdings LLC		5.750		01/15/30		11,824,193
	11,175,000	g	Diamond Sports Group LLC		5.375		08/15/26		9,079,911
	12,500,000	g	Diamond Sports Group LLC		6.625		08/15/27		8,359,375
	4,030,000		DISH DBS Corp		5.000		03/15/23		3,869,001
	28,500,000		DISH DBS Corp		7.750		07/01/26		29,283,750
	2,225,000	g	Entercom Media Corp		6.500		05/01/27		1,930,188
	7,525,000	g	EW Scripps Co		5.125		05/15/25		6,622,000
	13,175,000	g	Gray Escrow, Inc		7.000		05/15/27		13,109,125
	4,990,000	g	Gray Television, Inc		5.125		10/15/24		4,821,588
	11,600,000	g	Gray Television, Inc		5.875		07/15/26		11,168,480
	3,225,000	g	Lamar Media Corp		3.750		02/15/28		3,023,051
	1,250,000	g	Lamar Media Corp		4.000		02/15/30		1,162,500
	5,600,000	g	Lions Gate Capital Holdings LLC		6.375		02/01/24		4,928,000
	10,325,000	g	Lions Gate Capital Holdings LLC		5.875		11/01/24		8,794,938
	14,710,000		Meredith, Corp		6.875		02/01/26		12,650,600
	12,223,000	g	Neptune Finco Corp		10.875		10/15/25		13,170,283
	11,875,000	g	Nielsen Finance LLC		5.000		04/15/22		10,946,613
	19,150,000	g	Numericable-SFR S.A.		7.375		05/01/26		19,341,500
	1,350,000		Outfront Media Capital LLC		5.625		02/15/24		1,336,500
	1,025,000	g	Scripps Escrow, Inc		5.875		07/15/27		902,000
	8,100,000	g	Sirius XM Radio, Inc		5.375		07/15/26		8,198,820
	12,425,000	g	TEGNA, Inc		4.625		03/15/28		10,918,469
	17,325,000	g	Terrier Media Buyer, Inc		8.875		12/15/27		14,553,000
	9,325,000	g	Virgin Media Secured Finance plc		5.500		05/15/29		9,325,000
			TOTAL MEDIA & ENTERTAINMENT						341,256,771
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.2%
	3,900,000	g	Bausch Health Cos, Inc		5.750		08/15/27		4,015,440
	5,250,000	g	Bausch Health Cos, Inc		7.000		01/15/28		5,444,250
	3,210,000	g	Bausch Health Cos, Inc		5.000		01/30/28		3,038,907
	4,400,000	g	Bausch Health Cos, Inc		5.250		01/30/30		4,114,000
	14,600,000	g	Horizon Pharma USA, Inc		5.500		08/01/27		14,656,940
	8,000,000	g	Par Pharmaceutical, Inc		7.500		04/01/27		7,960,000

289

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	4,750,000	g	Valeant Pharmaceuticals International, Inc		9.000	%	12/15/25	$	5,007,450
	4,750,000	g	Valeant Pharmaceuticals International, Inc		9.250		04/01/26		4,958,525
	6,700,000	g	Valeant Pharmaceuticals International, Inc		8.500		01/31/27		7,001,500
	814,000	g	VRX Escrow Corp		5.875		05/15/23		805,860
	15,100,000	g	VRX Escrow Corp		6.125		04/15/25		14,873,500
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						71,876,372
REAL ESTATE - 0.6%
	12,050,000		iStar, Inc		4.750		10/01/24		10,122,000
	6,500,000	g	Ladder Capital Finance Holdings LLLP		4.250		02/01/27		5,135,000
	1,900,000	g	VICI Properties LP		4.250		12/01/26		1,743,250
	2,900,000	g	VICI Properties LP		4.125		08/15/30		2,747,750
			TOTAL REAL ESTATE						19,748,000
RETAILING - 4.3%
	987,000	g	Asbury Automotive Group, Inc		4.750		03/01/30		838,950
	6,150,000	g	Camelot Finance S.A.		4.500		11/01/26		5,965,500
	1,675,000		CDW LLC		5.000		09/01/25		1,725,752
	3,000,000	†	JC Penney Corp, Inc		6.375		10/15/36		225,000
	6,650,000		L Brands, Inc		5.250		02/01/28		5,079,935
	5,400,000	g	Lithia Motors, Inc		5.250		08/01/25		4,698,000
	8,830,000	g	Lithia Motors, Inc		4.625		12/15/27		7,947,883
	5,670,000		Penske Automotive Group, Inc		5.375		12/01/24		4,670,436
	9,145,000		Penske Automotive Group, Inc		5.500		05/15/26		8,330,912
	24,800,000	g	PetSmart, Inc		7.125		03/15/23		23,361,600
	7,725,000	g	PetSmart, Inc		5.875		06/01/25		7,609,125
	21,000,000	g	PetSmart, Inc		8.875		06/01/25		19,005,000
	12,735,000		QVC, Inc		4.750		02/15/27		11,273,213
	2,650,000		Sonic Automotive, Inc		6.125		03/15/27		2,332,000
	15,000,000	g	Staples, Inc		7.500		04/15/26		13,125,090
	31,700,000	g	Staples, Inc		10.750		04/15/27		24,323,410
			TOTAL RETAILING						140,511,806
SOFTWARE & SERVICES - 2.5%
	6,975,000	g	Banff Merger Sub, Inc		9.750		09/01/26		6,138,000
	5,000,000		NCR Corp		5.000		07/15/22		4,700,000
	4,750,000		NCR Corp		6.375		12/15/23		4,690,578
	12,000,000	g	Open Text Corp		5.875		06/01/26		12,586,800
	4,125,000	g	Open Text Holdings, Inc		4.125		02/15/30		3,878,531
	1,080,000	g	Presidio Holdings, Inc		4.875		02/01/27		972,000
	16,475,000	g	Refinitiv US Holdings, Inc		6.250		05/15/26		17,010,437
	10,600,000	g	Refinitiv US Holdings, Inc		8.250		11/15/26		11,183,000
	3,900,000	g	Sabre GLBL, Inc		5.375		04/15/23		3,568,500
	2,000,000	g	Sabre GLBL, Inc		5.250		11/15/23		1,820,000
	1,750,000	g	Science Applications International Corp		4.875		04/01/28		1,680,000
	5,300,000	g	SS&C Technologies, Inc		5.500		09/30/27		5,465,625
	4,275,000	g	Symantec Corp		5.000		04/15/25		4,316,382
	2,000,000	g	WEX, Inc		4.750		02/01/23		1,920,000
			TOTAL SOFTWARE & SERVICES						79,929,853
TECHNOLOGY HARDWARE & EQUIPMENT - 2.0%
	17,925,000	g	CommScope Finance LLC		8.250		03/01/27		17,277,908
	9,000,000	g	CommScope Technologies LLC		5.000		03/15/27		7,807,500

290

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	4,500,000	g	CommScope, Inc		5.500	%	06/15/24	$	4,155,750
	28,700,000	g	CommScope, Inc		6.000		06/15/25		26,266,240
	6,575,000	g	Dell International LLC		7.125		06/15/24		6,788,688
	3,650,000	g	MTS Systems Corp		5.750		08/15/27		3,385,375
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						65,681,461
TELECOMMUNICATION SERVICES - 5.0%
	8,675,000	g	Altice France S.A.		8.125		02/01/27		9,043,687
	6,000,000		CenturyLink, Inc		6.450		06/15/21		6,078,000
	17,300,000		CenturyLink, Inc		5.800		03/15/22		17,461,236
	16,400,000		CenturyLink, Inc		7.500		04/01/24		17,958,000
	16,600,000	g	Front Range BidCo, Inc		4.000		03/01/27		15,884,125
	4,750,000		Level 3 Financing, Inc		5.375		01/15/24		4,750,000
	9,600,000		Level 3 Financing, Inc		5.250		03/15/26		9,594,000
	4,500,000		Sprint Capital Corp		8.750		03/15/32		5,951,250
	6,900,000		Sprint Corp		7.875		09/15/23		7,606,422
	10,450,000		Sprint Corp		7.625		02/15/25		11,564,493
	9,500,000		Sprint Corp		7.625		03/01/26		10,752,100
	9,300,000	g	Telecom Italia S.p.A		5.303		05/30/24		9,347,058
	11,200,000		T-Mobile USA, Inc		6.375		03/01/25		11,452,000
	22,000,000		T-Mobile USA, Inc		5.125		04/15/25		22,494,340
			TOTAL TELECOMMUNICATION SERVICES						159,936,711
TRANSPORTATION - 1.1%
	13,425,000	g	Bombardier, Inc		6.125		01/15/23		9,464,625
	9,600,000	g	Bombardier, Inc		7.500		03/15/25		6,648,000
	12,375,000	g	Bombardier, Inc		7.875		04/15/27		8,538,750
	8,175,000	g	Cargo Aircraft Management, Inc		4.750		02/01/28		7,582,312
	3,325,000	g	Hertz Corp		5.500		10/15/24		1,869,614
	1,800,000	g	Meccanica Holdings USA, Inc		7.375		07/15/39		2,070,000
			TOTAL TRANSPORTATION						36,173,301
UTILITIES - 2.1%
	6,800,000		AES Corp		4.500		03/15/23		6,664,000
	4,250,000		AES Corp		5.500		04/15/25		4,165,000
	17,125,000	g	Calpine Corp		5.250		06/01/26		16,268,750
	4,000,000		Clearway Energy Operating LLC		5.750		10/15/25		3,960,000
	5,750,000	g	NextEra Energy Operating Partners LP		4.250		07/15/24		5,606,250
	5,300,000	g	NextEra Energy Operating Partners LP		4.250		09/15/24		5,167,500
	826,000		NRG Energy, Inc		6.625		01/15/27		859,040
	10,625,000		NRG Energy, Inc		5.750		01/15/28		10,837,500
	18,500,000	g	Talen Energy Supply LLC		10.500		01/15/26		13,320,000
	600,000	g	Vistra Operations Co LLC		5.625		02/15/27		618,750
			TOTAL UTILITIES						67,466,790
			TOTAL CORPORATE BONDS						2,567,448,247
			(Cost $2,920,433,759)
			TOTAL BONDS						2,567,448,247
			(Cost $2,920,433,759)

291

TIAA-CREF FUNDS – High-Yield Fund

SHARES			COMPANY					VALUE
COMMON STOCKS - 1.4%
DIVERSIFIED FINANCIALS - 1.3%
	315,450		iShares iBoxx $ High Yield Corporate Bond ETF					$	24,311,731
	183,823		SPDR Bloomberg Barclays High Yield Bond ETF						17,415,391
			TOTAL DIVERSIFIED FINANCIALS						41,727,122
ENERGY - 0.1%
	443,017		Peabody Energy Corp						1,284,749
	566,082	*	Tidewater, Inc						4,007,861
			TOTAL ENERGY						5,292,610
			TOTAL COMMON STOCKS						47,019,732
			(Cost $64,716,247)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 10.2%
GOVERNMENT AGENCY DEBT - 10.2%
$	16,000,000		Federal Farm Credit Bank (FFCB)		0.530	%	04/02/20		15,999,969
	15,000,000		FFCB		0.490		04/24/20		14,999,329
	10,000,000		FFCB		0.130		10/27/20		9,991,872
	5,000,000		FFCB		0.100		11/20/20		4,995,470
	24,006,000		Federal Home Loan Bank (FHLB)		1.560		04/01/20		24,006,000
	29,985,000		FHLB		1.555		04/08/20		29,984,592
	59,884,000		FHLB		1.565		04/13/20		59,882,603
	2,800,000		FHLB		0.400		04/20/20		2,799,897
	10,500,000		FHLB		0.520		04/22/20		10,499,571
	38,500,000		FHLB		0.560		05/06/20		38,497,380
	10,015,000		FHLB		0.530		06/12/20		10,013,598
	11,399,000		FHLB		0.090		06/29/20		11,397,027
	10,000,000		FHLB		0.120		07/09/20		9,997,525
	10,000,000		FHLB		0.030		07/27/20		9,997,075
	1,000,000		FHLB		0.150		07/29/20		999,702
	690,000		FHLB		0.030		09/01/20		689,619
	3,600,000		FHLB		0.060		10/01/20		3,597,438
	16,555,000		FHLB		0.070		10/13/20		16,542,446
	10,000,000		FHLB		0.100		01/19/21		9,986,978
	10,000,000		FHLB		0.170		03/08/21		9,983,897
	35,500,000		Federal National Mortgage Association (FNMA)		0.800		04/16/20		35,498,964
			TOTAL GOVERNMENT AGENCY DEBT						330,360,952
			TOTAL SHORT-TERM INVESTMENTS						330,360,952
			(Cost $330,319,311)
			TOTAL INVESTMENTS - 97.8%						3,176,417,477
			(Cost $3,601,188,142)
			OTHER ASSETS & LIABILITIES, NET - 2.2%						70,934,636
			NET ASSETS - 100.0%					$	3,247,352,113

292

TIAA-CREF FUNDS – High-Yield Fund

	Abbreviation(s):
ETF	Exchange Traded Fund
LIBOR	London Interbank Offered Rate
M	Month
SPDR	Standard & Poor’s Depositary Receipts

*	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, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2020, the aggregate value of these securities is $1,571,714,496 or 48.4% 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.
o	Payment in Kind Bond
q	In default

293

TIAA-CREF FUNDS – Inflation-Linked Bond Fund

TIAA-CREF FUNDS

INFLATION-LINKED BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2020

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
GOVERNMENT BONDS - 98.4%
AGENCY SECURITIES - 1.6%
$	4,112,500		Crowley Conro LLC		4.181	%	08/15/43	$	5,172,899
	10,000,000		Federal Home Loan Mortgage Corp (FHLMC)		1.500		02/12/25		10,436,790
	2,001,422		HNA LLC		2.369		09/18/27		2,079,164
	9,515,000		Montefiore Medical Center		2.895		04/20/32		10,695,720
	3,000,000		Private Export Funding Corp (PEFCO)		3.250		06/15/25		3,409,662
	3,947,368		Reliance Industries Ltd		2.444		01/15/26		4,064,878
	3,000,000		Ukraine Government AID International Bonds		1.847		05/29/20		3,007,365
	15,000,000		Ukraine Government AID International Bonds		1.471		09/29/21		15,242,287
			TOTAL AGENCY SECURITIES						54,108,765
MORTGAGE BACKED - 1.2%
	11,462,360		Government National Mortgage Association (GNMA)		3.600		09/15/31		12,394,604
	5,698,532		GNMA		3.700		10/15/33		6,132,951
	744,129		GNMA		2.490		06/15/35		759,499
	1,639,866		GNMA		3.380		07/15/35		1,736,364
	1,538,651		GNMA		3.870		10/15/36		1,673,880
	5,570,322		GNMA		3.940		03/15/37		6,132,007
	13,935,151		GNMA		2.750		01/15/45		14,483,334
			TOTAL MORTGAGE BACKED						43,312,639
U.S. TREASURY SECURITIES - 95.6%
	122,377,258	k	United States Treasury Inflation Indexed Bonds		0.625		07/15/21		121,222,669
	136,769,276	k	United States Treasury Inflation Indexed Bonds		0.125		01/15/22		134,798,787
	171,581,801	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/22		169,147,223
	146,532,356	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/22		145,149,614
	136,349,322	k	United States Treasury Inflation Indexed Bonds		0.125		01/15/23		134,681,421
	127,728,120	k	United States Treasury Inflation Indexed Bonds		0.625		04/15/23		128,703,420
	140,210,070	k	United States Treasury Inflation Indexed Bonds		0.375		07/15/23		141,056,577
	132,678,509	k	United States Treasury Inflation Indexed Bonds		0.625		01/15/24		134,876,584
	105,232,774	k	United States Treasury Inflation Indexed Bonds		0.500		04/15/24		106,772,256
	120,287,106	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/24		120,559,848
	98,021,625	k	United States Treasury Inflation Indexed Bonds		0.125		10/15/24		99,224,010
	155,528,391	k	United States Treasury Inflation Indexed Bonds		0.250		01/15/25		156,940,833
	104,482,814	k	United States Treasury Inflation Indexed Bonds		2.375		01/15/25		115,885,319
	129,625,456	k	United States Treasury Inflation Indexed Bonds		0.375		07/15/25		132,262,629
	145,230,307	k	United States Treasury Inflation Indexed Bonds		0.625		01/15/26		150,066,544
	63,798,173	k	United States Treasury Inflation Indexed Bonds		2.000		01/15/26		70,990,431
	94,834,930	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/26		95,740,632
	110,251,383	k	United States Treasury Inflation Indexed Bonds		0.375		01/15/27		112,924,346
	45,096,745	k	United States Treasury Inflation Indexed Bonds		2.375		01/15/27		52,298,391
	86,538,712	k	United States Treasury Inflation Indexed Bonds		0.375		07/15/27		89,087,511
	147,548,270	k	United States Treasury Inflation Indexed Bonds		0.500		01/15/28		153,851,280

294

TIAA-CREF FUNDS – Inflation-Linked Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	80,055,806	k	United States Treasury Inflation Indexed Bonds		1.750	%	01/15/28	$	91,114,127
	52,370,652	k	United States Treasury Inflation Indexed Bonds		3.625		04/15/28		67,445,027
	67,686,695	k	United States Treasury Inflation Indexed Bonds		0.750		07/15/28		72,470,294
	124,013,742	k	United States Treasury Inflation Indexed Bonds		0.875		01/15/29		134,866,601
	41,189,656	k	United States Treasury Inflation Indexed Bonds		2.500		01/15/29		50,580,735
	116,991,584	k	United States Treasury Inflation Indexed Bonds		3.875		04/15/29		157,841,025
	76,637,640	k	United States Treasury Inflation Indexed Bonds		0.250		07/15/29		79,652,934
	5,012,750	k	United States Treasury Inflation Indexed Bonds		0.125		01/15/30		5,170,823
	35,602,910	k	United States Treasury Inflation Indexed Bonds		3.375		04/15/32		50,346,133
			TOTAL U.S. TREASURY SECURITIES						3,275,728,024
			TOTAL GOVERNMENT BONDS						3,373,149,428
			(Cost $3,275,713,430)
SHORT-TERM INVESTMENTS - 1.9%
GOVERNMENT AGENCY DEBT - 1.9%
	5,000,000		Federal Farm Credit Bank (FFCB)		0.130		07/13/20		4,998,712
	11,070,000		Federal Home Loan Bank (FHLB)		0.050-0.200		07/20/20		11,066,956
	46,541,000		FHLB		0.150-0.190		07/31/20		46,526,921
	2,500,000		FHLB		0.060		10/01/20		2,498,221
			TOTAL GOVERNMENT AGENCY DEBT						65,090,810
			TOTAL SHORT-TERM INVESTMENTS						65,090,810
			(Cost $65,077,330)
			TOTAL INVESTMENTS - 100.3%						3,438,240,238
			(Cost $3,340,790,760)
			OTHER ASSETS & LIABILITIES, NET - (0.3)%						(10,765,399	)
			NET ASSETS - 100.0%					$	3,427,474,839

k Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

295

TIAA-CREF FUNDS – Short Duration Impact Bond Fund

TIAA-CREF FUNDS

SHORT DURATION IMPACT BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2020

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 1.5%
UTILITIES - 1.5%
$	477,543	i	ExGen Renewables IV LLC	LIBOR 3 M + 3.000%		4.620	%	11/28/24	$	427,401
			TOTAL UTILITIES							427,401
			TOTAL BANK LOAN OBLIGATIONS							427,401
			(Cost $473,689)
BONDS - 95.0%
CORPORATE BONDS - 45.9%
AUTOMOBILES & COMPONENTS - 0.9%
	250,000	g	Harley-Davidson Financial Services, Inc			4.050		02/04/22		244,389
			TOTAL AUTOMOBILES & COMPONENTS							244,389
BANKS - 17.0%
	725,000		Bank of America Corp			2.456		10/22/25		731,134
	500,000	i	Cooperatieve Rabobank UA	LIBOR 3 M + 0.480%		2.314		01/10/23		473,601
	275,000		FNB Corp			2.200		02/24/23		269,734
	400,000	g	HSBC Bank Canada			1.650		09/10/22		404,917
	500,000		HSBC Holdings plc			3.033		11/22/23		496,312
	250,000	g	Intesa Sanpaolo S.p.A			6.500		02/24/21		253,357
	500,000	g	Intesa Sanpaolo S.p.A			3.250		09/23/24		466,193
	500,000	i	M&T Bank Corp	LIBOR 3 M + 0.680%		2.474		07/26/23		457,649
	425,000	i	Mizuho Financial Group, Inc	LIBOR 3 M + 0.630%		2.309		05/25/24		386,070
	300,000	g	National Bank of Canada			2.150		10/07/22		297,239
	350,000	i	Regions Bank	LIBOR 3 M + 0.500%		2.207		08/13/21		340,603
	300,000		Zions Bancorp NA			3.350		03/04/22		294,146
			TOTAL BANKS							4,870,955
CAPITAL GOODS - 1.7%
	500,000		CNH Industrial Capital LLC			4.200		01/15/24		488,495
			TOTAL CAPITAL GOODS							488,495
CONSUMER SERVICES - 0.9%
	260,000		Nature Conservancy			2.843		02/01/24		260,279
			TOTAL CONSUMER SERVICES							260,279
DIVERSIFIED FINANCIALS - 4.9%
	185,000		Ally Financial, Inc			3.875		05/21/24		166,500
	250,000		Century Housing Corp			3.995		11/01/21		261,768
	210,000	g	Federation des Caisses Desjardins du Quebec			1.950		09/26/22		210,309
	250,000		Morgan Stanley			2.800		06/16/20		249,965
	250,000		Reinvestment Fund, Inc			3.477		02/15/23		263,096
	250,000	g	WLB Asset II Pte Ltd			4.000		01/14/24		254,037
			TOTAL DIVERSIFIED FINANCIALS							1,405,675

296

TIAA-CREF FUNDS – Short Duration Impact Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
ENERGY - 0.4%
$	150,000		EQT Corp			6.125	%	02/01/25	$	115,515
			TOTAL ENERGY							115,515
FOOD, BEVERAGE & TOBACCO - 1.4%
	400,000		Coca-Cola Co			1.750		09/06/24		407,210
			TOTAL FOOD, BEVERAGE & TOBACCO							407,210
HOUSEHOLD & PERSONAL PRODUCTS - 0.9%
	150,000		Estee Lauder Cos, Inc			2.000		12/01/24		149,424
	100,000		Procter & Gamble Co			2.450		03/25/25		104,832
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS							254,256
MATERIALS - 1.8%
	500,000		3M Co			2.000		02/14/25		514,577
			TOTAL MATERIALS							514,577
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.1%
	500,000	g,i	AbbVie, Inc	LIBOR 3 M + 0.650%		2.346		11/21/22		467,765
	250,000		Biogen, Inc			2.900		09/15/20		250,726
	500,000	i	Zoetis, Inc	LIBOR 3 M + 0.440%		2.135		08/20/21		458,802
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							1,177,293
REAL ESTATE - 2.1%
	500,000		Alexandria Real Estate Equities, Inc			4.000		01/15/24		510,833
	100,000	g	HAT Holdings I LLC			5.250		07/15/24		96,000
			TOTAL REAL ESTATE							606,833
SOFTWARE & SERVICES - 1.8%
	500,000		Microsoft Corp			2.400		02/06/22		513,823
			TOTAL SOFTWARE & SERVICES							513,823
TRANSPORTATION - 3.3%
	500,000		Delta Air Lines, Inc			2.900		10/28/24		400,194
	300,000		Delta Air Lines, Inc			2.000		06/10/28		272,933
	300,000		Delta Air Lines, Inc			2.500		06/10/28		271,930
			TOTAL TRANSPORTATION							945,057
UTILITIES - 4.7%
	250,000	g	Azure Power Energy Ltd			5.500		11/03/22		228,224
	300,000		Dominion Energy, Inc			3.300		03/15/25		304,140
	250,000	g	Hanwha Energy USA Holdings Corp			2.375		07/30/22		248,659
	300,000	g	Korea Hydro & Nuclear Power Co Ltd			3.750		07/25/23		319,491
	250,000		Southern Power Co			2.500		12/15/21		246,246
			TOTAL UTILITIES							1,346,760
			TOTAL CORPORATE BONDS							13,151,117
			(Cost $13,498,926)

297

TIAA-CREF FUNDS – Short Duration Impact Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
GOVERNMENT BONDS - 35.4%
AGENCY SECURITIES - 6.3%
$	250,000		Federal Home Loan Mortgage Corp (FHLMC)			1.500	%	02/12/25	$	260,920
	500,000		NCUA Guaranteed Notes			3.450		06/12/21		506,614
	250,000		Overseas Private Investment Corp (OPIC)			1.790		10/15/29		261,075
	250,000		US Department of Housing and Urban Development (HUD)			2.570		08/01/21		256,956
	250,000		HUD			2.618		08/01/23		268,210
	262,365	i	Washington Aircraft 2 Co Ltd	LIBOR 3 M + 0.430%		1.662		06/26/24		258,439
			TOTAL AGENCY SECURITIES							1,812,214
FOREIGN GOVERNMENT BONDS - 10.8%
	500,000	g	European Stability Mechanism			1.375		09/11/24		514,289
	500,000	g	International Development Association			2.750		04/24/23		534,809
	250,000	i	Korea Development Bank International Bond	LIBOR 3 M + 0.725%		2.625		07/06/22		248,530
	250,000		Kreditanstalt fuer Wiederaufbau			2.000		11/30/21		256,193
	250,000	g	Nederlandse Waterschapsbank NV			3.125		12/05/22		266,293
	250,000	g	Nederlandse Waterschapsbank NV			1.750		01/15/25		261,825
	250,000		North American Development Bank			2.400		10/26/22		253,745
	500,000	g	Perusahaan Penerbit SBSN Indonesia III			3.750		03/01/23		497,980
	250,000		Province of Ontario Canada			1.750		01/24/23		256,253
			TOTAL FOREIGN GOVERNMENT BONDS							3,089,917
MUNICIPAL BONDS - 8.0%
	250,000		California Health Facilities Financing Authority			1.896		06/01/21		249,880
	130,000	g	California Municipal Finance Authority			4.250		11/01/23		128,261
	150,000	i	Connecticut Housing Finance Authority	SOFR + 0.650%		0.660		05/15/49		148,293
	95,000		County of Saline AR			3.550		06/01/42		98,754
	600,000		Grant County Public Utility District No 2			1.544		01/01/23		604,266
	120,000		Grant County Public Utility District No 2 Priest Rapids Hydroelectric Project			1.794		01/01/22		121,237
	225,000		Massachusetts Water Resources Authority			1.702		08/01/21		226,165
	240,000		Semitropic Improvement District			2.164		12/01/22		238,078
	250,000	g	Warm Springs Reservation Confederated Tribe			2.550		11/01/20		251,185
	200,000	g	Warm Springs Reservation Confederated Tribe			3.050		11/01/24		205,268
			TOTAL MUNICIPAL BONDS							2,271,387
U.S. TREASURY SECURITIES - 10.3%
	250,000		United States Treasury Note			2.500		05/31/20		250,987
	500,000		United States Treasury Note			2.500		01/31/21		510,000
	250,000		United States Treasury Note			1.750		07/31/21		255,195
	285,000		United States Treasury Note			1.625		12/31/21		291,958
	1,500,000		United States Treasury Note			2.625		12/31/23		1,629,258
			TOTAL U.S. TREASURY SECURITIES							2,937,398
			TOTAL GOVERNMENT BONDS							10,110,916
			(Cost $9,811,784)

298

TIAA-CREF FUNDS – Short Duration Impact Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
STRUCTURED ASSETS - 13.7%
ASSET BACKED - 7.8%
$	276,631	g	HERO Funding Trust		4.050	%	09/20/41	$	287,076
			Series - 2016 1A (Class A)
	430,225	g	HERO Funding Trust		3.910		09/20/42		447,110
			Series - 2016 3A (Class A2)
	250,000	g	HERO Funding Trust		2.720		09/20/57		230,695
			Series - 2020 1A (Class A)
	147,000	g,i	Invitation Homes Trust		2.450		01/17/38		121,057
			Series - 2018 SFR4 (Class D)
	496,891	g	Sunrun Atlas Issuer LLC		3.610		02/01/55		376,079
			Series - 2019 2 (Class A)
	463,693	g	Sunrun Callisto Issuer LLC		3.980		06/30/54		352,043
			Series - 2019 1A (Class A)
	158,592	g	Tesla Auto Lease Trust		3.710		08/20/21		159,307
			Series - 2018 B (Class A)
	250,000	g	Tesla Auto Lease Trust		2.200		11/21/22		244,566
			Series - 2019 A (Class A4)
			TOTAL ASSET BACKED						2,217,933
OTHER MORTGAGE BACKED - 5.9%
	72,619	i	Connecticut Avenue Securities		3.947		07/25/24		66,447
			Series - 2014 C03 (Class 1M2)
	121,657	g,i	Connecticut Avenue Securities		1.717		10/25/39		118,648
			Series - 2019 R07 (Class 1M1)
	250,000	g,i	DBUBS Mortgage Trust		5.530		07/10/44		239,367
			Series - 2011 LC2A (Class D)
	275,000	g	GRACE Mortgage Trust		3.369		06/10/28		276,396
			Series - 2014 GRCE (Class A)
	200,000		GS Mortgage Securities Trust		2.922		05/10/49		205,685
			Series - 2016 GS2 (Class AAB)
	250,000	g,i	Morgan Stanley Capital I Trust		5.375		09/15/47		214,412
			Series - 2011 C1 (Class D)
	250,000	g,i	Natixis Commercial Mortgage Securities Trust		4.955		07/15/36		206,338
			Series - 2019 MILE (Class F)
	94,627	g,i	Sequoia Mortgage Trust		3.500		02/25/50		95,227
			Series - 2020 1 (Class A4)
	250,000	g,i	WFRBS Commercial Mortgage Trust		5.174		02/15/44		253,811
			Series - 2011 C2 (Class B)
			TOTAL OTHER MORTGAGE BACKED						1,676,331
			TOTAL STRUCTURED ASSETS						3,894,264
			(Cost $4,269,189)
			TOTAL BONDS						27,156,297
			(Cost $27,579,899)
SHORT-TERM INVESTMENTS - 2.8%
GOVERNMENT AGENCY DEBT - 2.8%
	800,000		Federal Home Loan Bank (FHLB)		0.560		04/15/20		799,997
			TOTAL GOVERNMENT AGENCY DEBT						799,997
			TOTAL SHORT-TERM INVESTMENTS						799,997
			(Cost $799,997)

299

TIAA-CREF FUNDS – Short Duration Impact Bond Fund

	ISSUER	VALUE
	TOTAL INVESTMENTS - 99.3%	$	28,383,695
	(Cost $28,853,585)
	OTHER ASSETS & LIABILITIES, NET - 0.7%		194,296
	NET ASSETS - 100.0%	$	28,577,991
	Abbreviation(s):
LIBOR	London Interbank Offered Rate
M	Month
SOFR	Secure Overnight Financing Rate
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2020, the aggregate value of these securities is $9,772,622 or 34.2% of net assets.
i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

300

TIAA-CREF FUNDS – Short-Term Bond Fund

TIAA-CREF FUNDS

SHORT-TERM BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2020

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 1.2%
CAPITAL GOODS - 0.0%
$	696,500	i	American Builders & Contractors Supply Co, Inc	LIBOR 1 M + 2.000%		2.989	%	01/15/27	$	654,710
			TOTAL CAPITAL GOODS							654,710
COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	360,594	i	Prime Security Services	LIBOR 1 M + 3.250%		4.606		09/23/26		322,011
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							322,011
CONSUMER SERVICES - 0.2%
	1,943,891	i	Hilton Worldwide Finance LLC	LIBOR 1 M + 1.750%		2.697		06/22/26		1,836,977
	1,970,000	i	Wyndham Hotels & Resorts, Inc	LIBOR 1 M + 1.750%		2.739		05/30/25		1,721,288
	1,045,938	i	YUM! Brands	LIBOR 1 M + 1.750%		2.362		04/03/25		985,797
			TOTAL CONSUMER SERVICES							4,544,062
INSURANCE - 0.1%
	980,075	i	HCA, Inc	LIBOR 1 M + 1.750%		2.739		03/13/25		925,358
	612,086	i	HCA, Inc	LIBOR 1 M + 1.750%		2.739		03/17/26		576,585
			TOTAL INSURANCE							1,501,943
MATERIALS - 0.0%
	181,447	i	WR Grace & Co-Conn	LIBOR 3 M + 1.750%		3.200		04/03/25		154,287
	311,053	i	WR Grace & Co-Conn	LIBOR 3 M + 1.750%		3.200		04/03/25		264,491
			TOTAL MATERIALS							418,778
MEDIA & ENTERTAINMENT - 0.2%
	1,397,898	i	CSC Holdings LLC	LIBOR 1 M + 2.250%		2.862		07/17/25		1,330,338
	321,018	i	Nielsen Finance LLC	LIBOR 1 M + 2.000%		3.005		10/04/23		294,935
	1,290,299	i	Outfront Media Capital LLC	LIBOR 1 M + 1.750%		2.547		11/18/26		1,101,050
	269,993	i	Univision Communications, Inc	LIBOR 1 M + 2.750%		3.750		03/15/24		227,469
			TOTAL MEDIA & ENTERTAINMENT							2,953,792
SOFTWARE & SERVICES - 0.2%
	947,378	i	IQVIA, Inc	LIBOR 1 M + 1.750%		2.739		03/07/24		868,035
	1,031,625	i	IQVIA, Inc	LIBOR 3 M + 1.750%		3.200		06/11/25		980,043
	1,896,399	i	Open Text Corp	LIBOR 1 M + 1.750%		2.739		05/30/25		1,782,141
			TOTAL SOFTWARE & SERVICES							3,630,219
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	704,786	i	Dell International LLC	LIBOR 1 M + 2.000%		2.990		09/19/25		669,991
	691,438	i	Western Digital Corp	LIBOR 1 M + 1.750%		3.353		04/29/23		663,780
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							1,333,771
TRANSPORTATION - 0.2%
	1,919,192	i	American Airlines, Inc	LIBOR 1 M + 1.750%		2.691		01/29/27		1,554,545
	1,841,204	i	Avis Budget Car Rental LLC	LIBOR 1 M + 1.750%		2.740		08/06/27		1,476,038
			TOTAL TRANSPORTATION							3,030,583

301

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
UTILITIES - 0.2%
$	3,503,159	i	Charter Communications Operating LLC	LIBOR 1 M + 1.750%		2.740	%	04/30/25	$	3,352,803
	571,768	i	Vistra Operations Co LLC	LIBOR 1 M + 1.750%		2.739		12/31/25		541,036
			TOTAL UTILITIES							3,893,839
			TOTAL BANK LOAN OBLIGATIONS							22,283,708
			(Cost $24,489,624)
BONDS - 98.1%
CORPORATE BONDS - 33.2%
BANKS - 14.5%
	2,000,000	g	Banco Bradesco S.A.			2.850		01/27/23		1,889,020
	2,100,000	g	Banco de Credito del Peru			2.700		01/11/25		1,921,500
	3,575,000	g	Banco del Estado de Chile			2.668		01/08/21		3,548,187
	2,375,000	g	Banco del Estado de Chile			2.704		01/09/25		2,210,555
	2,500,000	g	Banco do Brasil SA/Cayman			4.750		03/20/24		2,430,025
	2,000,000	g	Banco Internacional del Peru SAA Interbank			3.375		01/18/23		1,890,000
	750,000	g	Banco Santander Mexico S.A.			4.125		11/09/22		727,125
	5,125,000		Bancolombia S.A.			3.000		01/29/25		4,592,051
	3,500,000		Bank of America Corp			2.250		04/21/20		3,499,440
	5,000,000		Bank of America Corp			2.369		07/21/21		4,996,446
	10,000,000		Bank of America Corp			2.328		10/01/21		9,984,640
	8,700,000		Bank of America Corp			3.499		05/17/22		8,802,234
	9,000,000	g	Bank of Montreal			2.500		01/11/22		9,280,663
	6,200,000	g	Bank of Montreal			2.100		06/15/22		6,404,866
	4,000,000	g	BNG Bank NV			3.125		11/08/21		4,166,149
	6,160,000	g	Canadian Imperial Bank of Commerce			3.150		06/27/21		6,277,156
	5,000,000		CitiBank NA			2.100		06/12/20		4,990,480
	5,000,000		CitiBank NA			2.125		10/20/20		5,001,160
	5,000,000		CitiBank NA			3.165		02/19/22		5,029,224
	5,000,000		CitiBank NA			2.844		05/20/22		5,008,023
	4,000,000		Citigroup, Inc			2.650		10/26/20		4,013,243
	1,720,000		Citigroup, Inc			4.500		01/14/22		1,789,067
	1,300,000		Citigroup, Inc			2.312		11/04/22		1,292,327
	3,000,000		Citigroup, Inc			3.142		01/24/23		3,037,431
	3,000,000		Citizens Bank NA			2.250		10/30/20		3,006,770
	10,000,000	g	Dexia Credit Local S.A.			2.875		01/29/22		10,390,186
	4,000,000	g	Dexia Credit Local S.A.			2.375		09/20/22		4,149,880
	1,555,000		Discover Bank			3.200		08/09/21		1,547,648
	650,000		Discover Bank			3.350		02/06/23		652,698
	5,000,000	g	DNB Boligkreditt AS.			3.250		06/28/23		5,338,954
	1,900,000		Fifth Third Bancorp			2.875		07/27/20		1,890,296
	16,000,000	g	HSBC Bank Canada			1.650		09/10/22		16,196,691
	6,000,000		HSBC Holdings plc			2.650		01/05/22		5,990,496
	1,975,000		HSBC USA, Inc			2.750		08/07/20		1,965,672
	1,485,000		Huntington National Bank			3.125		04/01/22		1,504,660
	5,000,000	g	Itau Unibanco Holding S.A.			3.250		01/24/25		4,663,500
	1,445,000		JPMorgan Chase & Co			3.200		01/25/23		1,486,578
	3,700,000		JPMorgan Chase & Co			3.207		04/01/23		3,770,740
	5,000,000		JPMorgan Chase & Co			2.776		04/25/23		5,063,269

302

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	26,500,000		JPMorgan Chase Bank NA			3.086	%	04/26/21	$	26,488,953
	6,320,000		KeyBank NA			3.300		02/01/22		6,459,996
	3,000,000		Mitsubishi UFJ Financial Group, Inc			2.623		07/18/22		2,995,441
	2,000,000	g	NBK SPC Ltd			2.750		05/30/22		1,970,368
	6,050,000		PNC Bank NA			2.450		11/05/20		6,061,288
	1,945,000		PNC Bank NA			2.500		01/22/21		1,947,785
	10,000,000	g	Royal Bank of Canada			3.350		10/22/21		10,346,707
	2,500,000		Santander UK plc			2.125		11/03/20		2,485,658
	3,000,000	g	State Bank of India			4.000		01/24/22		2,998,561
	1,000,000		Synchrony Bank			3.000		06/15/22		992,297
	3,000,000		Toronto-Dominion Bank			1.850		09/11/20		2,996,155
	3,000,000		Truist Financial Corp			2.150		02/01/21		2,996,467
	1,720,000		Truist Financial Corp			2.900		03/03/21		1,723,897
	1,680,000		Truist Financial Corp			3.750		12/06/23		1,782,058
	1,355,000	g	Turkiye Is Bankasi			5.000		04/30/20		1,348,613
	2,100,000	g,i	United Overseas Bank Ltd	LIBOR 3 M + 0.480%		2.286		04/23/21		2,030,149
	12,670,000		Wells Fargo Bank NA			3.325		07/23/21		12,690,724
	3,000,000		Westpac Banking Corp			2.800		01/11/22		3,028,201
	1,115,000		Zions Bancorp NA			3.350		03/04/22		1,093,243
			TOTAL BANKS							262,835,611
CAPITAL GOODS - 1.3%
	1,500,000		Air Lease Corp			3.375		06/01/21		1,349,459
	450,000		Air Lease Corp			2.250		01/15/23		375,921
	4,400,000	g	BOC Aviation Ltd			3.500		10/10/24		4,714,776
	3,850,000	g	Carrier Global Corp			1.923		02/15/23		3,789,993
	3,371,000		General Electric Co			4.625		01/07/21		3,402,233
	1,385,000	g	Gold Fields Orogen Holding BVI Ltd			4.875		10/07/20		1,335,071
	2,000,000		Ingersoll-Rand Global Holding Co Ltd			2.900		02/21/21		1,982,905
	42,000		Johnson Controls International plc			3.750		12/01/21		41,469
	2,000,000		Northrop Grumman Corp			2.080		10/15/20		1,992,300
	3,134,000		Roper Technologies, Inc			3.000		12/15/20		3,135,010
	926,000		United Technologies Corp			3.650		08/16/23		973,620
			TOTAL CAPITAL GOODS							23,092,757
COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
	2,000,000		ADT Corp			4.125		06/15/23		1,954,980
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							1,954,980
CONSUMER DURABLES & APPAREL - 0.2%
	3,200,000		Lennar Corp			4.750		04/01/21		3,168,000
			TOTAL CONSUMER DURABLES & APPAREL							3,168,000
DIVERSIFIED FINANCIALS - 5.9%
	2,000,000		AerCap Ireland Capital DAC			3.950		02/01/22		1,742,238
	3,000,000		American Express Co			2.200		10/30/20		2,991,709
	2,050,000		American Express Co			2.750		05/20/22		2,092,851
	1,000,000		Ameriprise Financial, Inc			3.000		03/22/22		1,012,287
	750,000		Australia & New Zealand Banking Group Ltd			2.625		05/19/22		760,870
	2,500,000	g	Banco BTG Pactual S.A.			4.500		01/10/25		2,175,000
	1,505,000		Bank of Montreal			2.900		03/26/22		1,523,939
	1,645,000		BNP Paribas S.A.			2.375		05/21/20		1,645,570
	4,000,000		Capital One Bank USA NA			3.375		02/15/23		3,913,400

303

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	845,000		Capital One Financial Corp		2.500	%	05/12/20	$	844,637
	3,000,000		Capital One Financial Corp		2.400		10/30/20		2,993,815
	1,355,000		Capital One Financial Corp		4.750		07/15/21		1,395,640
	2,000,000		Deutsche Bank AG.		2.700		07/13/20		1,960,739
	5,000,000		Deutsche Bank AG.		4.250		02/04/21		4,801,412
	3,000,000		Discover Financial Services		3.850		11/21/22		3,061,528
	1,200,000	g	Federation des Caisses Desjardins du Quebec		2.250		10/30/20		1,189,135
	16,800,000	g	Federation des Caisses Desjardins du Quebec		1.950		09/26/22		16,824,685
	4,500,000		Ford Motor Credit Co LLC		3.200		01/15/21		4,348,125
	1,300,000		GE Capital International Funding Co		2.342		11/15/20		1,292,642
	2,170,000		General Motors Financial Co, Inc		3.150		06/30/22		1,958,918
	5,000,000		General Motors Financial Co, Inc		3.550		07/08/22		4,619,350
	1,870,000		Goldman Sachs Group, Inc		2.750		09/15/20		1,874,508
	4,000,000		Goldman Sachs Group, Inc		2.875		02/25/21		4,014,100
	5,000,000		Goldman Sachs Group, Inc		2.876		10/31/22		5,025,499
	7,500,000		Morgan Stanley		2.800		06/16/20		7,498,950
	6,105,000		Morgan Stanley		3.125		01/23/23		6,243,956
	7,000,000	g	Nationwide Building Society		1.700		02/13/23		7,174,526
	3,000,000		Shire Acquisitions Investments Ireland DAC		2.400		09/23/21		2,988,773
	300,000	g	State Street Corp		2.825		03/30/23		302,738
	3,000,000		Unilever Capital Corp		1.800		05/05/20		2,997,950
	5,000,000		Unilever Capital Corp		3.000		03/07/22		5,166,641
			TOTAL DIVERSIFIED FINANCIALS						106,436,131
ENERGY - 1.5%
	1,700,000		BP Capital Markets America, Inc		2.520		09/19/22		1,687,009
	5,000,000		Energy Transfer Operating LP		4.500		04/15/24		4,460,155
	3,771,000		Enterprise Products Operating LLC		2.800		02/15/21		3,765,790
	2,000,000	g	GS Caltex Corp		3.000		06/04/24		2,057,960
	3,650,000		Occidental Petroleum Corp		2.700		08/15/22		2,600,732
	2,200,000	g	Pertamina Persero PT		4.875		05/03/22		2,199,480
	1,500,000		Petroleos Mexicanos		5.375		03/13/22		1,276,500
	795,000		Petroleos Mexicanos		2.000		12/20/22		804,539
	764,500		Petroleos Mexicanos		2.378		04/15/25		783,779
	2,709,000		Plains All American Pipeline LP		3.650		06/01/22		2,475,381
	750,000		Sabine Pass Liquefaction LLC		5.625		02/01/21		737,859
	5,000,000	g	Saudi Arabian Oil Co		2.875		04/16/24		4,857,106
			TOTAL ENERGY						27,706,290
FOOD & STAPLES RETAILING - 1.1%
	3,425,000	g	CK Hutchison International 17 Ltd		2.250		09/29/20		3,426,713
	2,000,000		CVS Health Corp		2.800		07/20/20		2,000,374
	1,500,000		CVS Health Corp		3.700		03/09/23		1,561,482
	4,925,000		CVS Health Corp		2.625		08/15/24		4,939,748
	2,000,000		Kroger Co		2.600		02/01/21		2,000,308
	1,245,000		SYSCO Corp		2.600		10/01/20		1,233,237
	5,000,000		Walmart, Inc		2.350		12/15/22		5,156,109
			TOTAL FOOD & STAPLES RETAILING						20,317,971
FOOD, BEVERAGE & TOBACCO - 0.7%
	2,150,000		Altria Group, Inc		3.490		02/14/22		2,173,534
	1,570,000		Altria Group, Inc		2.850		08/09/22		1,577,221

304

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,000,000		Constellation Brands, Inc		3.750	%	05/01/21	$	2,002,228
	2,940,000		General Mills, Inc		3.150		12/15/21		2,977,561
	1,000,000	g	Lamb Weston Holdings, Inc		4.625		11/01/24		985,000
	1,465,000		Reynolds American, Inc		3.250		06/12/20		1,460,605
	1,300,000		Tyson Foods, Inc		2.250		08/23/21		1,307,157
			TOTAL FOOD, BEVERAGE & TOBACCO						12,483,306
HEALTH CARE EQUIPMENT & SERVICES - 0.3%
	5,000,000		Becton Dickinson & Co		2.404		06/05/20		4,984,436
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						4,984,436
INSURANCE - 0.4%
	2,415,000		American International Group, Inc		3.375		08/15/20		2,420,717
	2,500,000		Aon plc		2.800		03/15/21		2,501,047
	1,570,000		Prudential Financial, Inc		4.500		11/15/20		1,580,841
			TOTAL INSURANCE						6,502,605
MATERIALS - 1.0%
	5,000,000	g	Air Liquide Finance S.A.		1.750		09/27/21		4,978,172
	3,000,000	g	Fresnillo plc		5.500		11/13/23		2,970,000
	3,000,000	g	Indonesia Asahan Aluminiu		5.230		11/15/21		2,999,608
	1,350,000	g	Midwest Connector Capital Co LLC		3.625		04/01/22		1,296,890
	2,200,000		Newmont Goldcorp Corp		3.625		06/09/21		2,227,132
	2,000,000	g	NV Chemicals Corp		5.250		08/01/23		1,736,360
	1,550,000	g	SABIC Capital II BV		4.000		10/10/23		1,537,753
	3,000,000		Sasol Financing International plc		4.500		11/14/22		1,349,477
			TOTAL MATERIALS						19,095,392
MEDIA & ENTERTAINMENT - 0.4%
	1,009,000		Charter Communications Operating LLC		3.579		07/23/20		1,005,864
	967,000		Comcast Corp		2.850		01/15/23		995,598
	2,000,000	g	Tencent Holdings Ltd		3.280		04/11/24		2,071,100
	3,000,000		Walt Disney Co		1.650		09/01/22		3,019,043
			TOTAL MEDIA & ENTERTAINMENT						7,091,605
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.6%
	10,000,000	g	AbbVie, Inc		2.300		11/21/22		9,990,798
	525,000		Allergan Funding SCS		3.800		03/15/25		537,609
	3,300,000	g	Bayer US Finance II LLC		3.500		06/25/21		3,306,390
	2,285,000	g	Bristol-Myers Squibb Co		2.875		08/15/20		2,293,013
	2,000,000	g	Bristol-Myers Squibb Co		2.875		02/19/21		2,039,071
	3,000,000	g	Bristol-Myers Squibb Co		2.550		05/14/21		3,035,058
	2,500,000	g	Bristol-Myers Squibb Co		2.600		05/16/22		2,550,931
	2,000,000		Teva Pharmaceutical Finance Co BV		2.950		12/18/22		1,833,640
	4,000,000		Teva Pharmaceutical Financial IV BV		3.650		11/10/21		3,847,320
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						29,433,830
REAL ESTATE - 0.6%
	2,000,000		American Tower Corp		2.250		01/15/22		1,952,207
	2,435,000		Digital Realty Trust LP		3.625		10/01/22		2,484,187
	3,127,000		Duke Realty LP		3.875		10/15/22		3,240,194
	2,141,000		Healthpeak Properties, Inc		4.250		11/15/23		2,023,200

305

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	850,000		Highwoods Realty LP		3.625	%	01/15/23	$	846,378
			TOTAL REAL ESTATE						10,546,166
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	2,500,000		Texas Instruments, Inc		2.250		09/04/29		2,523,307
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						2,523,307
SOFTWARE & SERVICES - 0.6%
	500,000		Activision Blizzard, Inc		2.600		06/15/22		503,513
	5,000,000		Adobe, Inc		1.900		02/01/25		5,044,416
	5,146,000		Fiserv, Inc		3.500		10/01/22		5,182,095
			TOTAL SOFTWARE & SERVICES						10,730,024
TECHNOLOGY HARDWARE & EQUIPMENT - 0.5%
	1,420,000		Apple, Inc		2.250		02/23/21		1,433,039
	1,850,000		Apple, Inc		1.700		09/11/22		1,885,929
	5,000,000		Broadcom Corp		2.200		01/15/21		4,933,798
	1,580,000	g	L3Harris Technologies, Inc		4.950		02/15/21		1,613,911
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						9,866,677
TELECOMMUNICATION SERVICES - 1.1%
	4,440,000		AT&T, Inc		2.800		02/17/21		4,459,664
	1,000,000		AT&T, Inc		3.200		03/01/22		1,014,429
	7,000,000		AT&T, Inc		2.625		12/01/22		6,912,947
	1,815,000		Verizon Communications, Inc		3.450		03/15/21		1,835,579
	5,000,000		Verizon Communications, Inc		2.946		03/15/22		5,099,879
			TOTAL TELECOMMUNICATION SERVICES						19,322,498
TRANSPORTATION - 0.5%
	3,000,000	g	Adani Ports & Special Economic Zone Ltd		3.950		01/19/22		2,860,850
	1,100,000		Delta Air Lines, Inc		3.400		04/19/21		1,001,582
	2,800,000		FedEx Corp		2.625		08/01/22		2,775,473
	2,200,000	g	Transnet SOC Ltd		4.000		07/26/22		2,090,645
			TOTAL TRANSPORTATION						8,728,550
UTILITIES - 0.8%
	1,825,000		Berkshire Hathaway Energy Co		2.375		01/15/21		1,829,432
	3,000,000		Dominion Energy, Inc		2.579		07/01/20		2,996,406
	2,000,000	g	Hanwha Energy USA Holdings Corp		2.375		07/30/22		1,989,267
	2,000,000	g	KSA Sukuk Ltd		2.894		04/20/22		2,003,288
	3,050,000		NextEra Energy Capital Holdings, Inc		2.900		04/01/22		3,078,260
	3,000,000	g	State Grid Overseas Investment Ltd		2.750		05/04/22		3,036,359
			TOTAL UTILITIES						14,933,012
			TOTAL CORPORATE BONDS						601,753,148
			(Cost $606,369,563)
GOVERNMENT BONDS - 36.9%
AGENCY SECURITIES - 5.0%
	3,350,000	g	Hospital for Special Surgery		3.500		01/01/23		3,457,386
	24,000,000		Iraq Government AID International Bond		2.149		01/18/22		24,777,901

306

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	12,175,000		Montefiore Medical Center			2.152	%	10/20/26	$	12,742,117
	5,900,000		Private Export Funding Corp (PEFCO)			1.750		11/15/24		6,148,987
	6,315,789		Reliance Industries Ltd			1.870		01/15/26		6,355,195
	6,000,000		Reliance Industries Ltd			2.060		01/15/26		6,099,125
	7,894,737		Reliance Industries Ltd			2.444		01/15/26		8,129,755
	2,259,980		San Clemente Leasing LLC			3.030		11/22/22		2,311,724
	6,000,000		Ukraine Government AID International Bonds			1.847		05/29/20		6,014,731
	15,000,000		Ukraine Government AID International Bonds			1.471		09/29/21		15,242,287
			TOTAL AGENCY SECURITIES							91,279,208
FOREIGN GOVERNMENT BONDS - 10.0%
	3,325,000	g	Arab Petroleum Investments Corp			4.125		09/18/23		3,324,615
	815,000	†	Argentine Republic Government International Bond			6.875		04/22/21		234,313
	7,000,000	g	Bermuda Government International Bond			4.138		01/03/23		6,947,500
	3,250,000		Brazilian Government International Bond			2.625		01/05/23		3,266,250
	9,000,000	g	CPPIB Capital, Inc			2.750		07/22/21		9,259,310
	333,333	g	Dominican Republic Government International Bond			7.500		05/06/21		333,337
	1,725,000	g	Egypt Government International Bond			5.577		02/21/23		1,595,173
	1,500,000	g	Egypt Government International Bond			4.550		11/20/23		1,327,655
	3,200,000		Export-Import Bank of India			4.000		01/14/23		3,142,701
	1,700,000	g	Fondo MIVIVIENDA S.A.			3.500		01/31/23		1,602,692
	500,000	g	Honduras Government International Bond			8.750		12/16/20		495,005
	1,500,000	g	Honduras Government International Bond			7.500		03/15/24		1,455,015
	10,000,000		International Bank for Reconstruction & Development			1.500		08/28/24		10,336,862
	8,900,000	g	International Development Association			2.750		04/24/23		9,519,594
	1,500,000		Japan Bank for International Cooperation			1.875		04/20/21		1,516,138
	6,100,000		Japan Bank for International Cooperation			1.750		01/23/23		6,236,707
	3,000,000	g	Japan Finance Organization for Municipalities			2.000		09/08/20		3,014,352
	3,200,000	g	Japan Finance Organization for Municipalities			2.125		02/12/21		3,237,193
	6,650,000	g	Japan Finance Organization for Municipalities			3.375		09/27/23		7,212,324
	4,500,000	g	Japan Finance Organization for Municipalities			3.000		03/12/24		4,854,412
	1,150,000	g	Kommunalbanken AS.			1.375		10/26/20		1,153,739
	3,750,000	g	Kommunalbanken AS.			1.625		02/10/21		3,783,540
	1,560,000	g	Kommunalbanken AS.			2.750		02/05/24		1,683,342
	5,667,000	g	Kommuninvest I Sverige AB			2.625		09/15/22		5,948,083
	2,000,000	i	Korea Development Bank	LIBOR 3 M + 0.550%		1.334		03/12/21		1,997,611
	6,700,000	g	Korea Housing Finance Corp			2.000		10/11/21		6,735,778
	1,875,000	g	Korea Housing Finance Corp			3.000		10/31/22		1,944,113
	500,000	g	Kuwait Government International Bond			2.750		03/20/22		502,536
	2,025,000	g	Morocco Government International Bond			4.250		12/11/22		2,005,933
	1,500,000	g	Namibia International Bonds			5.500		11/03/21		1,439,348
	3,500,000	g	Nederlandse Waterschapsbank NV			2.125		11/15/21		3,583,680
	5,950,000	g	OMERS Finance Trust			2.500		05/02/24		6,363,096
	15,000,000	g	Ontario Teachers’ Finance Trust			1.625		09/12/24		15,462,450
	2,000,000	g	Perusahaan Penerbit SBSN Indonesia III			3.400		03/29/22		1,988,520
	5,000,000	g	Perusahaan Penerbit SBSN Indonesia III			3.750		03/01/23		4,979,800
	3,400,000	g	Perusahaan Penerbit SBSN Indonesia III			3.900		08/20/24		3,424,786
	1,300,000		Province of New Brunswick Canada			8.750		05/01/22		1,505,170
	3,000,000	g	Qatar Government International Bond			3.375		03/14/24		3,053,037
	4,000,000	g	Qatar Government International Bond			4.000		03/14/29		4,283,234
	6,800,000		Republic of Italy Government International Bond			2.375		10/17/24		6,720,714
	1,500,000	g	Republic of Paraguay Government International Bond			4.625		01/25/23		1,500,015
	2,000,000	g	Republic of Uzbekistan Government International Bond			4.750		02/20/24		1,955,761

307

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	5,625,000	g	Saudi Government International Bond		2.375	%	10/26/21	$	5,554,432
	500,000	g	Senegal Goverment International Bond		8.750		05/13/21		489,383
	6,500,000		Svensk Exportkredit AB		1.750		03/10/21		6,552,752
	6,540,000		Svensk Exportkredit AB		1.750		12/12/23		6,773,070
			TOTAL FOREIGN GOVERNMENT BONDS						180,295,071
MORTGAGE BACKED - 0.0%
	23,715	i	Federal Home Loan Mortgage Corp (FHLMC)		1.105		12/15/20		23,718
	112		Federal National Mortgage Association (FNMA)		2.750		06/25/20		112
	3,661		FNMA		5.500		09/25/22		3,797
	11,798		FNMA		5.000		09/25/24		173
	19,598	i	FNMA		1.247		11/25/34		19,593
			TOTAL MORTGAGE BACKED						47,393
MUNICIPAL BONDS - 2.3%
	5,000,000		Bay Area Toll Authority		2.254		04/01/24		5,139,250
	19,755,000		City of New York NY		2.280		08/01/25		19,815,845
	10,000,000		Massachusetts Water Resources Authority		2.083		08/01/25		10,210,600
	6,000,000		Massachusetts Water Resources Authority		3.104		08/01/39		5,982,540
			TOTAL MUNICIPAL BONDS						41,148,235
U.S. TREASURY SECURITIES - 19.6%
	10,000,000		United States Treasury Note		2.125		06/30/21		10,247,266
	48,010,000		United States Treasury Note		1.750		07/31/21		49,007,708
	59,505,000		United States Treasury Note		1.500		09/30/21		60,648,612
	27,750,000		United States Treasury Note		1.625		12/31/21		28,427,490
	85,265,000		United States Treasury Note		0.500		03/15/23		85,797,906
	68,000,000		United States Treasury Note		1.250		02/28/25		70,526,094
	43,000,000		United States Treasury Note		1.875		07/31/26		46,648,281
	3,250,000		United States Treasury Note		1.625		09/30/26		3,478,769
			TOTAL U.S. TREASURY SECURITIES						354,782,126
			TOTAL GOVERNMENT BONDS						667,552,033
			(Cost $652,426,038)
STRUCTURED ASSETS - 28.0%
ASSET BACKED - 8.1%
	130,017		Aames Mortgage Trust (Step Bond)		7.396		06/25/32		125,849
			Series - 2002 1 (Class A3)
	55,677	†,g	Asset Backed Funding Corp NIM Trust		5.900		07/26/35		1
			Series - 2005 WMC1 (Class N1)
	1,941,394	i	Asset Backed Securities Corp Home Equity Loan Trust		2.355		03/15/32		1,842,531
			Series - 2002 HE1 (Class M1)
	620,235	g	Avid Automobile Receivables Trust		2.840		08/15/23		616,775
			Series - 2018 1 (Class A)
	1,769,085	g	Bank of The West Auto Trust		2.110		01/15/23		1,762,109
			Series - 2017 1 (Class A3)
	930,570	i	Bear Stearns Asset Backed Securities Trust		2.177		08/25/43		885,108
			Series - 2005 SD1 (Class 1M3)

308

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,886,935	g	Capital Automotive REIT		3.870	%	04/15/47	$	1,653,488
			Series - 2017 1A (Class A1)
	2,500,000	i	Capital One Multi-Asset Execution Trust		1.335		02/15/24		2,487,780
			Series - 2016 A2 (Class A2)
	3,140,000		Carmax Auto Owner Trust		3.360		09/15/23		3,181,443
			Series - 2018 4 (Class A3)
	1,615,000		Carmax Auto Owner Trust		3.050		03/15/24		1,642,075
			Series - 2019 1 (Class A3)
	3,557		Centex Home Equity		5.540		01/25/32		3,498
			Series - 2002 A (Class AF6)
	74,496	i	Centex Home Equity		1.592		03/25/34		67,760
			Series - 2004 B (Class M1)
	122,341	i	Chase Funding Mortgage Loan Asset-Backed Certificates		5.700		02/26/35		110,203
			Series - 2004 2 (Class 1M2)
	4,000,000	i	Chase Issuance Trust		1.255		06/15/23		3,964,875
			Series - 2016 A3 (Class A3)
	459,007	g	CIG Auto Receivables Trust		2.710		05/15/23		457,541
			Series - 2017 1A (Class A)
	2,000,000	i	Citibank Credit Card Issuance Trust		1.225		04/07/22		1,999,282
			Series - 2017 A4 (Class A4)
	2,000,000	i	Citibank Credit Card Issuance Trust		1.375		08/08/24		1,971,600
			Series - 2017 A7 (Class A7)
	2,000,000	i	Citibank Credit Card Issuance Trust		1.103		01/20/25		1,951,198
			Series - 2018 A2 (Class A2)
	1,721,648	g,i	Citigroup Mortgage Loan Trust		2.631		09/25/36		1,532,051
			Series - 2006 AMC1 (Class A1)
	335,985	g	Conn’s Receivables Funding		3.250		01/15/23		328,027
			Series - 2018 A (Class A)
	913,297	g	Credit-Based Asset Servicing & Securitization LLC (Step Bond)		5.260		12/25/37		903,627
			Series - 2007 SP1 (Class A4)
	3,500,000	i	Discover Card Execution Note Trust		0.935		12/15/23		3,457,022
			Series - 2018 A3 (Class A3)
	2,000,000	i	Discover Card Execution Note Trust		1.035		08/15/25		1,956,446
			Series - 2018 A2 (Class A2)
	2,443,750	g,i	Domino’s Pizza Master Issuer LLC		0.000		07/25/47		2,287,032
			Series - 2017 1A (Class A2I)
	14,662,500	g	Domino’s Pizza Master Issuer LLC		3.082		07/25/47		14,154,151
			Series - 2017 1A (Class A2II)
	1,045,419		Entergy Louisiana Investment Recovery Funding I LLC		2.040		09/01/23		1,040,124
			Series - 2011 A (Class A1)
	346,000		Fifth Third Auto Trust		1.800		02/15/22		345,325
			Series - 2017 1 (Class A3)
	2,300,000	g	Ford Credit Auto Owner Trust		2.310		08/15/27		2,279,034
			Series - 2016 1 (Class A)
	444,239	g	GLS Auto Receivables Trust		2.820		07/15/22		442,200
			Series - 2018 1A (Class A)
	2,480,000		GM Financial Consumer Automobile Receivables Trust		3.210		10/16/23		2,512,191
			Series - 2018 4 (Class A3)
	4,580,303	g	Hilton Grand Vacations Trust		3.540		02/25/32		4,565,875
			Series - 2018 AA (Class A)

309

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,160,000		Honda Auto Receivables Owner Trust		2.830	%	03/20/23	$	2,194,776
			Series - 2019 1 (Class A3)
	1,938,819	g,i	Invitation Homes Trust		1.605		06/17/37		1,786,573
			Series - 2018 SFR2 (Class A)
	2,557,868	g,i	Invitation Homes Trust		1.800		07/17/37		2,372,312
			Series - 2018 SFR3 (Class A)
	1,563,000	g,i	Invitation Homes Trust		2.450		01/17/38		1,287,159
			Series - 2018 SFR4 (Class D)
	1,235,908	g	Mid-State Capital Trust		7.000		12/15/45		1,273,730
			Series - 2010 1 (Class B)
	14,270,420	g	MVW Owner Trust		2.220		10/20/38		13,099,747
			Series - 2019 2A (Class A)
	1,800,684	g	MVW Owner Trust		2.440		10/20/38		1,659,718
			Series - 2019 2A (Class B)
	1,406,355	g	New Residential Mortgage LLC		4.690		05/25/23		1,384,857
			Series - 2018 FNT1 (Class D)
	1,296,846	g	New Residential Mortgage LLC		4.920		07/25/54		1,297,576
			Series - 2018 FNT2 (Class D)
	2,985,000	i	Park Place Securities, Inc		2.192		01/25/36		2,837,581
			Series - 2005 WCH1 (Class M4)
	8,323,250	g	Planet Fitness Master Issuer LLC		4.262		09/05/48		7,844,081
			Series - 2018 1A (Class A2I)
	2,210,687	g	Progress Residential Trust		2.768		08/17/34		2,181,871
			Series - 2017 SFR1 (Class A)
	123,444	g	Prosper Marketplace Issuance Trust		3.350		10/15/24		122,691
			Series - 2018 2A (Class A)
	1,175,236	g	SoFi Professional Loan Program LLC		2.360		12/27/32		1,179,464
			Series - 2016 C (Class A2B)
	1,642,203	g	SoFi Professional Loan Program LLC		2.340		04/25/33		1,643,804
			Series - 2016 D (Class A2B)
	1,175,974	g	SoFi Professional Loan Program LLC		2.510		08/25/33		1,184,351
			Series - 2015 C (Class A2)
	697,773	g	SoFi Professional Loan Program LLC		2.630		07/25/40		690,187
			Series - 2017 C (Class A2B)
	1,100,000		Synchrony Card Issuance Trust		3.380		09/15/24		1,102,934
			Series - 2018 A1 (Class A)
	1,160,834	g	Tax Ease Funding LLC		3.131		06/15/28		1,154,803
			Series - 2016 1A (Class A)
	299,204	g	TCF Auto Receivables Owner Trust		1.930		06/15/22		297,086
			Series - 2016 PT1A (Class A)
	2,528,000	g	TCF Auto Receivables Owner Trust		2.920		10/17/22		2,508,557
			Series - 2016 PT1A (Class B)
	9,076,266	g	TES LLC		4.330		10/20/47		7,085,478
			Series - 2017 1A (Class A)
	3,000,000		Toyota Auto Receivables Owner		2.050		09/15/22		2,994,982
			Series - 2017 B (Class A4)
	1,990,000		Toyota Auto Receivables Owner		3.180		03/15/23		2,024,135
			Series - 2018 D (Class A3)
	2,900,000	g	Tricon American Homes Trust		4.878		11/17/33		2,761,659
			Series - 2016 SFR1 (Class E)
	2,154,645	g	Tricon American Homes Trust		2.716		09/17/34		2,117,161
			Series - 2017 SFR1 (Class A)
	195,847		US Airways Pass Through Trust		7.076		03/20/21		203,389
			Series - 2001 1G (Class )

310

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	10,905,000		Verizon Owner Trust		3.380	%	04/20/23	$	10,533,159
			Series - 2018 A (Class B)
	9,000,000		Verizon Owner Trust		3.020		09/20/23		8,835,567
			Series - 2019 A (Class B)
			TOTAL ASSET BACKED						146,185,609
OTHER MORTGAGE BACKED - 19.9%
	8,084,835	g	1166 Avenue of the Americas Commercial Mortgage Trust II		5.690		10/13/37		8,401,648
			Series - 2005 C6A (Class A1)
	1,500,000	g,i	20 Times Square Trust		3.100		05/15/35		1,427,094
			Series - 2018 20TS (Class B)
	8,000,000	g,i	20 Times Square Trust		3.100		05/15/35		6,768,522
			Series - 2018 20TS (Class D)
	374,732	g,i	ACE Securities Corp Manufactured Housing Trust		6.500		08/15/30		384,235
			Series - 2003 MH1 (Class M1)
	3,145,000	g,i	Angel Oak Mortgage Trust		3.161		12/25/59		2,657,666
			Series - 2020 1 (Class M1)
	161,305	i	Banc of America Funding		1.573		02/20/35		159,697
			Series - 2005 A (Class 5A3)
	3,000,000	g,i	BBCMS Trust		4.284		09/10/28		2,972,194
			Series - 2015 STP (Class C)
	1,802,405	i	Bear Stearns ALT-A Trust		1.547		06/25/34		1,731,604
			Series - 2004 4 (Class A1)
	5,000,000	i	Bear Stearns Commercial Mortgage Securities Trust		5.143		09/11/42		4,997,769
			Series - 2005 PWR9 (Class E)
	2,388,501	g,i	BX Commercial Mortgage Trust		1.955		10/15/36		2,167,268
			Series - 2019 XL (Class C)
	7,076,482	g,i	Chase Mortgage Trust		3.750		12/25/45		6,732,616
			Series - 2016 SH2 (Class M2)
	28,946		Citicorp Mortgage Securities Trust		5.500		02/25/26		28,219
			Series - 2006 1 (Class 5A1)
	2,000,000	g	Citigroup Commercial Mortgage Trust		3.896		05/10/36		1,854,940
			Series - 2019 PRM (Class C)
	3,624,631	g,i	COMM Mortgage Trust		3.461		08/10/29		3,442,961
			Series - 2016 GCT (Class D)
	3,623,360	g	COMM Mortgage Trust		3.397		03/10/46		3,533,699
			Series - 2013 CR6 (Class B)
	2,014,904		COMM Mortgage Trust		4.701		03/10/47		2,016,800
			Series - 2014 UBS2 (Class B)
	3,300,000	i	COMM Mortgage Trust		4.703		08/10/47		3,296,249
			Series - 2014 CR19 (Class B)
	1,500,000	g,i	COMM Mortgage Trust		4.731		08/10/47		1,255,708
			Series - 2014 CR19 (Class D)
	5,500,000	i	COMM Mortgage Trust		3.463		08/10/48		4,134,020
			Series - 2015 CR24 (Class D)
	3,970,000	i	COMM Mortgage Trust		4.540		08/10/48		3,893,443
			Series - 2015 CR25 (Class B)
	1,000,000	g,i	Commercial Mortgage Lease-Backed Certificates		7.961		06/20/31		1,041,330
			Series - 2001 CMLB (Class C)
	1,768,370	i	Connecticut Avenue Securities		3.547		05/25/24		1,586,643
			Series - 2014 C02 (Class 1M2)
	7,242,423	i	Connecticut Avenue Securities		3.947		07/25/24		6,626,819
			Series - 2014 C03 (Class 1M2)

311

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	5,250,005	i	Connecticut Avenue Securities		1.797	%	09/25/29	$	4,224,445
			Series - 2017 C02 (Class 2ED4)
	2,870,269	i	Connecticut Avenue Securities		3.597		02/25/30		2,525,966
			Series - 2017 C06 (Class 1M2)
	3,343,699	i	Connecticut Avenue Securities		1.847		08/25/30		3,075,226
			Series - 2018 C02 (Class 2EA2)
	7,785,000	i	Connecticut Avenue Securities		1.797		10/25/30		7,364,944
			Series - 2018 C03 (Class 1EA2)
	5,000,000	g,i	Connecticut Avenue Securities		2.947		07/25/39		4,223,918
			Series - 2019 R05 (Class 1M2)
	913,213	g,i	Connecticut Avenue Securities		1.697		01/25/40		876,587
			Series - 2020 R02 (Class 2M1)
	6,837,730	g,i	Connecticut Avenue Securities		1.747		01/25/40		6,537,919
			Series - 2020 R01 (Class 1M1)
	2,825,000	g	Credit Suisse Commercial Mortgage Trust		3.304		09/15/37		2,779,315
			Series - 2014 USA (Class A1)
	12,000,000	g,i	Credit Suisse Commercial Mortgage Trust		5.896		01/15/49		14,251,800
			Series - 2007 C2 (Class C)
	216,014		Credit Suisse First Boston Mortgage Securities Corp		5.750		09/25/33		219,503
			Series - 2003 23 (Class 3A4)
	3,800,000	g,i	DBUBS Mortgage Trust		5.530		07/10/44		3,832,829
			Series - 2011 LC2A (Class C)
	3,900,000	g,i	DBUBS Mortgage Trust		5.530		07/10/44		3,734,131
			Series - 2011 LC2A (Class D)
	3,130,000	g,i	DBUBS Mortgage Trust		5.689		11/10/46		3,071,437
			Series - 2011 LC1A (Class C)
	1,120,000	g,i	DBUBS Mortgage Trust		5.689		11/10/46		1,086,646
			Series - 2011 LC1A (Class D)
	3,000,000	g,i	DBUBS Mortgage Trust		5.689		11/10/46		2,848,230
			Series - 2011 LC1A (Class E)
	216,830		Deutsche Mortgage Securities, Inc Mortgage Loan Trust (Step Bond)		5.440		07/25/34		212,051
			Series - 2004 5 (Class A5B)
	1,679,419	g,i	Flagstar Mortgage Trust		3.500		10/25/47		1,662,422
			Series - 2017 2 (Class A5)
	636,148	g,i	Flagstar Mortgage Trust		4.000		07/25/48		630,622
			Series - 2018 4 (Class A4)
	930,823	g,i	Galton Funding Mortgage Trust		4.500		10/25/58		933,580
			Series - 2018 2 (Class A41)
	1,050,000	g	GS Mortgage Securities Corp II		3.419		10/10/32		975,519
			Series - 2017 SLP (Class A)
	3,000,000	g	GS Mortgage Securities Corp II		2.954		11/05/34		2,943,176
			Series - 2012 BWTR (Class A)
	2,598,000	g,i	GS Mortgage Securities Corp II		4.403		02/10/46		2,288,797
			Series - 2013 GC10 (Class D)
	4,500,000	g,i	GS Mortgage Securities Trust		1.795		10/15/31		4,307,234
			Series - 2018 HART (Class A)
	2,750,000	g,i	GS Mortgage Securities Trust		3.550		07/10/52		2,432,293
			Series - 2019 GC40 (Class DBC)
	435,225		IMC Home Equity Loan Trust (Step Bond)		5.432		08/20/29		432,205
			Series - 1998 3 (Class A7)
	115,096	i	Impac CMB Trust		1.607		03/25/35		99,306
			Series - 2004 11 (Class 2A1)

312

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	600,000	g	JP Morgan Chase Commercial Mortgage Securities Trust		4.021	%	07/05/32	$	597,002
			Series - 2012 HSBC (Class C)
	2,099,173	g	JP Morgan Chase Commercial Mortgage Securities Trust		4.070		11/15/43		2,046,933
			Series - 2010 C2 (Class A3)
	3,843,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		4.079		01/15/46		3,641,165
			Series - 2013 C13 (Class C)
	1,799,996	g	JP Morgan Chase Commercial Mortgage Securities Trust		4.717		02/15/46		1,819,582
			Series - 2011 C3 (Class A4)
	2,000,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.013		02/15/46		2,003,052
			Series - 2011 C3 (Class B)
	6,170,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.360		02/15/46		6,015,004
			Series - 2011 C3 (Class C)
	7,862,511	g,i	JP Morgan Mortgage Trust		3.500		01/25/47		7,894,732
			Series - 2017 1 (Class A3)
	5,826,087	g,i	JP Morgan Mortgage Trust		3.500		08/25/47		5,801,509
			Series - 2017 3 (Class 1A5)
	6,196,608	g,i	JP Morgan Mortgage Trust		3.500		06/25/48		6,187,180
			Series - 2018 1 (Class A5)
	445,626	g,i	JP Morgan Mortgage Trust		4.000		02/25/49		444,682
			Series - 2018 9 (Class A5)
	4,503,863	g,i	JP Morgan Mortgage Trust		4.000		02/25/49		4,451,783
			Series - 2018 9 (Class A15)
	445,119		JPMBB Commercial Mortgage Securities Trust		3.657		09/15/47		457,938
			Series - 2014 C23 (Class ASB)
	1,000,000	i	JPMBB Commercial Mortgage Securities Trust		4.554		09/15/47		985,331
			Series - 2014 C22 (Class B)
	8,000,000	g	MMAF Equipment Finance LLC		2.010		12/12/24		7,819,829
			Series - 2019 B (Class A3)
	1,910,069	g	Morgan Stanley Bank of America Merrill Lynch Trust		3.989		12/15/46		1,868,302
			Series - 2014 C19 (Class LNC1)
	293,096	i	Morgan Stanley Capital I Trust		1.772		08/25/34		280,125
			Series - 2004 HE6 (Class M1)
	4,214,000	g,i	Morgan Stanley Capital I Trust		5.800		06/12/47		4,070,859
			Series - 2005 T19 (Class F)
	3,000,000	g,i	Morgan Stanley Capital I Trust		5.800		06/12/47		2,861,353
			Series - 2005 T19 (Class G)
	1,500,000	g	Morgan Stanley Capital I Trust		4.193		09/15/47		1,203,681
			Series - 2011 C1 (Class F)
	495,545	g,i	Morgan Stanley Dean Witter Capital I Trust		7.587		07/15/33		505,775
			Series - 2001 TOP3 (Class E)
	2,500,000	g,i	Natixis Commercial Mortgage Securities Trust		3.790		11/15/32		2,430,592
			Series - 2018 285M (Class C)
	2,500,000	g,i	Natixis Commercial Mortgage Securities Trust		2.205		07/15/36		2,339,573
			Series - 2019 MILE (Class A)
	7,500,000	g,i	Natixis Commercial Mortgage Securities Trust		2.905		07/15/36		7,112,302
			Series - 2019 MILE (Class C)
	1,000,000	g	Natixis Commercial Mortgage Securities Trust		2.966		12/15/38		962,817
			Series - 2020 2PAC (Class A)

313

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,075,295	g,i	New Residential Mortgage Loan Trust		3.750	%	05/28/52	$	1,105,097
			Series - 2015 1A (Class A3)
	1,104,168	g,i	New Residential Mortgage Loan Trust		3.750		05/25/54		1,133,249
			Series - 2014 2A (Class A3)
	623,973	g,i	New Residential Mortgage Loan Trust		3.750		11/25/54		645,267
			Series - 2014 3A (Class AFX3)
	1,200,682	g,i	New Residential Mortgage Loan Trust		3.750		03/25/56		1,235,479
			Series - 2016 1A (Class A1)
	1,374,872	g,i	New Residential Mortgage Loan Trust		4.000		02/25/57		1,423,203
			Series - 2017 1A (Class A1)
	1,826,006	g,i	New Residential Mortgage Loan Trust		4.000		12/25/57		1,887,682
			Series - 2018 1A (Class A1A)
	1,466,022	g,i	New Residential Mortgage Loan Trust		4.750		12/25/57		1,529,480
			Series - 2018 5A (Class A1)
	369,519	i	Opteum Mortgage Acceptance Corp Asset Backed Pass-Through Certificates		1.622		04/25/35		368,537
			Series - 2005 2 (Class M2)
	2,000,000	g	RBS Commercial Funding, Inc Trust		3.511		03/11/31		1,904,903
			Series - 2013 SMV (Class B)
	1,796,219	g	Sequoia Mortgage Trust		4.000		12/25/43		1,813,763
			Series - 2013 12 (Class A1)
	233,920	g,i	Sequoia Mortgage Trust		3.500		02/25/47		235,266
			Series - 2017 1 (Class A4)
	4,542,000	g,i	Sequoia Mortgage Trust		3.500		02/25/47		4,535,087
			Series - 2017 2 (Class A10)
	556,570	g,i	Sequoia Mortgage Trust		3.500		02/25/47		561,052
			Series - 2017 2 (Class A4)
	8,846,176	g,i	Sequoia Mortgage Trust		3.500		04/25/47		8,886,291
			Series - 2017 3 (Class A4)
	9,398,189	g,i	Sequoia Mortgage Trust		3.500		09/25/47		9,459,737
			Series - 2017 6 (Class A4)
	27,763,815	g,i	Sequoia Mortgage Trust		3.500		03/25/48		27,637,143
			Series - 2018 3 (Class A4)
	3,740,623	g,i	Sequoia Mortgage Trust		4.000		02/25/49		3,674,172
			Series - 2019 1 (Class A4)
	15,769,637	g,i	Sequoia Mortgage Trust		3.500		02/25/50		15,869,650
			Series - 2020 1 (Class A4)
	1,984,128	g,i	Sequoia Mortgage Trust		3.500		03/25/50		1,992,267
			Series - 2020 2 (Class A4)
	4,569,755	g,i	Shellpoint Co-Originator Trust		3.500		04/25/47		4,577,161
			Series - 2017 1 (Class A4)
	700,784	g,i	Shellpoint Co-Originator Trust		3.500		10/25/47		700,900
			Series - 2017 2 (Class A4)
	1,423,727	i	Structured Adjustable Rate Mortgage Loan Trust		1.317		07/25/34		1,351,150
			Series - 2004 9XS (Class A)
	63,834	i	Structured Agency Credit Risk Debt Note (STACR)		3.547		12/25/27		63,648
			Series - 2015 DNA2 (Class M2)
	994,214	i	STACR		2.247		03/25/29		980,185
			Series - 2016 DNA4 (Class M2)
	866,993	i	STACR		2.247		04/25/29		881,615
			Series - 2016 HQA4 (Class M2)
	5,000,000	i	STACR		4.197		07/25/29		4,399,993
			Series - 2017 DNA1 (Class M2)

314

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	9,285,656	i	STACR		2.147	%	10/25/29	$	9,041,268
			Series - 2017 DNA2 (Class M1)
	5,432,096	i	STACR		1.697		03/25/30		5,343,324
			Series - 2017 DNA3 (Class M1)
	1,253,038	i	STACR		3.297		04/25/30		1,075,725
			Series - HQA3 (Class M2)
	1,650,978	g,i	STACR		3.729		02/25/48		1,640,465
			Series - 2018 SPI1 (Class M1)
	340,643	g,i	STACR		4.148		08/25/48		332,608
			Series - 2018 SPI3 (Class M1)
	3,723,000	g,i	UBS-Citigroup Commercial Mortgage Trust		6.051		01/10/45		3,817,531
			Series - 2011 C1 (Class B)
	1,652,761	g,i	Verus Securitization Trust		4.108		10/25/58		1,620,577
			Series - 2018 3 (Class A1)
	300,000	g,i	VNDO Mortgage Trust		3.947		12/13/29		296,579
			Series - 2013 PENN (Class C)
	2,460,000	g,i	VNDO Mortgage Trust		3.947		12/13/29		2,432,057
			Series - 2013 PENN (Class B)
	697,611	i	Wachovia Bank Commercial Mortgage Trust		5.748		04/15/47		682,766
			Series - 2007 C31 (Class F)
	3,674,000		Wells Fargo Commercial Mortgage Trust		3.539		10/15/45		3,693,566
			Series - 2012 LC5 (Class AS)
	896,000	g,i	Wells Fargo Commercial Mortgage Trust		4.760		10/15/45		803,988
			Series - 2012 LC5 (Class D)
	1,928,543	g	WFRBS Commercial Mortgage Trust		4.375		03/15/44		1,950,278
			Series - 2011 C3 (Class A4)
	4,500,000	i	WFRBS Commercial Mortgage Trust		3.714		03/15/45		4,423,501
			Series - 2013 C11 (Class B)
	2,500,000	i	WFRBS Commercial Mortgage Trust		4.204		11/15/47		2,419,497
			Series - 2014 C24 (Class B)
			TOTAL OTHER MORTGAGE BACKED						360,908,053
			TOTAL STRUCTURED ASSETS						507,093,662
			(Cost $531,892,788)
			TOTAL BONDS						1,776,398,843
			(Cost $1,790,688,389)
SHORT-TERM INVESTMENTS - 0.8%
GOVERNMENT AGENCY DEBT - 0.8%
	6,000,000		Federal Farm Credit Bank (FFCB)		0.130		07/13/20		5,998,455
	5,320,000		Federal Home Loan Bank (FHLB)		0.001		05/18/20		5,319,514
	3,000,000		FHLB		0.080		07/27/20		2,999,123
			TOTAL GOVERNMENT AGENCY DEBT						14,317,092
			TOTAL SHORT-TERM INVESTMENTS						14,317,092
			(Cost $14,316,982)
			TOTAL INVESTMENTS - 100.1%						1,812,999,643
			(Cost $1,829,494,995)
			OTHER ASSETS & LIABILITIES, NET - (0.1)%						(2,653,920	)
			NET ASSETS - 100.0%					$	1,810,345,723

315

TIAA-CREF FUNDS – Short-Term Bond Fund

	Abbreviation(s):
LIBOR	London Interbank Offered Rate
M	Month
REIT	Real Estate Investment Trust
†	Security is categorized as Level 3 in the fair value hierarchy.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2020, the aggregate value of these securities is $701,189,257 or 38.7% 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.

Futures contracts outstanding as of March 31, 2020 were as follows:

Description	Number of long (short) contracts			Expiration date	Notional amount			Value			Unrealized appreciation (depreciation)
US Long Bond (CBT)		(40	)	06/19/20	$	(6,808,962	)	$	(7,162,500	)	$	(353,538	)
US 10 Year Note (CBT)		(115	)	06/19/20		(15,333,344	)		(15,949,062	)		(615,718	)
Total		(155	)		$	(22,142,306	)	$	(23,111,562	)	$	(969,256	)

316

TIAA-CREF FUNDS – Short-Term Bond Index Fund

TIAA-CREF FUNDS

SHORT-TERM BOND INDEX FUND

SCHEDULE OF INVESTMENTS

March 31, 2020

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
BONDS - 99.4%
CORPORATE BONDS - 23.2%
AUTOMOBILES & COMPONENTS - 0.1%
$	200,000	Honeywell International, Inc		1.850	%		11/01/21	$	200,065
	100,000	Toyota Motor Corp		3.183			07/20/21		101,657
	250,000	Toyota Motor Corp		2.157			07/02/22		248,458
		TOTAL AUTOMOBILES & COMPONENTS							550,180
BANKS - 6.6%
	400,000	Banco Santander S.A.		3.125			02/23/23		396,546
	300,000	Bank of America Corp		5.875			01/05/21		306,023
	250,000	Bank of America Corp		2.369			07/21/21		249,822
	300,000	Bank of America Corp		2.738			01/23/22		299,638
	300,000	Bank of America Corp		3.499			05/17/22		303,525
	200,000	Bank of America Corp		2.503			10/21/22		200,452
	500,000	Bank of America Corp		3.300			01/11/23		517,875
	1,500,000	Bank of America Corp		2.881			04/24/23		1,505,760
	250,000	Bank of America NA		3.335			01/25/23		249,808
	100,000	Bank of Nova Scotia		2.500			01/08/21		100,276
	298,000	Bank of Nova Scotia		2.450			03/22/21		298,939
	200,000	Bank of Nova Scotia		3.125			04/20/21		202,103
	300,000	Bank of Nova Scotia		2.700			03/07/22		305,661
	300,000	Bank of Nova Scotia		2.000			11/15/22		301,155
	150,000	Bank of Nova Scotia		2.375			01/18/23		150,911
	500,000	Bank of Nova Scotia		1.950			02/01/23		497,121
	200,000	Bank of Nova Scotia		4.650			N/A‡		152,750
	200,000	Barclays Bank plc		2.650			01/11/21		199,366
	200,000	Barclays plc		3.250			01/12/21		198,662
	850,000	Barclays plc		4.610			02/15/23		864,822
	250,000	BBVA USA		3.500			06/11/21		248,660
	300,000	BPCE S.A.		2.650			02/03/21		297,395
	150,000	Canadian Imperial Bank of Commerce		2.700			02/02/21		150,593
	200,000	Canadian Imperial Bank of Commerce		2.606			07/22/23		201,662
	300,000	Capital One NA		2.950			07/23/21		300,838
	600,000	Capital One NA		2.150			09/06/22		584,956
	100,000	CitiBank NA		2.125			10/20/20		100,023
	500,000	CitiBank NA		2.850			02/12/21		502,424
	250,000	CitiBank NA		3.400			07/23/21		253,819
	500,000	CitiBank NA		2.844			05/20/22		500,802
	200,000	Citigroup, Inc		2.700			03/30/21		200,832
	500,000	Citigroup, Inc		2.750			04/25/22		502,597
	510,000	Citigroup, Inc		2.700			10/27/22		513,318
	100,000	Citigroup, Inc		2.312			11/04/22		99,410
	750,000	Citigroup, Inc		2.876			07/24/23		755,880
	250,000	Citizens Bank NA		2.250			10/30/20		250,564
	250,000	Citizens Bank NA		3.250			02/14/22		253,278
	200,000	Comerica, Inc		2.500			06/02/20		200,012

317

TIAA-CREF FUNDS – Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$	295,000	Commonwealth Bank of Australia		2.550	%		03/15/21	$	295,330
	700,000	Cooperatieve Rabobank UA		3.875			02/08/22		722,183
	300,000	Cooperatieve Rabobank UA/NY		2.500			01/19/21		300,139
	250,000	Cooperatieve Rabobank UA/NY		3.125			04/26/21		251,834
	250,000	Cooperatieve Rabobank UA/NY		2.750			01/10/23		253,374
	250,000	Discover Bank		3.100			06/04/20		249,625
	500,000	Fifth Third Bank		2.250			06/14/21		497,550
	200,000	Fifth Third Bank		3.350			07/26/21		201,510
	250,000	Fifth Third Bank		1.800			01/30/23		246,400
	250,000	First Republic Bank		1.912			02/12/24		239,770
	175,000	FNB Corp		2.200			02/24/23		171,649
	1,000,000	HSBC Holdings plc		2.950			05/25/21		1,006,309
	350,000	HSBC Holdings plc		4.000			03/30/22		359,554
	500,000	HSBC Holdings plc		3.262			03/13/23		500,728
	380,000	HSBC Holdings plc		3.033			11/22/23		377,198
	250,000	Huntington National Bank		3.250			05/14/21		251,925
	250,000	Huntington National Bank		3.125			04/01/22		253,310
	250,000	Huntington National Bank		1.800			02/03/23		245,048
	200,000	ING Groep NV		3.150			03/29/22		200,901
	1,000,000	JPMorgan Chase & Co		2.400			06/07/21		1,004,785
	140,000	JPMorgan Chase & Co		3.250			09/23/22		144,247
	500,000	JPMorgan Chase & Co		3.200			01/25/23		514,387
	1,450,000	JPMorgan Chase & Co		3.207			04/01/23		1,477,722
	250,000	JPMorgan Chase & Co		2.776			04/25/23		253,163
	250,000	KeyBank NA		3.300			02/01/22		255,538
	250,000	KeyBank NA		3.375			03/07/23		255,239
	250,000	KeyBank NA		1.250			03/10/23		244,835
	100,000	Lloyds Bank plc		2.700			08/17/20		98,781
	700,000	Lloyds Bank plc		2.250			08/14/22		697,289
	200,000	Lloyds Banking Group plc		2.858			03/17/23		197,170
	100,000	Mitsubishi UFJ Financial Group, Inc		3.535			07/26/21		101,404
	300,000	Mitsubishi UFJ Financial Group, Inc		2.998			02/22/22		305,846
	300,000	Mitsubishi UFJ Financial Group, Inc		3.218			03/07/22		304,130
	700,000	Mitsubishi UFJ Financial Group, Inc		2.623			07/18/22		698,936
	300,000	Mizuho Financial Group, Inc		2.953			02/28/22		302,955
	250,000	Mizuho Financial Group, Inc		2.601			09/11/22		249,986
	200,000	Mizuho Financial Group, Inc		2.721			07/16/23		201,141
	250,000	MUFG Union Bank NA		3.150			04/01/22		249,974
	250,000	MUFG Union Bank NA		2.100			12/09/22		246,771
	250,000	National Australia Bank Ltd		2.500			01/12/21		250,349
	250,000	National Australia Bank Ltd		3.700			11/04/21		254,145
	500,000	National Australia Bank Ltd		1.875			12/13/22		497,005
	250,000	National Bank of Canada		2.100			02/01/23		248,787
	200,000	Northern Trust Corp		2.375			08/02/22		206,436
	250,000	PNC Bank NA		2.450			11/05/20		250,466
	250,000	PNC Bank NA		2.500			01/22/21		250,358
	750,000	PNC Bank NA		2.625			02/17/22		758,578
	250,000	PNC Bank NA		2.232			07/22/22		250,629
	250,000	PNC Bank NA		2.028			12/09/22		250,560
	250,000	PNC Bank NA		1.743			02/24/23		245,963
	250,000	Regions Bank		2.750			04/01/21		246,870
	250,000	Regions Bank		3.374			08/13/21		250,379
	300,000	Royal Bank of Canada		3.200			04/30/21		303,541
	500,000	Royal Bank of Canada		2.750			02/01/22		511,232

318

TIAA-CREF FUNDS – Short-Term Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE		VALUE
$	100,000		Royal Bank of Canada		2.800	%		04/29/22	$	101,244
	250,000		Royal Bank of Canada		1.950			01/17/23		247,471
	260,000		Royal Bank of Scotland Group plc		6.125			12/15/22		268,188
	300,000		Royal Bank of Scotland Group plc		3.498			05/15/23		296,188
	150,000		Santander Holdings USA, Inc		3.244			10/05/26		133,933
	200,000		Santander UK Group Holdings plc		2.875			10/16/20		199,922
	200,000		Santander UK plc		2.125			11/03/20		198,853
	200,000		Santander UK plc		2.500			01/05/21		194,609
	200,000		Santander UK plc		3.400			06/01/21		200,339
	200,000		Santander UK plc		3.750			11/15/21		194,649
	300,000		Skandinaviska Enskilda Banken AB		2.800			03/11/22		294,743
	250,000		Sumitomo Mitsui Banking Corp		2.650			07/23/20		248,010
	800,000		Sumitomo Mitsui Financial Group, Inc		2.784			07/12/22		803,649
	200,000		Sumitomo Mitsui Financial Group, Inc		2.778			10/18/22		202,751
	152,000		Sumitomo Mitsui Financial Group, Inc		3.102			01/17/23		152,185
	250,000		Svenska Handelsbanken AB		3.350			05/24/21		252,967
	300,000		Svenska Handelsbanken AB		1.875			09/07/21		293,420
	250,000		Synchrony Bank		3.650			05/24/21		246,893
	250,000		Synovus Bank		2.289			02/10/23		246,365
	100,000		Toronto-Dominion Bank		2.550			01/25/21		98,846
	250,000		Toronto-Dominion Bank		3.250			06/11/21		255,197
	400,000		Toronto-Dominion Bank		1.900			12/01/22		399,695
	100,000		Truist Bank		3.525			10/26/21		100,086
	250,000		Truist Bank		2.800			05/17/22		253,127
	200,000		Truist Bank		3.502			08/02/22		202,225
	250,000		Truist Bank		1.250			03/09/23		242,258
	100,000		Truist Financial Corp		2.150			02/01/21		99,882
	100,000		Truist Financial Corp		3.200			09/03/21		100,624
	300,000		Truist Financial Corp		2.750			04/01/22		301,916
	200,000		Truist Financial Corp		3.050			06/20/22		204,222
	250,000		Truist Financial Corp		2.200			03/16/23		250,468
	500,000		US Bancorp		2.625			01/24/22		506,367
	800,000		US Bancorp		2.950			07/15/22		815,831
	850,000		Wells Fargo Bank NA		2.600			01/15/21		853,708
	250,000		Wells Fargo Bank NA		3.325			07/23/21		250,409
	250,000		Wells Fargo Bank NA		3.625			10/22/21		256,836
	350,000		Wells Fargo Bank NA		2.897			05/27/22		351,840
	500,000		Wells Fargo Bank NA		2.082			09/09/22		497,636
	100,000		Westpac Banking Corp		2.650			01/25/21		100,358
	550,000		Westpac Banking Corp		2.500			06/28/22		550,127
	300,000		Westpac Banking Corp		2.000			01/13/23		296,557
	300,000		Zions Bancorp NA		3.500			08/27/21		299,649
	250,000		Zions Bancorp NA		3.350			03/04/22		245,122
			TOTAL BANKS							44,731,577
CAPITAL GOODS - 1.3%
	200,000		ABB Finance USA, Inc		3.375			04/03/23		207,908
	100,000		Air Lease Corp		2.500			03/01/21		91,974
	100,000		Air Lease Corp		3.500			01/15/22		91,133
	350,000		Air Lease Corp		2.250			01/15/23		292,383
	250,000		Aircastle Ltd		5.125			03/15/21		248,154
	300,000		Applied Materials, Inc		4.300			06/15/21		309,104
	375,000	g	Carrier Global Corp		1.923			02/15/23		369,155

319

TIAA-CREF FUNDS – Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$	100,000	Caterpillar Financial Services Corp		2.900	%		03/15/21	$	100,823
	250,000	Caterpillar Financial Services Corp		2.650			05/17/21		253,120
	200,000	Caterpillar Financial Services Corp		3.150			09/07/21		203,525
	150,000	Caterpillar Financial Services Corp		2.950			02/26/22		152,806
	750,000	Caterpillar Financial Services Corp		1.900			09/06/22		746,892
	200,000	CNH Industrial Capital LLC		3.875			10/15/21		198,921
	250,000	Eaton Corp		2.750			11/02/22		252,649
	200,000	Fortive Corp		2.350			06/15/21		194,421
	660,000	General Dynamics Corp		3.000			05/11/21		666,910
	500,000	General Electric Co		4.625			01/07/21		504,633
	300,000	General Electric Co		4.650			10/17/21		305,835
	550,000	General Electric Co		2.700			10/09/22		540,973
	100,000	Ingersoll-Rand Global Holding Co Ltd		2.900			02/21/21		99,145
	100,000	John Deere Capital Corp		2.350			01/08/21		100,160
	500,000	John Deere Capital Corp		2.550			01/08/21		501,668
	200,000	John Deere Capital Corp		2.300			06/07/21		200,852
	100,000	John Deere Capital Corp		3.125			09/10/21		101,563
	100,000	John Deere Capital Corp		3.200			01/10/22		102,151
	250,000	John Deere Capital Corp		2.950			04/01/22		255,300
	100,000	John Deere Capital Corp		1.950			06/13/22		99,856
	250,000	John Deere Capital Corp		2.700			01/06/23		252,747
	125,000	John Deere Capital Corp		1.200			04/06/23		122,375
	250,000	Lockheed Martin Corp		3.100			01/15/23		253,549
	120,000	Mosaic Co		3.250			11/15/22		117,567
	200,000	Northrop Grumman Corp		2.080			10/15/20		199,230
	160,000	Raytheon Co		2.500			12/15/22		163,710
	200,000	Rockwell Collins, Inc		2.800			03/15/22		202,048
	100,000	Roper Technologies, Inc		3.000			12/15/20		100,032
	200,000	Stanley Black & Decker, Inc		2.900			11/01/22		199,989
		TOTAL CAPITAL GOODS							8,803,261
COMMERCIAL & PROFESSIONAL SERVICES - 0.2%
	200,000	eBay, Inc		2.875			08/01/21		198,146
	200,000	eBay, Inc		3.800			03/09/22		202,846
	100,000	Equifax, Inc		3.600			08/15/21		99,734
	100,000	Moody’s Corp		3.250			06/07/21		100,045
	200,000	Republic Services, Inc		5.250			11/15/21		211,658
	180,000	Visa, Inc		2.150			09/15/22		184,106
	300,000	Visa, Inc		2.800			12/14/22		312,036
	150,000	Waste Management, Inc		4.600			03/01/21		149,209
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES							1,457,780
CONSUMER DURABLES & APPAREL - 0.0%
	100,000	DR Horton, Inc		2.550			12/01/20		98,609
		TOTAL CONSUMER DURABLES & APPAREL							98,609
CONSUMER SERVICES - 0.1%
	250,000	Marriott International, Inc		3.125			10/15/21		224,393
	200,000	Marriott International, Inc		2.125			10/03/22		179,956
	300,000	McDonald’s Corp		2.625			01/15/22		303,264
	200,000	Starbucks Corp		3.100			03/01/23		205,670
		TOTAL CONSUMER SERVICES							913,283

320

TIAA-CREF FUNDS – Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
DIVERSIFIED FINANCIALS - 4.1%
$	300,000	AerCap Ireland Capital DAC		4.250	%		07/01/20	$	295,949
	200,000	AerCap Ireland Capital DAC		5.000			10/01/21		179,408
	150,000	AerCap Ireland Capital DAC		4.450			12/16/21		133,704
	300,000	AerCap Ireland Capital DAC		3.950			02/01/22		261,336
	300,000	Ally Financial, Inc		4.125			02/13/22		294,594
	125,000	American Express Co		3.000			02/22/21		125,830
	300,000	American Express Co		3.375			05/17/21		303,471
	200,000	American Express Co		3.700			11/05/21		206,259
	190,000	American Express Co		2.650			12/02/22		192,197
	300,000	American Express Co		3.400			02/27/23		310,776
	100,000	American Honda Finance Corp		3.150			01/08/21		100,500
	100,000	American Honda Finance Corp		2.650			02/12/21		99,984
	200,000	American Honda Finance Corp		3.375			12/10/21		201,248
	250,000	American Honda Finance Corp		1.950			05/20/22		246,294
	100,000	Ameriprise Financial, Inc		3.000			03/22/22		101,229
	250,000	Australia & New Zealand Banking Group Ltd		3.300			05/17/21		252,295
	300,000	Australia & New Zealand Banking Group Ltd		2.625			05/19/22		304,348
	250,000	Australia & New Zealand Banking Group Ltd		2.050			11/21/22		250,372
	125,000	Bank of Montreal		3.100			04/13/21		126,385
	500,000	Bank of Montreal		2.900			03/26/22		506,292
	500,000	Bank of Montreal		2.050			11/01/22		500,113
	300,000	Bank of New York Mellon Corp		2.500			04/15/21		299,825
	300,000	Bank of New York Mellon Corp		2.600			02/07/22		302,458
	100,000	Bank of New York Mellon Corp		1.950			08/23/22		100,541
	250,000	Bank of New York Mellon Corp		1.850			01/27/23		251,071
	500,000	Bank of New York Mellon Corp		2.661			05/16/23		501,864
	200,000	Berkshire Hathaway, Inc		2.200			03/15/21		201,388
	200,000	BlackRock, Inc		3.375			06/01/22		206,395
	250,000	BNP Paribas S.A.		5.000			01/15/21		254,892
	475,000	Capital One Bank USA NA		2.014			01/27/23		463,899
	330,000	Capital One Bank USA NA		3.375			02/15/23		322,855
	100,000	Capital One Financial Corp		3.450			04/30/21		100,163
	100,000	Celanese US Holdings LLC		4.625			11/15/22		97,336
	200,000	Charles Schwab Corp		3.250			05/21/21		201,474
	750,000	Credit Suisse AG.		2.100			11/12/21		746,600
	651,000	Credit Suisse Group Funding Guernsey Ltd		3.125			12/10/20		650,352
	250,000	Credit Suisse Group Funding Guernsey Ltd		3.450			04/16/21		251,581
	100,000	Deutsche Bank AG.		2.700			07/13/20		98,037
	200,000	Deutsche Bank AG.		3.125			01/13/21		195,698
	300,000	Deutsche Bank AG.		3.150			01/22/21		293,085
	650,000	Deutsche Bank AG.		4.250			02/04/21		624,184
	150,000	Deutsche Bank AG.		5.000			02/14/22		147,924
	350,000	Deutsche Bank AG.		3.300			11/16/22		327,837
	200,000	Diageo Investment Corp		2.875			05/11/22		201,591
	140,000	Discover Financial Services		3.850			11/21/22		142,871
	500,000	GE Capital International Funding Co		2.342			11/15/20		497,170
	300,000	General Motors Financial Co, Inc		2.650			04/13/20		299,767
	100,000	General Motors Financial Co, Inc		2.450			11/06/20		97,039
	300,000	General Motors Financial Co, Inc		4.200			03/01/21		288,720
	400,000	General Motors Financial Co, Inc		3.550			04/09/21		383,266
	250,000	General Motors Financial Co, Inc		4.200			11/06/21		237,690
	650,000	General Motors Financial Co, Inc		3.550			07/08/22		600,515

321

TIAA-CREF FUNDS – Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$	300,000	General Motors Financial Co, Inc		3.250	%		01/05/23	$	277,510
	200,000	Goldman Sachs Group, Inc		2.600			12/27/20		200,010
	300,000	Goldman Sachs Group, Inc		2.875			02/25/21		301,058
	1,000,000	Goldman Sachs Group, Inc		5.750			01/24/22		1,061,020
	250,000	Goldman Sachs Group, Inc		3.000			04/26/22		251,803
	840,000	Goldman Sachs Group, Inc		3.200			02/23/23		857,154
	150,000	IBM Credit LLC		3.450			11/30/20		151,611
	150,000	IBM Credit LLC		2.650			02/05/21		150,339
	300,000	Intercontinental Exchange, Inc		2.750			12/01/20		300,375
	300,000	International Lease Finance Corp		5.875			08/15/22		268,192
	250,000	Jefferies Group LLC		5.125			01/20/23		254,514
	750,000	Landwirtschaftliche Rentenbank		1.750			09/24/21		763,356
	750,000	Morgan Stanley		2.800			06/16/20		749,895
	800,000	Morgan Stanley		5.500			07/28/21		830,512
	500,000	Morgan Stanley		2.750			05/19/22		505,298
	980,000	Morgan Stanley		3.125			01/23/23		1,002,306
	200,000	National Rural Utilities Cooperative Finance Corp		1.750			01/21/22		200,225
	200,000	National Rural Utilities Cooperative Finance Corp		2.400			04/25/22		195,608
	250,000	Oesterreichische Kontrollbank AG.		1.500			10/21/20		251,051
	125,000	Oesterreichische Kontrollbank AG.		2.875			09/07/21		128,961
	250,000	Oesterreichische Kontrollbank AG.		2.625			01/31/22		258,930
	300,000	Oesterreichische Kontrollbank AG.		1.625			09/17/22		307,199
	100,000	PACCAR Financial Corp		3.150			08/09/21		98,842
	100,000	PACCAR Financial Corp		2.850			03/01/22		99,540
	100,000	PACCAR Financial Corp		2.650			05/10/22		99,992
	200,000	PACCAR Financial Corp		2.000			09/26/22		196,960
	250,000	Shire Acquisitions Investments Ireland DAC		2.400			09/23/21		249,064
	300,000	State Street Corp		2.653			05/15/23		295,372
	100,000	Synchrony Financial		2.850			07/25/22		95,263
	100,000	Toyota Motor Credit Corp		3.050			01/08/21		100,404
	200,000	Toyota Motor Credit Corp		3.400			09/15/21		203,390
	300,000	Toyota Motor Credit Corp		1.800			10/07/21		297,010
	250,000	Toyota Motor Credit Corp		2.600			01/11/22		250,595
	200,000	Unilever Capital Corp		2.750			03/22/21		202,275
	100,000	Unilever Capital Corp		3.000			03/07/22		103,333
	300,000	Wells Fargo & Co		3.000			01/22/21		302,767
	1,100,000	Wells Fargo & Co		2.625			07/22/22		1,112,847
	500,000	Wells Fargo & Co		3.069			01/24/23		508,220
		TOTAL DIVERSIFIED FINANCIALS							27,863,473
ENERGY - 1.4%
	180,000	Baker Hughes a GE Co LLC		2.773			12/15/22		171,331
	610,000	BP Capital Markets America, Inc		3.245			05/06/22		619,424
	400,000	BP Capital Markets plc		3.561			11/01/21		404,822
	250,000	Canadian Natural Resources Ltd		2.950			01/15/23		216,570
	500,000	Chevron Corp		2.498			03/03/22		507,360
	160,000	Chevron Corp		2.355			12/05/22		162,147
	200,000	Continental Resources, Inc		5.000			09/15/22		123,985
	200,000	Enbridge, Inc		2.900			07/15/22		183,662
	600,000	Energy Transfer Operating LP		5.200			02/01/22		564,620
	200,000	Enterprise Products Operating LLC		5.200			09/01/20		198,036
	100,000	Enterprise Products Operating LLC		2.800			02/15/21		99,862
	300,000	Enterprise Products Operating LLC		3.500			02/01/22		295,943
	200,000	EOG Resources, Inc		4.100			02/01/21		201,136

322

TIAA-CREF FUNDS – Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$	200,000	Exxon Mobil Corp		2.222	%		03/01/21	$	202,315
	375,000	Exxon Mobil Corp		1.902			08/16/22		379,721
	450,000	Kinder Morgan Energy Partners LP		3.950			09/01/22		445,877
	400,000	Magellan Midstream Partners LP		4.250			02/01/21		397,965
	150,000	Marathon Oil Corp		2.800			11/01/22		114,812
	200,000	Marathon Petroleum Corp		5.125			03/01/21		193,912
	200,000	National Oilwell Varco, Inc		2.600			12/01/22		180,478
	200,000	Newfield Exploration Co		5.750			01/30/22		136,178
	400,000	Petroleos Mexicanos		3.500			01/30/23		326,000
	250,000	Phillips 66		4.300			04/01/22		250,904
	200,000	Plains All American Pipeline LP		3.650			06/01/22		182,752
	250,000	Sabine Pass Liquefaction LLC		5.625			02/01/21		245,953
	200,000	Sabine Pass Liquefaction LLC		5.625			04/15/23		186,086
	250,000	Shell International Finance BV		1.875			05/10/21		248,813
	250,000	Shell International Finance BV		1.750			09/12/21		248,772
	300,000	Shell International Finance BV		2.250			01/06/23		300,853
	300,000	Total Capital International S.A.		2.218			07/12/21		300,717
	300,000	Total Capital International S.A.		2.875			02/17/22		301,536
	200,000	TransCanada PipeLines Ltd		2.500			08/01/22		195,032
	500,000	Williams Partners LP		3.600			03/15/22		484,625
		TOTAL ENERGY							9,072,199
FOOD & STAPLES RETAILING - 0.4%
	400,000	Costco Wholesale Corp		2.150			05/18/21		403,318
	200,000	CVS Health Corp		3.350			03/09/21		201,380
	670,000	CVS Health Corp		3.500			07/20/22		687,173
	300,000	Kroger Co		2.800			08/01/22		304,163
	200,000	SYSCO Corp		2.600			06/12/22		192,437
	200,000	Walgreen Co		3.100			09/15/22		200,351
	200,000	Walgreens Boots Alliance, Inc		3.300			11/18/21		202,891
	200,000	Walmart, Inc		3.125			06/23/21		204,149
	260,000	Walmart, Inc		2.350			12/15/22		268,118
		TOTAL FOOD & STAPLES RETAILING							2,663,980
FOOD, BEVERAGE & TOBACCO - 1.0%
	200,000	Altria Group, Inc		4.750			05/05/21		202,425
	150,000	Altria Group, Inc		3.490			02/14/22		151,642
	200,000	Altria Group, Inc		2.850			08/09/22		200,920
	625,000	Anheuser-Busch InBev Finance, Inc		3.300			02/01/23		643,126
	80,000	Anheuser-Busch InBev Worldwide, Inc		2.500			07/15/22		80,242
	100,000	Archer-Daniels-Midland Co		3.375			03/15/22		102,218
	200,000	Bunge Ltd		3.500			11/24/20		201,657
	450,000	Coca-Cola Co		1.550			09/01/21		450,363
	100,000	ConAgra Brands, Inc		3.800			10/22/21		100,779
	250,000	ConAgra Brands, Inc		3.200			01/25/23		246,770
	100,000	Constellation Brands, Inc		2.250			11/06/20		99,439
	200,000	Constellation Brands, Inc		2.650			11/07/22		191,129
	100,000	General Mills, Inc		3.200			04/16/21		100,942
	200,000	General Mills, Inc		2.600			10/12/22		202,060
	100,000	Hershey Co		3.100			05/15/21		99,830
	200,000	JM Smucker Co		3.000			03/15/22		203,088
	200,000	Keurig Dr Pepper, Inc		3.551			05/25/21		202,319
	40,000	Kraft Heinz Foods Co		2.800			07/02/20		39,703

323

TIAA-CREF FUNDS – Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$	110,000	McCormick & Co, Inc		2.700	%		08/15/22	$	110,284
	138,000	Mead Johnson Nutrition Co		3.000			11/15/20		137,733
	250,000	Molson Coors Brewing Co		3.500			05/01/22		250,769
	200,000	PepsiCo, Inc		2.000			04/15/21		200,423
	300,000	PepsiCo, Inc		3.100			07/17/22		311,997
	300,000	Philip Morris International, Inc		2.900			11/15/21		302,184
	250,000	Philip Morris International, Inc		2.375			08/17/22		254,617
	200,000	Reynolds American, Inc		3.250			06/12/20		199,400
	440,000	Reynolds American, Inc		4.000			06/12/22		445,599
	300,000	Tyson Foods, Inc		4.500			06/15/22		310,142
		TOTAL FOOD, BEVERAGE & TOBACCO							6,041,800
HEALTH CARE EQUIPMENT & SERVICES - 0.5%
	100,000	Anthem, Inc		2.500			11/21/20		99,640
	300,000	Anthem, Inc		2.950			12/01/22		306,340
	400,000	Becton Dickinson & Co		2.404			06/05/20		398,755
	300,000	Becton Dickinson & Co		2.894			06/06/22		300,247
	250,000	Cardinal Health, Inc		2.616			06/15/22		251,077
	200,000	Cigna Corp		3.200			09/17/20		200,288
	300,000	Cigna Corp		3.400			09/17/21		304,481
	200,000	Laboratory Corp of America Holdings		3.750			08/23/22		206,228
	197,000	Medtronic, Inc		3.150			03/15/22		204,239
	100,000	Stryker Corp		2.625			03/15/21		100,138
	100,000	UnitedHealth Group, Inc		1.950			10/15/20		99,983
	200,000	UnitedHealth Group, Inc		3.150			06/15/21		203,253
	500,000	UnitedHealth Group, Inc		2.875			03/15/22		513,722
	100,000	UnitedHealth Group, Inc		2.375			10/15/22		101,577
	150,000	Zimmer Biomet Holdings, Inc		3.150			04/01/22		149,984
		TOTAL HEALTH CARE EQUIPMENT & SERVICES							3,439,952
HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
	750,000	Colgate-Palmolive Co		1.950			02/01/23		761,021
	200,000	Ecolab, Inc		4.350			12/08/21		205,939
	200,000	Ecolab, Inc		2.375			08/10/22		203,700
	300,000	Procter & Gamble Co		2.300			02/06/22		306,787
	200,000	Procter & Gamble Co		2.150			08/11/22		204,084
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS							1,681,531
INSURANCE - 0.4%
	150,000	Aetna, Inc		2.750			11/15/22		150,901
	300,000	American International Group, Inc		3.300			03/01/21		300,222
	300,000	American International Group, Inc		4.875			06/01/22		310,153
	200,000	Aon Corp		2.200			11/15/22		199,020
	300,000	Aon plc		2.800			03/15/21		300,125
	250,000	Berkshire Hathaway Finance Corp		3.000			05/15/22		261,001
	200,000	Chubb INA Holdings, Inc		2.300			11/03/20		200,215
	100,000	Humana, Inc		2.500			12/15/20		99,553
	100,000	Marsh & McLennan Cos, Inc		3.500			12/29/20		100,741
	300,000	Prudential Financial, Inc		5.875			09/15/42		291,000
	200,000	Travelers Cos, Inc		3.900			11/01/20		201,665
	100,000	WR Berkley Corp		5.375			09/15/20		100,176
		TOTAL INSURANCE							2,514,772

324

TIAA-CREF FUNDS – Short-Term Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE		VALUE
MATERIALS - 0.4%
$	100,000		3M Co		3.000	%		09/14/21	$	102,319
	100,000		3M Co		2.750			03/01/22		100,678
	500,000		3M Co		1.750			02/14/23		501,766
	500,000		BHP Billiton Finance USA Ltd		2.875			02/24/22		480,520
	200,000		Domtar Corp		4.400			04/01/22		204,642
	100,000		Eastman Chemical Co		3.500			12/01/21		102,956
	100,000		International Flavors & Fragrances, Inc		3.400			09/25/20		100,449
	500,000		LyondellBasell Industries NV		6.000			11/15/21		517,839
	100,000		Praxair, Inc		2.250			09/24/20		99,935
	200,000		Praxair, Inc		2.200			08/15/22		200,907
	15,000		Sherwin-Williams Co		2.750			06/01/22		14,965
			TOTAL MATERIALS							2,426,976
MEDIA & ENTERTAINMENT - 0.5%
	200,000		Charter Communications Operating LLC		3.579			07/23/20		199,378
	390,000		Charter Communications Operating LLC		4.464			07/23/22		402,833
	300,000		Comcast Corp		1.625			01/15/22		300,708
	400,000		Comcast Corp		2.750			03/01/23		411,256
	200,000		DH Europe Finance II Sarl		2.050			11/15/22		196,137
	100,000		Discovery Communications LLC		3.500			06/15/22		101,776
	100,000		Fox Corp		3.666			01/25/22		102,131
	100,000		Interpublic Group of Cos, Inc		3.500			10/01/20		98,482
	100,000		Interpublic Group of Cos, Inc		3.750			10/01/21		100,947
	250,000		Time Warner Cable LLC		4.000			09/01/21		250,462
	250,000		ViacomCBS, Inc		2.500			02/15/23		245,645
	200,000		Walt Disney Co		4.500			02/15/21		205,062
	300,000		Walt Disney Co		2.550			02/15/22		303,759
	200,000		WPP Finance 2010		3.625			09/07/22		198,883
			TOTAL MEDIA & ENTERTAINMENT							3,117,459
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.3%
	450,000		AbbVie, Inc		2.500			05/14/20		450,031
	400,000		AbbVie, Inc		3.375			11/14/21		407,732
	750,000	g	AbbVie, Inc		2.150			11/19/21		746,941
	750,000	g	AbbVie, Inc		2.300			11/21/22		749,310
	300,000		Actavis Funding SCS		3.450			03/15/22		311,438
	414,286		Amgen, Inc		3.875			11/15/21		415,016
	300,000		Amgen, Inc		2.650			05/11/22		303,478
	200,000		AstraZeneca plc		2.375			06/12/22		201,481
	150,000		Biogen, Inc		3.625			09/15/22		154,019
	250,000	g	Bristol-Myers Squibb Co		2.550			05/14/21		252,921
	500,000	g	Bristol-Myers Squibb Co		2.600			05/16/22		510,186
	200,000		Gilead Sciences, Inc		2.550			09/01/20		200,597
	300,000		Gilead Sciences, Inc		4.400			12/01/21		309,782
	200,000		Gilead Sciences, Inc		1.950			03/01/22		197,277
	500,000		GlaxoSmithKline Capital plc		2.875			06/01/22		511,609
	250,000		Johnson & Johnson		1.650			03/01/21		250,948
	300,000		Merck & Co, Inc		3.875			01/15/21		303,532
	250,000		Merck & Co, Inc		2.400			09/15/22		253,922
	20,000		Mylan NV		3.750			12/15/20		19,877
	300,000		Mylan NV		3.150			06/15/21		297,236

325

TIAA-CREF FUNDS – Short-Term Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE		VALUE
$	300,000		Novartis Capital Corp		2.400	%		09/21/22	$	308,085
	100,000		Pfizer, Inc		3.000			09/15/21		102,566
	500,000		Pfizer, Inc		2.800			03/11/22		510,484
	300,000		Sanofi		4.000			03/29/21		305,199
	500,000		Takeda Pharmaceutical Co Ltd		4.000			11/26/21		506,416
	300,000		Watson Pharmaceuticals, Inc		3.250			10/01/22		300,765
	100,000		Zoetis, Inc		3.250			08/20/21		101,350
	200,000		Zoetis, Inc		3.250			02/01/23		204,446
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							9,186,644
REAL ESTATE - 0.4%
	250,000		American Tower Corp		3.300			02/15/21		249,953
	500,000		American Tower Corp		4.700			03/15/22		507,702
	100,000		AvalonBay Communities, Inc		2.950			09/15/22		95,820
	200,000		Boston Properties LP		4.125			05/15/21		201,425
	200,000		Crown Castle International Corp		2.250			09/01/21		197,199
	110,000		Crown Castle International Corp		4.875			04/15/22		115,481
	300,000		Crown Castle International Corp		5.250			01/15/23		318,169
	200,000		Digital Realty Trust LP		3.625			10/01/22		204,040
	200,000		Duke Realty LP		3.875			10/15/22		207,240
	100,000		HCP, Inc		3.150			08/01/22		100,115
	100,000		Hospitality Properties Trust		5.000			08/15/22		71,546
	100,000		Kimco Realty Corp		3.400			11/01/22		98,921
	200,000		Simon Property Group LP		2.625			06/15/22		196,929
	200,000		Weyerhaeuser Co		4.700			03/15/21		201,832
			TOTAL REAL ESTATE							2,766,372
RETAILING - 0.3%
	200,000		Alibaba Group Holding Ltd		3.125			11/28/21		202,611
	200,000		Amazon.com, Inc		3.300			12/05/21		206,868
	150,000		Amazon.com, Inc		2.500			11/29/22		154,891
	100,000		AutoZone, Inc		4.000			11/15/20		99,977
	500,000		Home Depot, Inc		3.250			03/01/22		517,177
	400,000		Lowe’s Cos, Inc		3.750			04/15/21		403,289
	112,000		Macy’s Retail Holdings, Inc		3.875			01/15/22		80,058
	200,000		Nordstrom, Inc		4.000			10/15/21		193,496
	200,000		O’Reilly Automotive, Inc		3.800			09/01/22		201,146
	250,000		Target Corp		2.900			01/15/22		252,423
			TOTAL RETAILING							2,311,936
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3%
	100,000		Analog Devices, Inc		2.950			01/12/21		100,108
	350,000	g	Broadcom, Inc		3.125			04/15/21		345,710
	500,000	g	Broadcom, Inc		3.125			10/15/22		495,078
	350,000		Intel Corp		1.700			05/19/21		349,996
	200,000		Intel Corp		3.100			07/29/22		207,560
	300,000		Intel Corp		2.700			12/15/22		312,118
	200,000		Texas Instruments, Inc		1.850			05/15/22		203,864
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT							2,014,434
SOFTWARE & SERVICES - 0.6%
	100,000		Adobe, Inc		1.700			02/01/23		101,195
	100,000		Baidu, Inc		3.000			06/30/20		100,129

326

TIAA-CREF FUNDS – Short-Term Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE		VALUE
$	200,000		Baidu, Inc		3.500	%		11/28/22	$	203,134
	150,000		CA, Inc		3.600			08/15/22		140,709
	200,000		Fiserv, Inc		3.500			10/01/22		201,403
	840,000		International Business Machines Corp		2.850			05/13/22		862,828
	400,000		Microsoft Corp		1.550			08/08/21		402,722
	360,000		Microsoft Corp		2.650			11/03/22		377,467
	400,000		Oracle Corp		1.900			09/15/21		401,406
	1,130,000		Oracle Corp		2.500			05/15/22		1,148,734
	120,000		Oracle Corp		2.500			10/15/22		122,722
	175,000		PayPal Holdings, Inc		2.200			09/26/22		174,146
	100,000		VMware, Inc		2.300			08/21/20		98,935
	190,000		VMware, Inc		2.950			08/21/22		190,476
			TOTAL SOFTWARE & SERVICES							4,526,006
TECHNOLOGY HARDWARE & EQUIPMENT - 1.0%
	200,000		Alphabet, Inc		3.625			05/19/21		205,821
	400,000		Apple, Inc		2.250			02/23/21		403,673
	250,000		Apple, Inc		1.550			08/04/21		251,542
	700,000		Apple, Inc		2.150			02/09/22		715,505
	375,000		Apple, Inc		1.700			09/11/22		382,283
	500,000		Apple, Inc		2.100			09/12/22		509,916
	100,000		Broadcom Corp		2.200			01/15/21		98,676
	500,000		Broadcom Corp		3.000			01/15/22		495,412
	250,000		Cisco Systems, Inc		1.850			09/20/21		251,733
	600,000		Cisco Systems, Inc		3.000			06/15/22		625,193
	650,000	g	Dell International LLC		4.420			06/15/21		656,978
	100,000		Hewlett Packard Enterprise Co		3.500			10/05/21		100,492
	300,000		Hewlett Packard Enterprise Co		2.250			04/01/23		293,137
	300,000		Hewlett-Packard Co		4.650			12/09/21		301,956
	250,000	g	L3Harris Technologies, Inc		4.950			02/15/21		255,366
	300,000		QUALCOMM, Inc		3.000			05/20/22		306,193
	300,000		QUALCOMM, Inc		2.600			01/30/23		307,199
	200,000		Seagate HDD Cayman		4.250			03/01/22		200,392
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							6,361,467
TELECOMMUNICATION SERVICES - 0.5%
	200,000		America Movil SAB de C.V.		3.125			07/16/22		201,867
	900,000		AT&T, Inc		3.200			03/01/22		912,986
	500,000		AT&T, Inc		3.400			06/15/22		512,014
	100,000		AT&T, Inc		2.625			12/01/22		98,756
	250,000		Telefonica Emisiones SAU		5.134			04/27/20		250,416
	1,250,000		Verizon Communications, Inc		3.125			03/16/22		1,285,624
			TOTAL TELECOMMUNICATION SERVICES							3,261,663
TRANSPORTATION - 0.4%
	100,000		Boeing Co		2.300			08/01/21		96,658
	200,000		Boeing Co		2.700			05/01/22		190,990
	400,000		Burlington Northern Santa Fe LLC		3.050			09/01/22		407,697
	100,000		Delta Air Lines, Inc		2.600			12/04/20		95,470
	100,000		Delta Air Lines, Inc		3.400			04/19/21		91,053
	100,000		FedEx Corp		3.400			01/14/22		100,556
	150,000		Norfolk Southern Corp		3.000			04/01/22		149,321

327

TIAA-CREF FUNDS – Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$	100,000	Royal Caribbean Cruises Ltd		2.650	%		11/28/20	$	90,055
	200,000	Ryder System, Inc		3.500			06/01/21		199,944
	200,000	Ryder System, Inc		2.875			06/01/22		200,574
	250,000	Union Pacific Corp		2.250			06/19/20		249,871
	100,000	Union Pacific Corp		3.200			06/08/21		100,959
	200,000	Union Pacific Corp		2.950			03/01/22		202,315
	250,000	United Parcel Service, Inc		2.450			10/01/22		250,956
		TOTAL TRANSPORTATION							2,426,419
UTILITIES - 1.2%
	200,000	Alabama Power Co		2.450			03/30/22		202,432
	100,000	Berkshire Hathaway Energy Co		2.375			01/15/21		100,243
	100,000	CenterPoint Energy, Inc		3.600			11/01/21		99,776
	250,000	CenterPoint Energy, Inc		2.500			09/01/22		245,382
	200,000	Commonwealth Edison Co		4.000			08/01/20		200,081
	400,000	Dominion Energy, Inc		2.579			07/01/20		399,521
	200,000	Dominion Energy, Inc		2.750			01/15/22		199,333
	125,000	Dominion Energy, Inc (Step Bond)		2.715			08/15/21		123,305
	200,000	DTE Energy Co		2.600			06/15/22		199,192
	125,000	DTE Energy Co		2.250			11/01/22		123,715
	300,000	Duke Energy Carolinas LLC		4.300			06/15/20		301,062
	100,000	Duke Energy Carolinas LLC		3.350			05/15/22		102,940
	200,000	Duke Energy Corp		1.800			09/01/21		198,639
	300,000	Duke Energy Corp		2.400			08/15/22		299,449
	100,000	Edison International		2.125			04/15/20		99,876
	200,000	Edison International		2.400			09/15/22		193,000
	100,000	Edison International		3.125			11/15/22		98,265
	200,000	Emera US Finance LP		2.700			06/15/21		202,286
	120,000	Entergy Corp		4.000			07/15/22		123,124
	100,000	Eversource Energy		2.500			03/15/21		100,365
	160,000	Eversource Energy		2.750			03/15/22		162,269
	500,000	Exelon Corp		3.497			06/01/22		484,005
	100,000	Georgia Power Co		2.100			07/30/23		97,517
	300,000	Industrial & Commercial Bank of China Ltd		2.957			11/08/22		312,735
	200,000	LG&E and KU Energy LLC		3.750			11/15/20		198,625
	200,000	NextEra Energy Capital Holdings, Inc		2.403			09/01/21		199,656
	500,000	NextEra Energy Capital Holdings, Inc		2.900			04/01/22		504,633
	100,000	Northern States Power Co		2.200			08/15/20		99,825
	200,000	Ohio Power Co		5.375			10/01/21		209,117
	120,000	Oncor Electric Delivery Co LLC		7.000			09/01/22		126,465
	250,000	ONEOK Partners LP		3.375			10/01/22		232,458
	100,000	Pinnacle West Capital Corp		2.250			11/30/20		100,130
	100,000	PPL Capital Funding, Inc		3.500			12/01/22		100,070
	200,000	Public Service Enterprise Group, Inc		2.000			11/15/21		196,073
	100,000	Public Service Enterprise Group, Inc		2.650			11/15/22		99,267
	200,000	Puget Energy, Inc		5.625			07/15/22		200,071
	110,000	Sempra Energy		2.875			10/01/22		110,368
	300,000	Southern Co		2.350			07/01/21		300,762
	100,000	WEC Energy Group, Inc		3.375			06/15/21		100,404
	300,000	WEC Energy Group, Inc		3.100			03/08/22		303,503
	100,000	Wisconsin Public Service Corp		3.350			11/21/21		101,551
	140,000	Xcel Energy, Inc		2.600			03/15/22		140,030
		TOTAL UTILITIES							7,991,520
		TOTAL CORPORATE BONDS							156,223,293
		(Cost $157,366,369)

328

TIAA-CREF FUNDS – Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
GOVERNMENT BONDS -  76.2%
AGENCY SECURITIES - 2.0%
$	250,000	Federal Home Loan Bank (FHLB)		2.625	%		10/01/20	$	252,845
	750,000	FHLB		1.125			07/14/21		757,475
	3,000,000	FHLB		3.000			10/12/21		3,119,750
	1,600,000	FHLB		1.625			11/19/21		1,630,933
	1,500,000	FHLB		1.625			12/20/21		1,531,555
	600,000	FHLB		1.375			02/17/23		616,187
	2,500,000	Federal Home Loan Mortgage Corp (FHLMC)		2.375			01/13/22		2,587,130
	1,500,000	Federal National Mortgage Association (FNMA)		2.625			01/11/22		1,557,708
	1,000,000	FNMA		2.000			10/05/22		1,035,819
	500,000	Hashemite Kingdom of Jordan Government AID International Bond		2.578			06/30/22		517,354
	200,000	Ukraine Government AID International Bonds		1.847			05/29/20		200,491
		TOTAL AGENCY SECURITIES							13,807,247
FOREIGN GOVERNMENT BONDS - 6.7%
	150,000	African Development Bank		2.625			03/22/21		152,767
	500,000	African Development Bank		2.375			09/23/21		512,992
	600,000	African Development Bank		1.625			09/16/22		613,955
	500,000	Asian Development Bank		1.625			03/16/21		505,034
	2,500,000	Asian Development Bank		1.875			07/19/22		2,572,155
	750,000	Asian Development Bank		1.625			01/24/23		770,722
	1,000,000	Canada Government International Bond		2.625			01/25/22		1,035,865
	250,000	Colombia Government International Bond		2.625			03/15/23		242,190
	100,000	Corp Andina de Fomento		2.200			07/18/20		100,277
	550,000	Corp Andina de Fomento		3.250			02/11/22		570,246
	400,000	Council of Europe Development Bank		1.625			03/16/21		404,296
	300,000	European Bank for Reconstruction & Development		2.750			04/26/21		306,707
	2,000,000	European Investment Bank		2.375			05/13/21		2,040,938
	500,000	European Investment Bank		2.625			05/20/22		521,220
	2,750,000	European Investment Bank		1.375			09/06/22		2,798,893
	707,000	European Investment Bank		1.375			05/15/23		723,249
	100,000	Export Development Canada		1.625			06/01/20		100,055
	250,000	Export Development Canada		2.000			11/30/20		252,006
	500,000	Export Development Canada		2.000			05/17/22		515,802
	500,000	Export Development Canada		1.375			02/24/23		510,541
	250,000	Export-Import Bank of Korea		2.500			11/01/20		251,562
	250,000	Export-Import Bank of Korea		3.500			11/27/21		257,621
	500,000	Export-Import Bank of Korea		2.750			01/25/22		511,587
	250,000	Hungary Government International Bond		5.750			11/22/23		274,778
	200,000	Inter-American Development Bank		2.625			04/19/21		204,303
	200,000	Inter-American Development Bank		1.875			07/23/21		203,487
	1,000,000	Inter-American Development Bank		1.750			04/14/22		1,024,174
	600,000	Inter-American Development Bank		2.500			01/18/23		631,507
	200,000	International Bank for Reconstruction & Development		1.625			09/04/20		200,918
	1,000,000	International Bank for Reconstruction & Development		1.625			03/09/21		1,012,974
	750,000	International Bank for Reconstruction & Development		1.375			05/24/21		757,313
	500,000	International Bank for Reconstruction & Development		2.000			01/26/22		512,725
	2,000,000	International Bank for Reconstruction & Development		1.625			02/10/22		2,040,379

329

TIAA-CREF FUNDS – Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$	1,250,000	International Bank for Reconstruction & Development		2.125	%		07/01/22	$	1,290,863
	500,000	International Finance Corp		2.250			01/25/21		507,006
	250,000	Israel Government International Bond		4.000			06/30/22		261,207
	100,000	Japan Bank for International Cooperation		2.125			06/01/20		100,184
	150,000	Japan Bank for International Cooperation		2.125			07/21/20		150,491
	200,000	Japan Bank for International Cooperation		2.125			11/16/20		201,816
	1,000,000	Japan Bank for International Cooperation		1.500			07/21/21		1,009,316
	200,000	Japan Bank for International Cooperation		1.625			10/17/22		203,829
	450,000	Japan Bank for International Cooperation		1.750			01/23/23		460,085
	350,000	Korea Development Bank		3.000			03/19/22		359,713
	100,000	Kreditanstalt fuer Wiederaufbau		2.750			10/01/20		101,102
	100,000	Kreditanstalt fuer Wiederaufbau		1.875			12/15/20		100,914
	1,000,000	Kreditanstalt fuer Wiederaufbau		2.375			03/24/21		1,018,007
	2,000,000	Kreditanstalt fuer Wiederaufbau		2.625			04/12/21		2,042,177
	500,000	Kreditanstalt fuer Wiederaufbau		2.500			02/15/22		517,364
	1,000,000	Kreditanstalt fuer Wiederaufbau		2.125			03/07/22		1,028,649
	2,000,000	Kreditanstalt fuer Wiederaufbau		1.750			08/22/22		2,054,721
	2,100,000	Kreditanstalt fuer Wiederaufbau		1.625			02/15/23		2,158,864
	100,000	Nordic Investment Bank		2.250			02/01/21		101,207
	500,000	Nordic Investment Bank		2.250			09/30/21		512,055
	500,000	Nordic Investment Bank		1.375			10/17/22		510,005
	500,000	Poland Government International Bond		5.000			03/23/22		532,465
	400,000	Province of Alberta Canada		2.200			07/26/22		413,225
	300,000	Province of British Columbia Canada		2.000			10/23/22		309,685
	400,000	Province of Manitoba Canada		2.125			05/04/22		413,174
	1,200,000	Province of Ontario Canada		4.400			04/14/20		1,201,140
	300,000	Province of Ontario Canada		2.550			04/25/22		309,676
	1,000,000	Province of Ontario Canada		2.250			05/18/22		1,029,676
	455,000	Province of Ontario Canada		1.750			01/24/23		466,380
	200,000	Province of Quebec Canada		3.500			07/29/20		201,677
	300,000	Province of Quebec Canada		2.375			01/31/22		309,270
	200,000	Svensk Exportkredit AB		1.750			05/18/20		199,894
	200,000	Svensk Exportkredit AB		1.750			08/28/20		200,412
	120,000	Svensk Exportkredit AB		2.375			04/09/21		121,662
	200,000	Svensk Exportkredit AB		2.875			05/22/21		205,194
	500,000	Svensk Exportkredit AB		1.625			09/12/21		507,075
	100,000	Svensk Exportkredit AB		3.125			11/08/21		103,958
	660,000	Svensk Exportkredit AB		1.625			11/14/22		669,518
		TOTAL FOREIGN GOVERNMENT BONDS							45,016,894
U.S. TREASURY SECURITIES - 67.5%
	150,000	United States Treasury Note		2.250			04/30/21		153,434
	6,600,000	United States Treasury Note		2.625			05/15/21		6,784,078
	8,500,000	United States Treasury Note		2.125			05/31/21		8,696,562
	10,250,000	United States Treasury Note		2.625			06/15/21		10,559,102
	18,800,000	United States Treasury Note		1.625			06/30/21		19,146,625
	16,250,000	United States Treasury Note		2.625			07/15/21		16,762,891
	6,000,000	United States Treasury Note		1.750			07/31/21		6,124,688
	12,250,000	United States Treasury Note		2.750			08/15/21		12,676,357
	3,000,000	United States Treasury Note		1.500			08/31/21		3,054,609
	13,500,000	United States Treasury Note		2.750			09/15/21		13,994,121
	8,500,000	United States Treasury Note		1.500			09/30/21		8,663,359
	9,000,000	United States Treasury Note		2.875			10/15/21		9,366,680
	12,000,000	United States Treasury Note		1.500			10/31/21		12,242,344

330

TIAA-CREF FUNDS – Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$	17,750,000	United States Treasury Note		2.875	%		11/15/21	$	18,514,082
	25,200,000	United States Treasury Note		1.500			11/30/21		25,735,500
	14,250,000	United States Treasury Note		2.625			12/15/21		14,833,359
	20,850,000	United States Treasury Note		1.625			12/31/21		21,359,033
	20,900,000	United States Treasury Note		2.500			01/15/22		21,745,797
	2,150,000	United States Treasury Note		1.375			01/31/22		2,195,184
	3,000,000	United States Treasury Note		2.500			02/15/22		3,127,266
	10,000,000	United States Treasury Note		2.375			03/15/22		10,419,531
	13,000,000	United States Treasury Note		0.375			03/31/22		13,034,531
	12,000,000	United States Treasury Note		2.250			04/15/22		12,490,781
	18,000,000	United States Treasury Note		2.125			05/15/22		18,717,891
	14,000,000	United States Treasury Note		1.750			06/15/22		14,469,766
	20,000,000	United States Treasury Note		1.750			07/15/22		20,690,625
	13,000,000	United States Treasury Note		1.500			08/15/22		13,395,586
	10,000,000	United States Treasury Note		1.500			09/15/22		10,303,906
	17,400,000	United States Treasury Note		1.375			10/15/22		17,890,055
	20,000,000	United States Treasury Note		1.625			11/15/22		20,707,812
	23,000,000	United States Treasury Note		1.625			12/15/22		23,845,430
	22,000,000	United States Treasury Note		1.500			01/15/23		22,753,672
	14,000,000	United States Treasury Note		1.375			02/15/23		14,444,062
	1,000,000	United States Treasury Note		2.625			02/28/23		1,068,047
	2,500,000	United States Treasury Note		0.500			03/15/23		2,515,625
	3,000,000	United States Treasury Note		1.250			02/28/25		3,111,445
		TOTAL U.S. TREASURY SECURITIES							455,593,836
		TOTAL GOVERNMENT BONDS							514,417,977
		(Cost $499,620,579)
		TOTAL BONDS							670,641,270
		(Cost $656,986,948)
SHORT-TERM INVESTMENTS - 0.7%
GOVERNMENT AGENCY DEBT - 0.7%
	5,000,000	Federal Farm Credit Bank (FFCB)		0.130			10/27/20		4,995,936
		TOTAL GOVERNMENT AGENCY DEBT							4,995,936
		TOTAL SHORT-TERM INVESTMENTS							4,995,936
		(Cost $4,996,226)
		TOTAL INVESTMENTS - 100.1%							675,637,206
		(Cost $661,983,174)
		OTHER ASSETS & LIABILITIES, NET - (0.1)%							(955,342	)
		NET ASSETS - 100.0%						$	674,681,864
	‡	Perpetual security
	g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2020, the aggregate value of these securities is $4,381,645 or 0.6% of net assets.

331

TIAA-CREF FUNDS – Money Market Fund

TIAA-CREF FUNDS

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS

March 31, 2020

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 100.5%
GOVERNMENT AGENCY DEBT - 66.3%
$	15,000,000	Federal Agricultural Mortgage Corp (FAMC)		0.010	%	04/02/20	$	14,999,300
	10,260,000	FAMC		0.010		04/24/20		10,249,807
	10,000,000	FAMC		0.010		05/06/20		9,985,125
	5,000,000	FAMC		0.010		06/05/20		4,993,680
	10,000,000	FAMC		0.010		07/02/20		9,959,878
	30,000,000	FAMC		0.010		07/17/20		29,959,875
	25,000,000	FAMC		0.010		09/15/20		24,966,368
	34,000,000	FAMC		0.010		09/25/20		33,924,775
	15,000,000	FAMC		0.010		12/15/20		14,962,375
	15,000,000	Federal Farm Credit Bank (FFCB)		0.010		04/13/20		14,997,250
	3,400,000	FFCB		0.010		05/06/20		3,394,876
	25,000,000	FFCB		0.010		05/07/20		24,986,000
	5,000,000	FFCB		0.010		05/19/20		4,989,200
	8,000,000	FFCB		0.010		05/27/20		7,980,089
	10,000,000	FFCB		0.010		06/01/20		9,973,736
	5,000,000	FFCB		0.010		06/10/20		4,984,931
	15,000,000	FFCB		0.010		07/29/20		14,974,217
	12,500,000	Federal Home Loan Bank (FHLB)		0.010		04/01/20		12,500,000
	8,100,000	FHLB		0.010		04/03/20		8,099,520
	11,280,000	FHLB		0.010		04/06/20		11,277,576
	18,000,000	FHLB		0.010		04/07/20		17,995,392
	18,290,000	FHLB		0.010		04/08/20		18,284,549
	32,300,000	FHLB		0.010		04/09/20		32,296,204
	30,000,000	FHLB		0.010		04/13/20		29,984,691
	22,850,000	FHLB		0.010		04/14/20		22,837,210
	48,570,000	FHLB		0.010		04/15/20		48,540,614
	21,900,000	FHLB		0.010		04/17/20		21,884,871
	19,540,000	FHLB		0.010		04/20/20		19,524,015
	25,000,000	FHLB		0.010		04/21/20		24,978,556
	36,200,000	FHLB		0.010		04/22/20		36,173,128
	4,610,000	FHLB		0.010		04/23/20		4,605,662
	14,250,000	FHLB		0.010		04/24/20		14,236,299
	31,360,000	FHLB		0.010		04/27/20		31,324,444
	21,000,000	FHLB		0.010		04/28/20		20,975,587
	23,986,000	FHLB		0.010		04/29/20		23,956,710
	26,880,000	FHLB		0.010		05/01/20		26,850,960
	35,345,000	FHLB		0.010		05/04/20		35,321,175
	13,940,000	FHLB		0.010		05/05/20		13,919,330
	4,800,000	FHLB		0.010		05/06/20		4,792,772
	25,600,000	FHLB		0.010		05/07/20		25,560,064
	26,965,000	FHLB		0.010		05/08/20		26,940,414
	20,000,000	FHLB		0.010		05/13/20		19,963,530
	23,205,000	FHLB		0.010		05/15/20		23,201,597
	8,500,000	FHLB		0.010		05/18/20		8,498,335
	28,100,000	FHLB		0.010		05/20/20		28,040,204
	18,958,000	FHLB		0.010		05/28/20		18,916,777

332

TIAA-CREF FUNDS – Money Market Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	20,630,000		FHLB			0.010	%	05/29/20	$	20,610,612
	4,500,000		FHLB			0.010		06/01/20		4,499,085
	35,420,000		FHLB			0.010		06/04/20		35,396,777
	31,456,000		FHLB			0.010		06/05/20		31,418,109
	5,000,000		FHLB			0.010		06/10/20		4,998,542
	32,590,000		FHLB			0.010		06/12/20		32,576,964
	50,000,000		FHLB			0.010		06/19/20		49,981,347
	28,500,000		FHLB			0.010		07/07/20		28,484,642
	25,000,000		FHLB			0.010		07/15/20		24,961,354
	39,805,000		FHLB			0.010		07/17/20		39,698,831
	50,000,000		FHLB			0.010		07/31/20		49,974,792
	25,000,000		FHLB			0.010		08/24/20		24,964,757
	20,000,000		FHLB			0.010		08/31/20		19,956,089
	75,000,000		FHLB			0.010		09/09/20		74,847,944
	12,000,000		FHLB			0.010		09/23/20		11,983,083
	2,858,000		Federal Home Loan Mortgage Corp (FHLMC)			0.010		04/07/20		2,857,271
	760,000		FHLMC			0.010		04/09/20		759,738
	10,000,000		FHLMC			0.010		04/17/20		9,993,022
	9,500,000		FHLMC			0.010		04/27/20		9,490,813
	10,000,000		FHLMC			0.010		05/11/20		9,983,056
	5,000,000		FHLMC			0.010		06/03/20		4,986,525
	30,000,000		FHLMC			0.010		06/17/20		29,901,611
	10,000,000		FHLMC			0.010		07/17/20		9,954,228
	4,710,000		FHLMC			0.010		08/19/20		4,708,535
	10,090,000		Federal National Mortgage Association (FNMA)			0.010		04/08/20		10,087,016
	21,614,000		FNMA			0.010		05/06/20		21,581,429
	15,180,000		FNMA			0.010		05/15/20		15,151,149
			TOTAL GOVERNMENT AGENCY DEBT							1,455,568,989
TREASURY DEBT - 11.7%
	7,100,000		United States Treasury Bill			0.010		04/02/20		7,099,706
	10,000,000		United States Treasury Bill			0.010		04/07/20		9,997,421
	10,675,000		United States Treasury Bill			0.010		04/09/20		10,671,433
	35,000,000		United States Treasury Bill			0.010		04/16/20		34,977,760
	10,750,000		United States Treasury Bill			0.010		04/21/20		10,740,722
	24,070,000		United States Treasury Bill			0.010		04/23/20		24,047,347
	28,975,000		United States Treasury Bill			0.010		05/05/20		28,960,223
	35,230,000		United States Treasury Bill			0.010		05/14/20		35,165,167
	24,035,000		United States Treasury Bill			0.010		05/21/20		23,983,914
	20,000,000		United States Treasury Bill			0.010		05/26/20		19,999,022
	10,043,000		United States Treasury Bill			0.010		07/02/20		10,003,424
	23,300,000		United States Treasury Bill			0.010		07/09/20		23,298,943
	17,400,000		United States Treasury Note			1.375		04/30/20		17,393,650
			TOTAL TREASURY DEBT							256,338,732
VARIABLE RATE SECURITIES - 22.5%
	4,500,000	i	Federal Agricultural Mortgage Corp (FAMC)	FRED - 2.950%		0.300		05/19/20		4,500,000
	4,500,000	i	FAMC	EFFR + 0.100%		0.190		07/06/20		4,500,000
	4,500,000	i	FAMC	EFFR + 0.090%		0.180		07/08/20		4,500,000
	5,000,000	i	FAMC	SOFR + 0.040%		0.050		08/13/20		5,000,000
	5,000,000	i	FAMC	FRED - 2.960%		0.290		08/28/20		5,000,000
	5,000,000	i	FAMC	FRED - 3.020%		0.230		09/01/20		5,000,000
	10,000,000	i	FAMC	LIBOR 1 M + 0.060%		1.641		10/01/20		9,997,000

333

TIAA-CREF FUNDS – Money Market Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	5,000,000	i	FAMC	SOFR + 0.070%		0.080	%	10/02/20	$	5,000,000
	25,000,000	i	FAMC	SOFR + 0.060%		0.070		11/09/20		25,000,000
	3,000,000	i	FAMC	SOFR + 0.080%		0.090		12/21/20		3,000,000
	20,000,000	i	FAMC	LIBOR 1 M + 0.030%		0.954		12/21/20		20,000,000
	8,250,000	i	FAMC	LIBOR 1 M + 0.120%		1.635		02/03/21		8,253,808
	15,000,000	i	FAMC	SOFR + 0.070%		0.080		02/08/21		15,000,000
	25,000,000	i	FAMC	SOFR + 0.280%		0.290		03/23/21		25,000,000
	3,000,000	i	Federal Farm Credit Bank (FFCB)	FRED - 2.870%		0.380		05/29/20		3,000,000
	5,000,000	i	FFCB	FRED - 2.960%		0.290		07/09/20		4,999,899
	4,500,000	i	FFCB	US Treasury Bill 3 M + 0.045%		0.130		08/17/20		4,499,915
	5,000,000	i	FFCB	FRED - 3.020%		0.230		09/28/20		4,997,920
	22,500,000	i	FFCB	US Treasury Bill 3 M + 0.110%		0.195		12/28/20		22,493,245
	8,000,000	i	FFCB	SOFR + 0.080%		0.090		01/14/21		8,000,000
	5,000,000	i	FFCB	US Treasury Bill 3 M + 0.160%		0.245		01/19/21		4,999,603
	25,000,000	i	FFCB	SOFR + 0.290%		0.300		04/23/21		25,000,000
	10,000,000	i	Federal Home Loan Bank (FHLB)	SOFR + 0.020%		0.030		05/22/20		9,999,210
	7,500,000	i	FHLB	SOFR + 0.035%		0.045		06/19/20		7,500,000
	13,000,000	i	FHLB	SOFR + 0.100%		0.110		07/29/20		13,000,000
	15,000,000	i	FHLB	SOFR + 0.080%		0.090		10/02/20		15,000,000
	5,000,000	i	FHLB	SOFR + 0.120%		0.130		10/07/20		5,000,000
	13,000,000	i	FHLB	SOFR + 0.130%		0.140		10/16/20		13,000,000
	6,000,000	i	FHLB	SOFR + 0.090%		0.100		12/04/20		6,000,000
	20,000,000	i	FHLB	SOFR + 0.240%		0.250		12/24/20		20,000,000
	25,000,000	i	FHLB	LIBOR 1 M + 0.070%		0.795		01/11/21		25,000,000
	8,000,000	i	FHLB	SOFR + 0.050%		0.060		01/22/21		8,000,000
	20,000,000	i	FHLB	SOFR + 0.280%		0.290		03/25/21		20,000,000
	9,500,000	i	FHLB	SOFR + 0.055%		0.065		05/14/21		9,500,000
	15,000,000	i	Federal Home Loan Mortgage Corp (FHLMC)	SOFR + 0.040%		0.050		04/29/20		14,999,918
	5,000,000	i	FHLMC	SOFR + 0.030%		0.040		02/24/21		5,000,000
	3,500,000	i	Federal National Mortgage Association (FNMA)	SOFR + 0.060%		0.070		07/30/20		3,500,000
	4,500,000	i	FNMA	SOFR + 0.075%		0.085		10/30/20		4,500,000
	15,000,000	i	FNMA	SOFR + 0.050%		0.060		03/04/21		15,000,000
	20,000,000	i	FNMA	SOFR + 0.280%		0.290		04/26/21		20,000,000
	50,000,000	i	United States Treasury Note	US Treasury Bill 3 M + 0.033%		0.118		04/30/20		49,997,647
	12,000,000	i	United States Treasury Note	US Treasury Bill 3 M + 0.045%		0.130		10/31/20		11,996,398
			TOTAL VARIABLE RATE SECURITIES							494,734,563
			TOTAL SHORT-TERM INVESTMENTS							2,206,642,284
			(Cost $2,206,642,284)
			TOTAL INVESTMENTS- 100.5%							2,206,642,284
			(Cost $2,206,642,284)
			OTHER ASSETS & LIABILITIES, NET - (0.5)%							(11,608,386	)
			NET ASSETS - 100.0%						$	2,195,033,898

	Abbreviation(s):
EFFR	Effective Federal Funds Rate
FRED	Federal Bank Prime Loan Rate
ICE	Intercontinental Exchange
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.

334

Report of Independent Registered Public Accounting Firm

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of TIAA-CREF Bond Index Fund, TIAA-CREF Core Bond Fund (Formerly TIAA-CREF Bond Fund), TIAA-CREF Core Impact Bond Fund (Formerly TIAA-CREF Social Choice Bond Fund), TIAA-CREF Core Plus Bond Fund (Formerly TIAA-CREF Bond Plus Fund), TIAA-CREF 5- 15 Year Laddered Tax-Exempt Bond Fund, TIAA-CREF Green Bond Fund, TIAA-CREF High-Yield Fund, TIAA-CREF Short Duration Impact Bond Fund, TIAA-CREF Short-Term Bond Fund, TIAA-CREF Short-Term Bond Index Fund, and TIAA-CREF Money Market Fund, and the portfolio of investments, of TIAA-CREF Inflation-Linked Bond Fund and TIAA-CREF Real Estate Securities Fund (thirteen of the funds constituting TIAA-CREF Funds hereafter collectively referred to as the “Funds”) as of March 31, 2020, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) as of March 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2020, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

TIAA-CREF Bond Index Fund (1)	TIAA-CREF High-Yield Fund (1)
TIAA-CREF Core Bond Fund (1) (Formerly TIAA-CREF Bond Fund)	TIAA-CREF Inflation-Linked Bond Fund (1)
TIAA-CREF Core Impact Bond Fund (1) (Formerly TIAA-CREF Social Choice Bond Fund)	TIAA-CREF Short Duration Impact Bond Fund (2)
TIAA-CREF Core Plus Bond Fund (1) (Formerly TIAA-CREF Bond Plus Fund)	TIAA-CREF Short-Term Bond Fund (1)

335

TIAA-CREF 5-15 Year Laddered Tax-Exempt Bond Fund (1)	TIAA-CREF Short-Term Bond Index Fund (1)
TIAA-CREF Green Bond Fund (2)	TIAA-CREF Money Market Fund (1)
TIAA-CREF Real Estate Securities Fund (1)

(1)	Statement of operations for the year ended March 31, 2020 and statement of changes in net assets for the years ended March 31, 2020 and 2019
(2)	Statement of operations for the year ended March 31, 2020 and statement of changes in net assets for the year ended March 31, 2020 and the period November 16, 2018 (commencement date through March 31, 2019

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland
May 22, 2020

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

336

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.

Item 13. Exhibits.

13(a)(1) Copy of current SOX code of conduct for Senior Financial Officers

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

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

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

SIGNATURES

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

	TIAA-CREF FUNDS
Dated: May 22, 2020	By:	/s/Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Dated: May 22, 2020	By:	/s/Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President
		(principal executive officer)

Dated: May 22, 2020	By:	/s/E. Scott Wickerham
		E. Scott Wickerham
		Principal Financial Officer, Principal Accounting Officer and Treasurer
		(principal financial officer)