N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

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)
Stewart P. Greene, Esq.
c/o TIAA-CREF
730 Third Avenue

	New York, New York 10017-3206
(Name and address of agent for service)

Registrant’s telephone number, including area code: 212-490-9000

Date of fiscal year end: May 31

Date of reporting period: August 31, 2012

Item 1. Schedule of Investments.

TIAA-CREF LIFECYCLE FUNDS – Lifecycle Retirement Income Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE RETIREMENT INCOME FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.8%(a)
FIXED INCOME - 39.5%
5,607,085	TIAA-CREF Bond Fund	$	61,173,300
73,139	TIAA-CREF Bond Plus Fund		796,480
170,956	TIAA-CREF High-Yield Fund		1,742,047
	TOTAL FIXED INCOME		63,711,827
INFLATION-PROTECTED ASSETS - 9.9%
1,277,871	TIAA-CREF Inflation-Linked Bond Fund		15,922,270
	TOTAL INFLATION-PROTECTED ASSETS		15,922,270
INTERNATIONAL EQUITY - 11.9%
503,829	TIAA-CREF Emerging Markets Equity Fund		4,967,752
679,255	TIAA-CREF Enhanced International Equity Index Fund		4,462,702
206,497	TIAA-CREF Global Natural Resources Fund		2,007,149
918,795	TIAA-CREF International Equity Fund		7,717,875
	TOTAL INTERNATIONAL EQUITY		19,155,478
SHORT-TERM FIXED INCOME - 9.9%
1,517,842	TIAA-CREF Short-Term Bond Fund		15,937,339
	TOTAL SHORT-TERM FIXED INCOME		15,937,339
U.S. EQUITY - 28.6%
842,411	TIAA-CREF Enhanced Large-Cap Growth Index Fund		8,247,204
989,422	TIAA-CREF Enhanced Large-Cap Value Index Fund		8,390,301
712,373	TIAA-CREF Growth & Income Fund		7,415,804
740,157	TIAA-CREF Large-Cap Growth Fund		8,667,243
639,801	TIAA-CREF Large-Cap Value Fund		8,778,069
20,851	TIAA-CREF Mid-Cap Growth Fund		418,261
26,957	TIAA-CREF Mid-Cap Value Fund		493,317
243,550	TIAA-CREF Small-Cap Equity Fund		3,558,263
	TOTAL U.S. EQUITY		45,968,462
	TOTAL TIAA-CREF FUNDS		160,695,376
	(Cost $145,887,539)
	TOTAL INVESTMENTS - 99.8%		160,695,376
	(Cost $145,887,539)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		264,559
	NET ASSETS - 100.0%	$	160,959,935

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

1

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2010 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2010 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.7%(a)
FIXED INCOME - 37.9%
26,192,445	TIAA-CREF Bond Fund	$	285,759,576
651,276	TIAA-CREF Bond Plus Fund		7,092,391
1,158,058	TIAA-CREF High-Yield Fund		11,800,608
	TOTAL FIXED INCOME		304,652,575
INFLATION-PROTECTED ASSETS - 6.8%
4,357,590	TIAA-CREF Inflation-Linked Bond Fund		54,295,566
	TOTAL INFLATION-PROTECTED ASSETS		54,295,566
INTERNATIONAL EQUITY - 14.0%
2,925,671	TIAA-CREF Emerging Markets Equity Fund		28,847,114
4,277,664	TIAA-CREF Enhanced International Equity Index Fund		28,104,255
1,192,823	TIAA-CREF Global Natural Resources Fund		11,594,238
5,280,954	TIAA-CREF International Equity Fund		44,360,014
	TOTAL INTERNATIONAL EQUITY		112,905,621
SHORT-TERM FIXED INCOME - 6.8%
5,172,738	TIAA-CREF Short-Term Bond Fund		54,313,746
	TOTAL SHORT-TERM FIXED INCOME		54,313,746
U.S. EQUITY - 34.2%
5,059,199	TIAA-CREF Enhanced Large-Cap Growth Index Fund		49,529,557
5,936,501	TIAA-CREF Enhanced Large-Cap Value Index Fund		50,341,531
4,243,138	TIAA-CREF Growth & Income Fund		44,171,069
4,409,255	TIAA-CREF Large-Cap Growth Fund		51,632,381
3,812,888	TIAA-CREF Large-Cap Value Fund		52,312,826
133,721	TIAA-CREF Mid-Cap Growth Fund		2,682,451
170,968	TIAA-CREF Mid-Cap Value Fund		3,128,709
1,450,854	TIAA-CREF Small-Cap Equity Fund		21,196,975
	TOTAL U.S. EQUITY		274,995,499
	TOTAL TIAA-CREF FUNDS		801,163,007
	(Cost $733,395,009)
	TOTAL INVESTMENTS - 99.7%		801,163,007
	(Cost $733,395,009)
	OTHER ASSETS & LIABILITIES, NET - 0.3%		2,524,485
	NET ASSETS - 100.0%	$	803,687,492

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

2

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2015 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2015 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.6%(a)
FIXED INCOME - 35.1%
33,038,912	TIAA-CREF Bond Fund	$	360,454,533
1,633,035	TIAA-CREF Bond Plus Fund		17,783,753
2,402,672	TIAA-CREF High-Yield Fund		24,483,227
	TOTAL FIXED INCOME		402,721,513
INFLATION-PROTECTED ASSETS - 4.8%
4,391,126	TIAA-CREF Inflation-Linked Bond Fund		54,713,429
	TOTAL INFLATION-PROTECTED ASSETS		54,713,429
INTERNATIONAL EQUITY - 15.9%
4,664,427	TIAA-CREF Emerging Markets Equity Fund		45,991,247
7,178,263	TIAA-CREF Enhanced International Equity Index Fund		47,161,185
1,883,921	TIAA-CREF Global Natural Resources Fund		18,311,708
8,385,144	TIAA-CREF International Equity Fund		70,435,206
	TOTAL INTERNATIONAL EQUITY		181,899,346
SHORT-TERM FIXED INCOME - 4.8%
5,212,471	TIAA-CREF Short-Term Bond Fund		54,730,947
	TOTAL SHORT-TERM FIXED INCOME		54,730,947
U.S. EQUITY - 39.0%
8,239,889	TIAA-CREF Enhanced Large-Cap Growth Index Fund		80,668,513
9,676,923	TIAA-CREF Enhanced Large-Cap Value Index Fund		82,060,303
6,885,404	TIAA-CREF Growth & Income Fund		71,677,054
7,148,115	TIAA-CREF Large-Cap Growth Fund		83,704,430
6,180,910	TIAA-CREF Large-Cap Value Fund		84,802,091
226,824	TIAA-CREF Mid-Cap Growth Fund		4,550,098
289,750	TIAA-CREF Mid-Cap Value Fund		5,302,422
2,346,242	TIAA-CREF Small-Cap Equity Fund		34,278,589
	TOTAL U.S. EQUITY		447,043,500
	TOTAL TIAA-CREF FUNDS		1,141,108,735
	(Cost $1,070,097,590)
	TOTAL INVESTMENTS - 99.6%		1,141,108,735
	(Cost $1,070,097,590)
	OTHER ASSETS & LIABILITIES, NET - 0.4%		4,886,796
	NET ASSETS - 100.0%	$	1,145,995,531

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds

3

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2020 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2020 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.6%(a)
FIXED INCOME - 31.1%
33,149,202	TIAA-CREF Bond Fund	$	361,657,798
4,142,219	TIAA-CREF Bond Plus Fund		45,108,765
4,432,580	TIAA-CREF High-Yield Fund		45,167,995
	TOTAL FIXED INCOME		451,934,558
INFLATION-PROTECTED ASSETS - 2.8%
3,258,984	TIAA-CREF Inflation-Linked Bond Fund		40,606,944
	TOTAL INFLATION-PROTECTED ASSETS		40,606,944
INTERNATIONAL EQUITY - 18.1%
6,664,090	TIAA-CREF Emerging Markets Equity Fund		65,707,924
10,714,136	TIAA-CREF Enhanced International Equity Index Fund		70,391,875
2,690,445	TIAA-CREF Global Natural Resources Fund		26,151,125
11,906,103	TIAA-CREF International Equity Fund		100,011,265
	TOTAL INTERNATIONAL EQUITY		262,262,189
SHORT-TERM FIXED INCOME - 2.8%
3,868,857	TIAA-CREF Short-Term Bond Fund		40,623,003
	TOTAL SHORT-TERM FIXED INCOME		40,623,003
U.S. EQUITY - 44.8%
12,000,605	TIAA-CREF Enhanced Large-Cap Growth Index Fund		117,485,921
14,088,393	TIAA-CREF Enhanced Large-Cap Value Index Fund		119,469,570
9,986,202	TIAA-CREF Growth & Income Fund		103,956,363
10,368,338	TIAA-CREF Large-Cap Growth Fund		121,413,243
8,960,482	TIAA-CREF Large-Cap Value Fund		122,937,812
349,692	TIAA-CREF Mid-Cap Growth Fund		7,014,828
433,423	TIAA-CREF Mid-Cap Value Fund		7,931,643
3,406,122	TIAA-CREF Small-Cap Equity Fund		49,763,436
	TOTAL U.S. EQUITY		649,972,816
	TOTAL TIAA-CREF FUNDS		1,445,399,510
	(Cost $1,347,434,895)
	TOTAL INVESTMENTS - 99.6%		1,445,399,510
	(Cost $1,347,434,895)
	OTHER ASSETS & LIABILITIES, NET - 0.4%		5,527,485
	NET ASSETS - 100.0%	$	1,450,926,995

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

4

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2025 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2025 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.6%(a)
FIXED INCOME - 27.2%
22,893,488	TIAA-CREF Bond Fund	$	249,767,952
6,442,984	TIAA-CREF Bond Plus Fund		70,164,098
5,566,057	TIAA-CREF High-Yield Fund		56,718,118
	TOTAL FIXED INCOME		376,650,168
INFLATION-PROTECTED ASSETS - 0.8%
922,670	TIAA-CREF Inflation-Linked Bond Fund		11,496,468
	TOTAL INFLATION-PROTECTED ASSETS		11,496,468
INTERNATIONAL EQUITY - 20.3%
7,089,134	TIAA-CREF Emerging Markets Equity Fund		69,898,859
11,796,583	TIAA-CREF Enhanced International Equity Index Fund		77,503,553
2,850,561	TIAA-CREF Global Natural Resources Fund		27,707,457
12,625,086	TIAA-CREF International Equity Fund		106,050,722
	TOTAL INTERNATIONAL EQUITY		281,160,591
SHORT-TERM FIXED INCOME - 0.8%
1,095,212	TIAA-CREF Short-Term Bond Fund		11,499,725
	TOTAL SHORT-TERM FIXED INCOME		11,499,725
U.S. EQUITY - 50.5%
12,965,968	TIAA-CREF Enhanced Large-Cap Growth Index Fund		126,936,828
15,224,753	TIAA-CREF Enhanced Large-Cap Value Index Fund		129,105,904
10,752,940	TIAA-CREF Growth & Income Fund		111,938,104
11,158,127	TIAA-CREF Large-Cap Growth Fund		130,661,662
9,647,138	TIAA-CREF Large-Cap Value Fund		132,358,727
380,808	TIAA-CREF Mid-Cap Growth Fund		7,639,000
482,044	TIAA-CREF Mid-Cap Value Fund		8,821,410
3,670,576	TIAA-CREF Small-Cap Equity Fund		53,627,109
	TOTAL U.S. EQUITY		701,088,744
	TOTAL TIAA-CREF FUNDS		1,381,895,696
	(Cost $1,284,437,457)
	TOTAL INVESTMENTS - 99.6%		1,381,895,696
	(Cost $1,284,437,457)
	OTHER ASSETS & LIABILITIES, NET - 0.4%		5,543,668
	NET ASSETS - 100.0%	$	1,387,439,364

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

5

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2030 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2030 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.5%(a)
FIXED INCOME - 20.9%
12,779,275	TIAA-CREF Bond Fund	$	139,421,889
7,126,128	TIAA-CREF Bond Plus Fund		77,603,539
5,825,979	TIAA-CREF High-Yield Fund		59,366,730
	TOTAL FIXED INCOME		276,392,158
INTERNATIONAL EQUITY - 22.4%
7,423,569	TIAA-CREF Emerging Markets Equity Fund		73,196,390
12,688,341	TIAA-CREF Enhanced International Equity Index Fund		83,362,402
2,983,492	TIAA-CREF Global Natural Resources Fund		28,999,542
13,166,257	TIAA-CREF International Equity Fund		110,596,563
	TOTAL INTERNATIONAL EQUITY		296,154,897
U.S. EQUITY - 56.2%
13,744,987	TIAA-CREF Enhanced Large-Cap Growth Index Fund		134,563,423
16,131,874	TIAA-CREF Enhanced Large-Cap Value Index Fund		136,798,294
11,360,246	TIAA-CREF Growth & Income Fund		118,260,156
11,798,169	TIAA-CREF Large-Cap Growth Fund		138,156,560
10,199,554	TIAA-CREF Large-Cap Value Fund		139,937,879
417,590	TIAA-CREF Mid-Cap Growth Fund		8,376,853
514,698	TIAA-CREF Mid-Cap Value Fund		9,418,965
3,880,410	TIAA-CREF Small-Cap Equity Fund		56,692,789
	TOTAL U.S. EQUITY		742,204,919
	TOTAL TIAA-CREF FUNDS		1,314,751,974
	(Cost $1,212,384,258)
	TOTAL INVESTMENTS - 99.5%		1,314,751,974
	(Cost $1,212,384,258)
	OTHER ASSETS & LIABILITIES, NET - 0.5%		5,950,025
	NET ASSETS - 100.0%	$	1,320,701,999

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

6

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2035 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2035 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.5%(a)
FIXED INCOME - 13.1%
3,333,103	TIAA-CREF Bond Fund	$	36,364,154
7,141,522	TIAA-CREF Bond Plus Fund		77,771,180
5,835,330	TIAA-CREF High-Yield Fund		59,462,008
	TOTAL FIXED INCOME		173,597,342
INTERNATIONAL EQUITY - 24.6%
8,108,283	TIAA-CREF Emerging Markets Equity Fund		79,947,667
14,167,798	TIAA-CREF Enhanced International Equity Index Fund		93,082,434
3,254,119	TIAA-CREF Global Natural Resources Fund		31,630,033
14,339,772	TIAA-CREF International Equity Fund		120,454,088
	TOTAL INTERNATIONAL EQUITY		325,114,222
U.S. EQUITY - 61.8%
15,167,789	TIAA-CREF Enhanced Large-Cap Growth Index Fund		148,492,658
17,799,673	TIAA-CREF Enhanced Large-Cap Value Index Fund		150,941,228
12,502,370	TIAA-CREF Growth & Income Fund		130,149,675
12,991,440	TIAA-CREF Large-Cap Growth Fund		152,129,761
11,231,466	TIAA-CREF Large-Cap Value Fund		154,095,720
467,732	TIAA-CREF Mid-Cap Growth Fund		9,382,704
575,425	TIAA-CREF Mid-Cap Value Fund		10,530,286
4,273,441	TIAA-CREF Small-Cap Equity Fund		62,434,970
	TOTAL U.S. EQUITY		818,157,002
	TOTAL TIAA-CREF FUNDS		1,316,868,566
	(Cost $1,204,225,889)
	TOTAL INVESTMENTS - 99.5%		1,316,868,566
	(Cost $1,204,225,889)
	OTHER ASSETS & LIABILITIES, NET - 0.5%		6,510,001
	NET ASSETS - 100.0%	$	1,323,378,567

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

7

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2040 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2040 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.5%(a)
FIXED INCOME - 9.9%
9,029,104	TIAA-CREF Bond Plus Fund	$	98,326,946
8,176,857	TIAA-CREF High-Yield Fund		83,322,171
	TOTAL FIXED INCOME		181,649,117
INTERNATIONAL EQUITY - 25.5%
11,639,818	TIAA-CREF Emerging Markets Equity Fund		114,768,605
20,465,627	TIAA-CREF Enhanced International Equity Index Fund		134,459,172
4,648,565	TIAA-CREF Global Natural Resources Fund		45,184,055
20,549,910	TIAA-CREF International Equity Fund		172,619,246
	TOTAL INTERNATIONAL EQUITY		467,031,078
U.S. EQUITY - 64.1%
21,828,203	TIAA-CREF Enhanced Large-Cap Growth Index Fund		213,698,110
25,625,728	TIAA-CREF Enhanced Large-Cap Value Index Fund		217,306,173
18,001,719	TIAA-CREF Growth & Income Fund		187,397,895
18,680,896	TIAA-CREF Large-Cap Growth Fund		218,753,294
16,147,799	TIAA-CREF Large-Cap Value Fund		221,547,807
677,243	TIAA-CREF Mid-Cap Growth Fund		13,585,493
832,645	TIAA-CREF Mid-Cap Value Fund		15,237,395
6,142,204	TIAA-CREF Small-Cap Equity Fund		89,737,596
	TOTAL U.S. EQUITY		1,177,263,763
	TOTAL TIAA-CREF FUNDS		1,825,943,958
	(Cost $1,657,662,656)
	TOTAL INVESTMENTS - 99.5%		1,825,943,958
	(Cost $1,657,662,656)
	OTHER ASSETS & LIABILITIES, NET - 0.5%		8,290,845
	NET ASSETS - 100.0%	$	1,834,234,803

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

8

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2045 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2045 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.1%(a)
FIXED INCOME - 9.9%
1,824,808	TIAA-CREF Bond Plus Fund	$	19,872,162
1,651,668	TIAA-CREF High-Yield Fund		16,830,495
	TOTAL FIXED INCOME		36,702,657
INTERNATIONAL EQUITY - 25.3%
2,340,220	TIAA-CREF Emerging Markets Equity Fund		23,074,572
4,141,867	TIAA-CREF Enhanced International Equity Index Fund		27,212,067
949,671	TIAA-CREF Global Natural Resources Fund		9,230,802
4,129,402	TIAA-CREF International Equity Fund		34,686,978
	TOTAL INTERNATIONAL EQUITY		94,204,419
U.S. EQUITY - 63.9%
4,406,582	TIAA-CREF Enhanced Large-Cap Growth Index Fund		43,140,436
5,168,077	TIAA-CREF Enhanced Large-Cap Value Index Fund		43,825,291
3,625,433	TIAA-CREF Growth & Income Fund		37,740,758
3,766,965	TIAA-CREF Large-Cap Growth Fund		44,111,158
3,262,386	TIAA-CREF Large-Cap Value Fund		44,759,939
135,563	TIAA-CREF Mid-Cap Growth Fund		2,719,393
167,468	TIAA-CREF Mid-Cap Value Fund		3,064,673
1,237,547	TIAA-CREF Small-Cap Equity Fund		18,080,555
	TOTAL U.S. EQUITY		237,442,203
	TOTAL TIAA-CREF FUNDS		368,349,279
	(Cost $336,227,647)
	TOTAL INVESTMENTS - 99.1%		368,349,279
	(Cost $336,227,647)
	OTHER ASSETS & LIABILITIES, NET - 0.9%		3,256,650
	NET ASSETS - 100.0%	$	371,605,929

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

9

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2050 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2050 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.3%(a)
FIXED INCOME - 9.9%
982,239	TIAA-CREF Bond Plus Fund	$	10,696,584
889,036	TIAA-CREF High-Yield Fund		9,059,277
	TOTAL FIXED INCOME		19,755,861
INTERNATIONAL EQUITY - 25.4%
1,260,229	TIAA-CREF Emerging Markets Equity Fund		12,425,859
2,229,876	TIAA-CREF Enhanced International Equity Index Fund		14,650,282
511,495	TIAA-CREF Global Natural Resources Fund		4,971,733
2,221,001	TIAA-CREF International Equity Fund		18,656,410
	TOTAL INTERNATIONAL EQUITY		50,704,284
U.S. EQUITY - 64.0%
2,372,372	TIAA-CREF Enhanced Large-Cap Growth Index Fund		23,225,517
2,782,247	TIAA-CREF Enhanced Large-Cap Value Index Fund		23,593,452
1,951,773	TIAA-CREF Growth & Income Fund		20,317,962
2,027,576	TIAA-CREF Large-Cap Growth Fund		23,742,915
1,756,274	TIAA-CREF Large-Cap Value Fund		24,096,077
72,315	TIAA-CREF Mid-Cap Growth Fund		1,450,648
90,150	TIAA-CREF Mid-Cap Value Fund		1,649,747
666,199	TIAA-CREF Small-Cap Equity Fund		9,733,166
	TOTAL U.S. EQUITY		127,809,484
	TOTAL TIAA-CREF FUNDS		198,269,629
	(Cost $181,841,919)
	TOTAL INVESTMENTS - 99.3%		198,269,629
	(Cost $181,841,919)
	OTHER ASSETS & LIABILITIES, NET - 0.7%		1,493,890
	NET ASSETS - 100.0%	$	199,763,519

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

10

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2055 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2055 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.1%(a)
FIXED INCOME - 9.9%
87,340	TIAA-CREF Bond Plus Fund	$	951,128
79,049	TIAA-CREF High-Yield Fund		805,510
	TOTAL FIXED INCOME		1,756,638
INTERNATIONAL EQUITY - 25.3%
112,018	TIAA-CREF Emerging Markets Equity Fund		1,104,501
198,334	TIAA-CREF Enhanced International Equity Index Fund		1,303,051
45,414	TIAA-CREF Global Natural Resources Fund		441,426
197,349	TIAA-CREF International Equity Fund		1,657,729
	TOTAL INTERNATIONAL EQUITY		4,506,707
U.S. EQUITY - 63.9%
210,997	TIAA-CREF Enhanced Large-Cap Growth Index Fund		2,065,659
247,444	TIAA-CREF Enhanced Large-Cap Value Index Fund		2,098,324
173,576	TIAA-CREF Growth & Income Fund		1,806,923
180,319	TIAA-CREF Large-Cap Growth Fund		2,111,532
156,207	TIAA-CREF Large-Cap Value Fund		2,143,165
6,401	TIAA-CREF Mid-Cap Growth Fund		128,411
8,017	TIAA-CREF Mid-Cap Value Fund		146,716
59,248	TIAA-CREF Small-Cap Equity Fund		865,612
	TOTAL U.S. EQUITY		11,366,342
	TOTAL TIAA-CREF FUNDS		17,629,687
	(Cost $17,450,591)
	TOTAL INVESTMENTS - 99.1%		17,629,687
	(Cost $17,450,591)
	OTHER ASSETS & LIABILITIES, NET - 0.9%		155,703
	NET ASSETS - 100.0%	$	17,785,390

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

11

TIAA-CREF Lifecycle Funds – Notes to Schedules of Investments (unaudited)

Note 1—organization and significant accounting policies

The Lifecycle Funds (collectively the “Funds,” each individually referred to as a “Fund”) are a sub-family of mutual funds offered by the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust, that is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company.

Each Fund is a “fund of funds” that diversifies its assets by investing in Institutional Class shares of other funds of the Trust and potentially other investment pools or investment products. The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors Inc. (“Advisors”), a wholly owned indirect subsidiary of TIAA, which is registered with the Commission as an investment adviser, provides investment management services for the Funds. The Funds offer up to four share classes, although any one Fund may not necessarily offer all four classes. The Funds may offer Institutional, Retirement, Retail and Premier Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

The accompanying schedules of investments 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. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Funds.

Security valuation: The Funds’ investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the schedules of investments.

Investment transactions: Securities transactions are accounted for as of the trade date for financial reporting purposes.

Transactions with affiliates: The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board of Trustees (“Board”), pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.

Note 2—valuation of investments

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

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

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

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

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

A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value follows:

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

Transfers between levels are recognized at the end of the reporting period. For the period ended August 31, 2012, there were no transfers between levels by the Funds.

As of August 31, 2012, all of the investments in the Lifecycle Funds were valued based on Level 1 inputs.

12

TIAA-CREF Lifecycle Funds – Notes to Schedules of Investments (unaudited)

Note 3—affiliates

Investments in other investment companies advised by Advisors are deemed to be affiliated investments. The Funds invest their assets in Institutional Class shares of the affiliated TIAA-CREF Funds. Information regarding transactions with affiliated companies is as follows:

Issue	Value at May 31, 2012		Purchase cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2012
Lifecycle Retirement Income
TIAA-CREF Bond	$	56,869,254	$	5,273,065	$	2,219,364	$	(6,004	)	$	384,164	$	61,173,300
TIAA-CREF Bond Plus		728,144		66,375		14,886		34			5,909		796,480
TIAA-CREF Emerging Markets Equity		3,734,673		1,192,423		181,276		(42,916	)		—		4,967,752
TIAA-CREF Enhanced International Equity Index		5,229,161		465,094		1,805,209		(40,239	)		—		4,462,702
TIAA-CREF Enhanced Large-Cap Growth Index		7,775,068		509,531		540,938		(5,862	)		—		8,247,204
TIAA-CREF Enhanced Large-Cap Value Index		7,493,597		747,662		478,119		(3,322	)		—		8,390,301
TIAA-CREF Global Natural Resources		1,413,126		596,716		79,561		(11,560	)		—		2,007,149
TIAA-CREF Growth & Income		6,509,409		546,261		144,411		(5,450	)		23,336		7,415,804
TIAA-CREF High-Yield		727,029		1,007,058		20,660		(181	)		14,060		1,742,047
TIAA-CREF Inflation-Linked Bond		14,662,899		1,629,975		321,352		3,564			204,961		15,922,270
TIAA-CREF International Equity		5,203,568		2,129,329		207,214		(26,598	)		—		7,717,875
TIAA-CREF Large-Cap Growth		7,786,059		652,005		277,858		(11,024	)		—		8,667,243
TIAA-CREF Large-Cap Value		7,494,247		843,241		151,249		(4,296	)		—		8,778,069
TIAA-CREF Mid-Cap Growth		572,071		44,699		230,638		5,021			—		418,261
TIAA-CREF Mid-Cap Value		573,693		93,111		209,786		8,652			—		493,317
TIAA-CREF Short-Term Bond		14,532,392		1,507,211		233,469		(469	)		59,278		15,937,339
TIAA-CREF Small-Cap Equity		3,183,353		258,306		89,111		(6,431	)		—		3,558,263
	$	144,487,743	$	17,562,062	$	7,205,101	$	(147,081	)	$	691,708	$	160,695,376
Lifecycle 2010
TIAA-CREF Bond	$	279,194,468	$	11,273,100	$	10,703,315	$	308		$	1,845,253	$	285,759,576
TIAA-CREF Bond Plus		6,902,838		217,628		183,157		1,315			54,504		7,092,391
TIAA-CREF Emerging Markets Equity		23,471,356		5,280,861		1,309,818		(301,981	)		—		28,847,114
TIAA-CREF Enhanced International Equity Index		32,863,879		1,188,941		9,491,009		(3,070,964	)		—		28,104,255
TIAA-CREF Enhanced Large-Cap Growth Index		48,969,552		1,262,381		3,789,028		35,113			—		49,529,557
TIAA-CREF Enhanced Large-Cap Value Index		47,214,371		1,698,177		2,396,210		(77,480	)		—		50,341,531
TIAA-CREF Global Natural Resources		8,885,259		2,744,808		529,650		(69,333	)		—		11,594,238
TIAA-CREF Growth & Income		40,997,311		980,553		888,740		(14,399	)		144,139		44,171,069
TIAA-CREF High-Yield		6,896,796		4,838,782		186,745		(1,742	)		119,230		11,800,608
TIAA-CREF Inflation-Linked Bond		51,846,966		3,681,119		1,060,088		22,103			710,076		54,295,566
TIAA-CREF International Equity		32,735,204		9,335,458		1,326,353		(773,043	)		—		44,360,014
TIAA-CREF Large-Cap Growth		49,083,428		1,440,804		1,998,997		(15,852	)		—		51,632,381
TIAA-CREF Large-Cap Value		47,191,020		1,973,155		469,197		(87,821	)		—		52,312,826
TIAA-CREF Mid-Cap Growth		3,607,899		140,424		1,264,738		78,507			—		2,682,451
TIAA-CREF Mid-Cap Value		3,615,514		328,100		1,034,203		70,684			—		3,128,709
TIAA-CREF Short-Term Bond		51,455,436		3,242,509		839,509		(2,565	)		206,293		54,313,746
TIAA-CREF Small-Cap Equity		20,053,659		833,114		955,907		(94,850	)		—		21,196,975
	$	754,984,956	$	50,459,914	$	38,426,664	$	(4,302,000	)	$	3,079,495	$	801,163,007
Lifecycle 2015
TIAA-CREF Bond	$	344,886,177	$	20,887,278	$	12,776,515	$	1,088,865		$	2,294,247	$	360,454,533
TIAA-CREF Bond Plus		17,341,383		578,763		524,441		25,672			136,363		17,783,753
TIAA-CREF Emerging Markets Equity		37,498,993		7,783,615		1,551,200		79,374			—		45,991,247
TIAA-CREF Enhanced International Equity Index		52,512,508		1,668,627		12,675,714		1,089,771			—		47,161,185
TIAA-CREF Enhanced Large-Cap Growth Index		78,287,115		1,732,686		4,289,440		1,490,829			—		80,668,513
TIAA-CREF Enhanced Large-Cap Value Index		75,493,597		3,577,814		3,126,021		886,100			—		82,060,303
TIAA-CREF Global Natural Resources		14,201,395		3,890,900		574,769		34,556			—		18,311,708
TIAA-CREF Growth & Income		65,548,214		1,936,317		739,525		246,031			229,891		71,677,054
TIAA-CREF High-Yield		17,284,082		6,979,828		391,722		32,443			286,100		24,483,227
TIAA-CREF Inflation-Linked Bond		51,183,166		4,832,468		1,141,405		237,269			698,934		54,713,429
TIAA-CREF International Equity		52,312,484		13,473,914		1,131,208		94,071			—		70,435,206
TIAA-CREF Large-Cap Growth		78,473,880		2,142,923		1,880,375		849,635			—		83,704,430
TIAA-CREF Large-Cap Value		75,456,052		4,049,441		483,694		146,173			—		84,802,091
TIAA-CREF Mid-Cap Growth		5,771,298		149,458		1,689,721		650,086			—		4,550,098
TIAA-CREF Mid-Cap Value		5,783,200		507,132		1,337,955		452,844			—		5,302,422
TIAA-CREF Short-Term Bond		50,696,413		4,302,945		720,773		38,860			204,601		54,730,947
TIAA-CREF Small-Cap Equity		32,065,748		1,169,232		970,612		341,339			—		34,278,589
	$	1,054,795,705	$	79,663,341	$	46,005,090	$	7,783,918		$	3,850,136	$	1,141,108,735

13

TIAA-CREF Lifecycle Funds – Notes to Schedules of Investments (unaudited)

Issue	Value at May 31, 2012		Purchase cost		Sales proceeds		Realized gain (loss)		Dividend income		Value at August 31, 2012
Lifecycle 2020
TIAA-CREF Bond	$	343,181,098	$	24,449,349	$	13,432,851	$	1,057,413	$	2,298,423	$	361,657,798
TIAA-CREF Bond Plus		43,405,732		1,824,900		1,099,205		55,667		343,623		45,108,765
TIAA-CREF Emerging Markets Equity		53,685,711		10,504,158		1,757,114		92,838		—		65,707,924
TIAA-CREF Enhanced International Equity Index		75,193,792		2,793,587		15,741,918		1,743,564		—		70,391,875
TIAA-CREF Enhanced Large-Cap Growth Index		112,145,006		3,388,990		5,191,285		1,930,074		—		117,485,921
TIAA-CREF Enhanced Large-Cap Value Index		108,110,989		6,627,555		4,114,722		1,234,443		—		119,469,570
TIAA-CREF Global Natural Resources		20,327,542		5,253,652		583,337		39,499		—		26,151,125
TIAA-CREF Growth & Income		93,897,878		3,776,954		846,175		298,197		329,916		103,956,363
TIAA-CREF High-Yield		35,000,486		9,715,529		777,263		116,079		569,966		45,167,995
TIAA-CREF Inflation-Linked Bond		37,077,450		4,343,140		699,413		135,742		511,687		40,606,944
TIAA-CREF International Equity		74,868,673		17,769,778		949,032		86,284		—		100,011,265
TIAA-CREF Large-Cap Growth		112,370,580		3,403,197		1,543,989		724,400		—		121,413,243
TIAA-CREF Large-Cap Value		108,078,934		7,276,394		778,664		238,057		—		122,937,812
TIAA-CREF Mid-Cap Growth		8,260,924		256,605		1,965,520		794,715		—		7,014,828
TIAA-CREF Mid-Cap Value		8,277,794		874,651		1,730,593		602,246		—		7,931,643
TIAA-CREF Short-Term Bond		36,784,449		4,014,583		508,873		25,675		150,100		40,623,003
TIAA-CREF Small-Cap Equity		45,929,770		1,956,142		1,028,167		416,061		—		49,763,436
	$	1,316,596,808	$	108,229,164	$	52,748,121	$	9,590,954	$	4,203,715	$	1,445,399,510
Lifecycle 2025
TIAA-CREF Bond	$	236,825,777	$	20,403,807	$	12,605,395	$	990,910	$	1,589,114	$	249,767,952
TIAA-CREF Bond Plus		66,659,149		4,058,620		2,059,561		103,920		529,604		70,164,098
TIAA-CREF Emerging Markets Equity		57,191,768		10,573,225		1,378,414		82,363		—		69,898,859
TIAA-CREF Enhanced International Equity Index		80,160,649		3,207,646		14,556,501		2,057,757		—		77,503,553
TIAA-CREF Enhanced Large-Cap Growth Index		119,659,241		4,149,500		4,514,932		1,691,138		—		126,936,828
TIAA-CREF Enhanced Large-Cap Value Index		115,365,956		8,428,704		4,158,262		1,246,690		—		129,105,904
TIAA-CREF Global Natural Resources		21,668,637		5,254,624		455,954		32,232		—		27,707,457
TIAA-CREF Growth & Income		100,190,717		5,085,555		973,968		346,098		351,214		111,938,104
TIAA-CREF High-Yield		45,928,409		10,420,784		1,232,557		173,469		741,403		56,718,118
TIAA-CREF Inflation-Linked Bond		9,644,575		2,003,440		124,989		15,374		136,863		11,496,468
TIAA-CREF International Equity		79,793,965		17,787,743		431,967		39,317		—		106,050,722
TIAA-CREF Large-Cap Growth		119,927,974		4,063,880		1,012,600		467,942		—		130,661,662
TIAA-CREF Large-Cap Value		115,313,518		9,030,759		942,626		298,325		—		132,358,727
TIAA-CREF Mid-Cap Growth		8,814,665		223,044		1,891,704		854,850		—		7,639,000
TIAA-CREF Mid-Cap Value		8,831,154		1,031,474		1,586,055		610,082		—		8,821,410
TIAA-CREF Short-Term Bond		9,562,992		1,907,158		61,308		763		40,618		11,499,725
TIAA-CREF Small-Cap Equity		49,011,795		2,245,580		734,248		301,860		—		53,627,109
	$	1,244,550,941	$	109,875,543	$	48,721,041	$	9,313,090	$	3,388,816	$	1,381,895,696
Lifecycle 2030
TIAA-CREF Bond	$	133,814,039	$	14,070,161	$	11,341,297	$	856,292	$	896,779	$	139,421,889
TIAA-CREF Bond Plus		72,874,717		5,702,209		2,625,264		129,766		580,263		77,603,539
TIAA-CREF Emerging Markets Equity		60,179,964		10,829,535		1,542,679		87,393		—		73,196,390
TIAA-CREF Enhanced International Equity Index		84,362,509		3,918,342		14,091,825		2,271,710		—		83,362,402
TIAA-CREF Enhanced Large-Cap Growth Index		126,677,835		4,175,150		4,357,278		1,617,188		—		134,563,423
TIAA-CREF Enhanced Large-Cap Value Index		122,151,561		8,531,961		3,880,298		1,163,431		—		136,798,294
TIAA-CREF Global Natural Resources		22,828,845		5,393,229		540,222		35,591		—		28,999,542
TIAA-CREF Growth & Income		106,084,339		5,359,048		1,242,244		457,010		370,516		118,260,156
TIAA-CREF High-Yield		48,500,716		10,846,109		1,666,063		202,796		778,509		59,366,730
TIAA-CREF International Equity		84,005,634		17,756,546		557,437		60,302		—		110,596,563
TIAA-CREF Large-Cap Growth		126,964,163		4,254,309		1,169,664		561,408		—		138,156,560
TIAA-CREF Large-Cap Value		122,061,236		9,687,227		1,262,055		453,219		—		139,937,879
TIAA-CREF Mid-Cap Growth		9,386,608		176,535		1,705,833		823,765		—		8,376,853
TIAA-CREF Mid-Cap Value		9,353,064		1,101,065		1,609,814		643,318		—		9,418,965
TIAA-CREF Small-Cap Equity		51,889,989		2,371,950		840,903		347,339		—		56,692,789
	$	1,181,135,219	$	104,173,376	$	48,432,876	$	9,710,528	$	2,626,067	$	1,314,751,974

14

TIAA-CREF Lifecycle Funds – Notes to Schedules of Investments (unaudited)

Issue	Value at May 31, 2012		Purchase cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2012
Lifecycle 2035
TIAA-CREF Bond	$	36,707,298	$	6,770,816	$	7,889,040	$	251,456		$	249,752	$	36,364,154
TIAA-CREF Bond Plus		73,778,169		6,151,807		3,807,253		179,604			579,832		77,771,180
TIAA-CREF Emerging Markets Equity		65,056,951		12,079,211		1,308,224		71,363			—		79,947,667
TIAA-CREF Enhanced International Equity Index		91,289,861		5,282,681		13,558,021		2,666,020			—		93,082,434
TIAA-CREF Enhanced Large-Cap Growth Index		139,469,850		4,549,186		4,380,014		1,636,665			—		148,492,658
TIAA-CREF Enhanced Large-Cap Value Index		134,641,265		9,259,252		3,892,602		1,213,182			—		150,941,228
TIAA-CREF Global Natural Resources		24,761,431		5,818,838		404,293		26,554			—		31,630,033
TIAA-CREF Growth & Income		116,901,079		5,683,226		1,265,330		475,196			405,987		130,149,675
TIAA-CREF High-Yield		49,157,713		11,137,533		2,509,878		276,571			778,096		59,462,008
TIAA-CREF International Equity		90,900,863		19,608,414		382,142		58,641			—		120,454,088
TIAA-CREF Large-Cap Growth		139,858,771		4,502,849		1,132,868		542,518			—		152,129,761
TIAA-CREF Large-Cap Value		134,310,425		10,716,463		1,269,839		462,995			—		154,095,720
TIAA-CREF Mid-Cap Growth		10,355,386		117,566		1,661,306		825,377			—		9,382,704
TIAA-CREF Mid-Cap Value		10,306,761		1,199,283		1,603,048		667,242			—		10,530,286
TIAA-CREF Small-Cap Equity		57,192,343		2,350,039		687,308		284,274			—		62,434,970
	$	1,174,688,166	$	105,227,164	$	45,751,166	$	9,637,658		$	2,013,667	$	1,316,868,566
Lifecycle 2040
TIAA-CREF Bond Plus	$	103,656,294	$	9,187,089	$	16,711,747	$	881,071		$	792,912	$	98,326,946
TIAA-CREF Emerging Markets Equity		93,621,076		17,318,262		2,110,012		116,701			—		114,768,605
TIAA-CREF Enhanced International Equity Index		131,399,319		7,494,622		18,935,129		3,921,981			—		134,459,172
TIAA-CREF Enhanced Large-Cap Growth Index		201,595,613		5,935,991		6,574,721		2,457,601			—		213,698,110
TIAA-CREF Enhanced Large-Cap Value Index		194,508,310		12,924,630		5,871,085		1,833,105			—		217,306,173
TIAA-CREF Global Natural Resources		35,655,732		8,138,733		711,423		49,467			—		45,184,055
TIAA-CREF Growth & Income		168,969,723		7,924,809		2,214,708		833,100			584,421		187,397,895
TIAA-CREF High-Yield		68,536,149		16,206,437		3,752,703		357,791			1,080,919		83,322,171
TIAA-CREF International Equity		130,792,792		27,657,090		694,905		115,707			—		172,619,246
TIAA-CREF Large-Cap Growth		202,004,978		5,861,155		1,924,714		904,317			—		218,753,294
TIAA-CREF Large-Cap Value		194,107,703		14,808,810		2,256,366		826,634			—		221,547,807
TIAA-CREF Mid-Cap Growth		14,932,163		151,056		2,320,407		1,169,394			—		13,585,493
TIAA-CREF Mid-Cap Value		14,876,347		1,685,749		2,228,151		942,903			—		15,237,395
TIAA-CREF Small-Cap Equity		82,639,391		3,135,528		1,187,391		493,454			—		89,737,596
	$	1,637,295,590	$	138,429,961	$	67,493,462	$	14,903,226		$	2,458,252	$	1,825,943,958
Lifecycle 2045
TIAA-CREF Bond Plus	$	19,347,379	$	2,809,543	$	2,712,177	$	8,370		$	154,020	$	19,872,162
TIAA-CREF Emerging Markets Equity		17,764,880		4,421,979		251,116		(70,940	)		—		23,074,572
TIAA-CREF Enhanced International Equity Index		24,901,748		3,119,077		3,609,040		(377,203	)		—		27,212,067
TIAA-CREF Enhanced Large-Cap Growth Index		37,593,619		4,213,766		1,157,773		(53,686	)		—		43,140,436
TIAA-CREF Enhanced Large-Cap Value Index		36,238,511		5,536,461		1,023,896		(49,781	)		—		43,825,291
TIAA-CREF Global Natural Resources		6,733,156		2,162,415		63,735		(10,735	)		—		9,230,802
TIAA-CREF Growth & Income		31,489,233		4,159,490		395,243		(25,484	)		112,311		37,740,758
TIAA-CREF High-Yield		12,886,971		4,072,567		580,801		(13,879	)		210,690		16,830,495
TIAA-CREF International Equity		24,759,773		7,180,059		159,406		(46,191	)		—		34,686,978
TIAA-CREF Large-Cap Growth		37,646,669		4,335,711		386,309		(32,598	)		—		44,111,158
TIAA-CREF Large-Cap Value		36,180,114		6,079,152		406,651		(25,425	)		—		44,759,939
TIAA-CREF Mid-Cap Growth		2,789,254		191,902		425,578		(19,658	)		—		2,719,393
TIAA-CREF Mid-Cap Value		2,775,716		539,753		429,284		1,229			—		3,064,673
TIAA-CREF Small-Cap Equity		15,397,651		1,883,630		204,496		(29,085	)		—		18,080,555
	$	306,504,674	$	50,705,505	$	11,805,505	$	(745,066	)	$	477,021	$	368,349,279
Lifecycle 2050
TIAA-CREF Bond Plus	$	10,356,181	$	1,570,291	$	1,460,193	$	5,244		$	82,696	$	10,696,584
TIAA-CREF Emerging Markets Equity		9,554,803		2,434,234		175,299		(48,605	)		—		12,425,859
TIAA-CREF Enhanced International Equity Index		13,388,348		1,744,746		1,988,572		(216,402	)		—		14,650,282
TIAA-CREF Enhanced Large-Cap Growth Index		20,219,671		2,369,160		702,590		(34,745	)		—		23,225,517
TIAA-CREF Enhanced Large-Cap Value Index		19,491,061		3,077,849		628,634		(31,862	)		—		23,593,452
TIAA-CREF Global Natural Resources		3,620,332		1,183,499		46,217		(7,785	)		—		4,971,733
TIAA-CREF Growth & Income		16,940,989		2,320,000		281,052		(17,632	)		60,351		20,317,962
TIAA-CREF High-Yield		6,887,687		2,222,281		293,503		(6,097	)		113,306		9,059,277
TIAA-CREF International Equity		13,299,296		3,925,955		131,972		(37,641	)		—		18,656,410
TIAA-CREF Large-Cap Growth		20,233,379		2,438,377		280,920		(22,521	)		—		23,742,915
TIAA-CREF Large-Cap Value		19,463,740		3,367,465		298,824		(19,112	)		—		24,096,077
TIAA-CREF Mid-Cap Growth		1,493,224		113,490		244,378		(10,791	)		—		1,450,648
TIAA-CREF Mid-Cap Value		1,490,362		309,407		246,044		457			—		1,649,747
TIAA-CREF Small-Cap Equity		8,286,079		1,053,645		144,992		(20,176	)		—		9,733,166
	$	164,725,152	$	28,130,399	$	6,923,190	$	(467,668	)	$	256,353	$	198,269,629

15

TIAA-CREF Lifecycle Funds – Notes to Schedules of Investments (unaudited)

Issue	Value at May 31, 2012		Purchase cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2012
Lifecycle 2055
TIAA-CREF Bond Plus	$	880,104	$	196,666	$	145,813	$	204		$	7,221	$	951,128
TIAA-CREF Emerging Markets Equity		810,569		273,474		32,966		(9,313	)		—		1,104,501
TIAA-CREF Enhanced International Equity Index		1,134,661		225,653		188,643		(38,896	)		—		1,303,051
TIAA-CREF Enhanced Large-Cap Growth Index		1,706,775		353,697		113,568		(6,389	)		—		2,065,659
TIAA-CREF Enhanced Large-Cap Value Index		1,645,954		396,011		89,225		(5,206	)		—		2,098,324
TIAA-CREF Global Natural Resources		306,720		132,491		16,463		(1,892	)		—		441,426
TIAA-CREF Growth & Income		1,430,440		307,267		48,839		(1,655	)		5,238		1,806,923
TIAA-CREF High-Yield		585,040		243,290		44,035		(422	)		9,887		805,510
TIAA-CREF International Equity		1,127,833		445,467		53,009		(17,895	)		—		1,657,729
TIAA-CREF Large-Cap Growth		1,707,871		362,476		78,572		(3,543	)		—		2,111,532
TIAA-CREF Large-Cap Value		1,643,767		415,144		53,608		(3,157	)		—		2,143,165
TIAA-CREF Mid-Cap Growth		126,029		25,157		30,675		(2,817	)		—		128,411
TIAA-CREF Mid-Cap Value		125,809		36,468		24,113		(783	)		—		146,716
TIAA-CREF Small-Cap Equity		699,950		155,729		37,755		(4,903	)		—		865,612
	$	13,931,522	$	3,568,990	$	957,284	$	(96,667	)	$	22,346	$	17,629,687

Note 4—investments

Net unrealized appreciation (depreciation): At August 31, 2012, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

Fund	Book cost		Gross unrealized appreciation		Gross unrealized (depreciation)			Net unrealized appreciation (depreciation)
Lifecycle Retirement Income	$	145,887,539	$	15,146,250	$	(338,413	)	$	14,807,837
Lifecycle 2010		733,395,009		70,947,398		(3,179,400	)		67,767,998
Lifecycle 2015		1,070,097,590		86,925,173		(15,914,028	)		71,011,145
Lifecycle 2020		1,347,434,895		116,457,762		(18,493,147	)		97,964,615
Lifecycle 2025		1,284,437,457		115,972,047		(18,513,808	)		97,458,239
Lifecycle 2030		1,212,384,258		120,608,083		(18,240,367	)		102,367,716
Lifecycle 2035		1,204,225,889		129,621,161		(16,978,484	)		112,642,677
Lifecycle 2040		1,657,662,656		192,726,528		(24,445,226	)		168,281,302
Lifecycle 2045		336,227,647		33,815,392		(1,693,760	)		32,121,632
Lifecycle 2050		181,841,919		17,319,492		(891,782	)		16,427,710
Lifecycle 2055		17,450,591		388,344		(209,248	)		179,096

16

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index Retirement Income Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX RETIREMENT INCOME FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.9%(a)
FIXED INCOME - 49.6%
712,007	TIAA-CREF Bond Index Fund	$	7,860,560
	TOTAL FIXED INCOME		7,860,560
INFLATION-PROTECTED ASSETS - 9.9%
126,369	TIAA-CREF Inflation-Linked Bond Fund		1,574,559
	TOTAL INFLATION-PROTECTED ASSETS		1,574,559
INTERNATIONAL EQUITY - 10.1%
41,414	TIAA-CREF Emerging Markets Equity Index Fund		409,174
78,888	TIAA-CREF International Equity Index Fund		1,193,574
	TOTAL INTERNATIONAL EQUITY		1,602,748
U.S. EQUITY - 30.3%
446,985	TIAA-CREF Equity Index Fund		4,805,089
	TOTAL U.S. EQUITY		4,805,089
	TOTAL TIAA-CREF FUNDS		15,842,956
	(Cost $14,279,580)
	TOTAL INVESTMENTS - 99.9%		15,842,956
	(Cost $14,279,580)
	OTHER ASSETS & LIABILITIES, NET - 0.1%		13,539
	NET ASSETS - 100.0%	$	15,856,495

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

1

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2010 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2010 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.6%(a)
FIXED INCOME - 44.7%
3,614,340	TIAA-CREF Bond Index Fund	$	39,902,312
	TOTAL FIXED INCOME		39,902,312
INFLATION-PROTECTED ASSETS - 6.8%
485,297	TIAA-CREF Inflation-Linked Bond Fund		6,046,802
	TOTAL INFLATION-PROTECTED ASSETS		6,046,802
INTERNATIONAL EQUITY - 12.0%
277,343	TIAA-CREF Emerging Markets Equity Index Fund		2,740,145
528,282	TIAA-CREF International Equity Index Fund		7,992,909
	TOTAL INTERNATIONAL EQUITY		10,733,054
U.S. EQUITY - 36.1%
2,992,448	TIAA-CREF Equity Index Fund		32,168,817
	TOTAL U.S. EQUITY		32,168,817
	TOTAL TIAA-CREF FUNDS		88,850,985
	(Cost $80,215,022)
	TOTAL INVESTMENTS - 99.6%		88,850,985
	(Cost $80,215,022)
	OTHER ASSETS & LIABILITIES, NET - 0.4%		344,530
	NET ASSETS - 100.0%	$	89,195,515

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

2

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2015 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2015 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.6%(a)
FIXED INCOME - 40.1%
5,111,608	TIAA-CREF Bond Index Fund	$	56,432,148
	TOTAL FIXED INCOME		56,432,148
INFLATION-PROTECTED ASSETS - 4.8%
542,635	TIAA-CREF Inflation-Linked Bond Fund		6,761,235
	TOTAL INFLATION-PROTECTED ASSETS		6,761,235
INTERNATIONAL EQUITY - 13.7%
499,048	TIAA-CREF Emerging Markets Equity Index Fund		4,930,596
950,589	TIAA-CREF International Equity Index Fund		14,382,409
	TOTAL INTERNATIONAL EQUITY		19,313,005
U.S. EQUITY - 41.0%
5,384,093	TIAA-CREF Equity Index Fund		57,878,995
	TOTAL U.S. EQUITY		57,878,995
	TOTAL TIAA-CREF FUNDS		140,385,383
	(Cost $126,843,082)
	TOTAL INVESTMENTS - 99.6%		140,385,383
	(Cost $126,843,082)
	OTHER ASSETS & LIABILITIES, NET - 0.4%		501,948
	NET ASSETS - 100.0%	$	140,887,331

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

3

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2020 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2020 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.7%(a)
FIXED INCOME - 34.1%
5,483,453	TIAA-CREF Bond Index Fund	$	60,537,324
	TOTAL FIXED INCOME		60,537,324
INFLATION-PROTECTED ASSETS - 2.8%
401,373	TIAA-CREF Inflation-Linked Bond Fund		5,001,108
	TOTAL INFLATION-PROTECTED ASSETS		5,001,108
INTERNATIONAL EQUITY - 15.7%
720,841	TIAA-CREF Emerging Markets Equity Index Fund		7,121,913
1,373,062	TIAA-CREF International Equity Index Fund		20,774,430
	TOTAL INTERNATIONAL EQUITY		27,896,343
U.S. EQUITY - 47.1%
7,777,362	TIAA-CREF Equity Index Fund		83,606,646
	TOTAL U.S. EQUITY		83,606,646
	TOTAL TIAA-CREF FUNDS		177,041,421
	(Cost $160,178,699)
	TOTAL INVESTMENTS - 99.7%		177,041,421
	(Cost $160,178,699)
	OTHER ASSETS & LIABILITIES, NET - 0.3%		582,721
	NET ASSETS - 100.0%	$	177,624,142

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

4

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2025 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2025 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.6%(a)
FIXED INCOME - 28.1%
4,145,130	TIAA-CREF Bond Index Fund	$	45,762,238
	TOTAL FIXED INCOME		45,762,238
INFLATION-PROTECTED ASSETS - 0.8%
109,318	TIAA-CREF Inflation-Linked Bond Fund		1,362,096
	TOTAL INFLATION-PROTECTED ASSETS		1,362,096
INTERNATIONAL EQUITY - 17.7%
744,086	TIAA-CREF Emerging Markets Equity Index Fund		7,351,569
1,418,032	TIAA-CREF International Equity Index Fund		21,454,818
	TOTAL INTERNATIONAL EQUITY		28,806,387
U.S. EQUITY - 53.0%
8,038,115	TIAA-CREF Equity Index Fund		86,409,737
	TOTAL U.S. EQUITY		86,409,737
	TOTAL TIAA-CREF FUNDS		162,340,458
	(Cost $146,319,382)
	TOTAL INVESTMENTS - 99.6%		162,340,458
	(Cost $146,319,382)
	OTHER ASSETS & LIABILITIES, NET - 0.4%		632,544
	NET ASSETS - 100.0%	$	162,973,002

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

5

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2030 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2030 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.6%(a)
FIXED INCOME - 21.0%
3,351,674	TIAA-CREF Bond Index Fund	$	37,002,482
	TOTAL FIXED INCOME		37,002,482
INTERNATIONAL EQUITY - 19.6%
897,224	TIAA-CREF Emerging Markets Equity Index Fund		8,864,578
1,708,881	TIAA-CREF International Equity Index Fund		25,855,375
	TOTAL INTERNATIONAL EQUITY		34,719,953
U.S. EQUITY - 59.0%
9,684,496	TIAA-CREF Equity Index Fund		104,108,327
	TOTAL U.S. EQUITY		104,108,327
	TOTAL TIAA-CREF FUNDS		175,830,762
	(Cost $157,819,580)
	TOTAL INVESTMENTS - 99.6%		175,830,762
	(Cost $157,819,580)
	OTHER ASSETS & LIABILITIES, NET - 0.4%		656,111
	NET ASSETS - 100.0%	$	176,486,873

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

6

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2035 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2035 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.6%(a)
FIXED INCOME - 13.0%
1,950,771	TIAA-CREF Bond Index Fund	$	21,536,515
	TOTAL FIXED INCOME		21,536,515
INTERNATIONAL EQUITY - 21.6%
923,565	TIAA-CREF Emerging Markets Equity Index Fund		9,124,821
1,763,429	TIAA-CREF International Equity Index Fund		26,680,677
	TOTAL INTERNATIONAL EQUITY		35,805,498
U.S. EQUITY - 65.0%
9,997,129	TIAA-CREF Equity Index Fund		107,469,137
	TOTAL U.S. EQUITY		107,469,137
	TOTAL TIAA-CREF FUNDS		164,811,150
	(Cost $147,316,550)
	TOTAL INVESTMENTS - 99.6%		164,811,150
	(Cost $147,316,550)
	OTHER ASSETS & LIABILITIES, NET - 0.4%		630,404
	NET ASSETS - 100.0%	$	165,441,554

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

7

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2040 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2040 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.6%(a)
FIXED INCOME - 9.7%
1,904,959	TIAA-CREF Bond Index Fund	$	21,030,748
	TOTAL FIXED INCOME		21,030,748
INTERNATIONAL EQUITY - 22.5%
1,255,669	TIAA-CREF Emerging Markets Equity Index Fund		12,406,012
2,393,850	TIAA-CREF International Equity Index Fund		36,218,948
	TOTAL INTERNATIONAL EQUITY		48,624,960
U.S. EQUITY - 67.4%
13,575,126	TIAA-CREF Equity Index Fund		145,932,605
	TOTAL U.S. EQUITY		145,932,605
	TOTAL TIAA-CREF FUNDS		215,588,313
	(Cost $190,982,611)
	TOTAL INVESTMENTS - 99.6%		215,588,313
	(Cost $190,982,611)
	OTHER ASSETS & LIABILITIES, NET - 0.4%		902,520
	NET ASSETS - 100.0%	$	216,490,833

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

8

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2045 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2045 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.1%(a)
FIXED INCOME - 9.7%
584,602	TIAA-CREF Bond Index Fund	$	6,454,004
	TOTAL FIXED INCOME		6,454,004
INTERNATIONAL EQUITY - 22.3%
385,035	TIAA-CREF Emerging Markets Equity Index Fund		3,804,145
735,521	TIAA-CREF International Equity Index Fund		11,128,437
	TOTAL INTERNATIONAL EQUITY		14,932,582
U.S. EQUITY - 67.1%
4,169,028	TIAA-CREF Equity Index Fund		44,817,051
	TOTAL U.S. EQUITY		44,817,051
	TOTAL TIAA-CREF FUNDS		66,203,637
	(Cost $60,031,414)
	TOTAL INVESTMENTS - 99.1%		66,203,637
	(Cost $60,031,414)
	OTHER ASSETS & LIABILITIES, NET - 0.9%		593,352
	NET ASSETS - 100.0%	$	66,796,989

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

9

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2050 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2050 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.2%(a)
FIXED INCOME - 9.7%
378,188	TIAA-CREF Bond Index Fund	$	4,175,201
	TOTAL FIXED INCOME		4,175,201
INTERNATIONAL EQUITY - 22.4%
249,205	TIAA-CREF Emerging Markets Equity Index Fund		2,462,142
474,685	TIAA-CREF International Equity Index Fund		7,181,982
	TOTAL INTERNATIONAL EQUITY		9,644,124
U.S. EQUITY - 67.1%
2,688,824	TIAA-CREF Equity Index Fund		28,904,855
	TOTAL U.S. EQUITY		28,904,855
	TOTAL TIAA-CREF FUNDS		42,724,180
	(Cost $38,563,267)
	TOTAL INVESTMENTS - 99.2%		42,724,180
	(Cost $38,563,267)
	OTHER ASSETS & LIABILITIES, NET - 0.8%		345,398
	NET ASSETS - 100.0%	$	43,069,578

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

10

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2055 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2055 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.8%(a)
FIXED INCOME - 9.8%
101,160	TIAA-CREF Bond Index Fund	$	1,116,808
	TOTAL FIXED INCOME		1,116,808
INTERNATIONAL EQUITY - 22.5%
66,425	TIAA-CREF Emerging Markets Equity Index Fund		656,276
126,521	TIAA-CREF International Equity Index Fund		1,914,267
	TOTAL INTERNATIONAL EQUITY		2,570,543
U.S. EQUITY - 67.5%
717,751	TIAA-CREF Equity Index Fund		7,715,828
	TOTAL U.S. EQUITY		7,715,828
	TOTAL TIAA-CREF FUNDS		11,403,179
	(Cost $11,443,458)
	TOTAL INVESTMENTS - 99.8%		11,403,179
	(Cost $11,443,458)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		27,445
	NET ASSETS - 100.0%	$	11,430,624

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

11

TIAA-CREF Lifecycle Index Funds - Notes to Schedules of Investments (unaudited)

Note 1—organization and significant accounting policies

The Lifecycle Index Funds (collectively the “Funds,” each individually referred to as a “Fund”) are a sub-family of mutual funds offered by the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust, that is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company.

Each Fund is a “fund of funds” that diversifies its assets by investing in Institutional Class shares of other funds of the Trust and potentially other investment pools or investment products. The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, Inc. (“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 Institutional, Retirement and Premier Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

The accompanying schedules of investments 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. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Funds.

Security valuation: The Funds’ investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the schedules of investments.

Investment transactions: Securities transactions are accounted for as of the trade date for financial reporting purposes.

Transactions with affiliates: The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board of Trustees (“Board”), pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.

Note 2—valuation of investments

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

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

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

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

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

A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value follows:

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

Transfers between levels are recognized at the end of the reporting period. As of August 31, 2012, there were no transfers between levels by the Funds.

As of August 31, 2012, all of the investments in the Lifecycle Index Funds were valued based on Level 1 inputs.

12

TIAA-CREF Lifecycle Index Funds - Notes to Schedules of Investments (unaudited)

Note 3—affiliates

Investments in other investment companies advised by Advisors are deemed to be affiliated investments. The Funds invest their assets in Institutional Class shares of the affiliated TIAA-CREF Funds. Information regarding transactions with affiliated companies is as follows:

Issue	Value at May 31, 2012		Purchase cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2012
Lifecycle Index Retirement Income
TIAA-CREF Bond Index	$	7,372,835	$	558,728	$	141,717	$	215		$	37,922	$	7,860,560
TIAA-CREF Emerging Markets Equity Index		380,733		31,469		25,646		(4,333	)		—		409,174
TIAA-CREF Equity Index		4,354,657		260,036		152,137		60			—		4,805,089
TIAA-CREF Inflation-Linked Bond		1,480,252		127,627		28,322		(166	)		20,747		1,574,559
TIAA-CREF International Equity Index		1,064,670		74,539		65,024		(4,071	)		—		1,193,574
	$	14,653,147	$	1,052,399	$	412,846	$	(8,295	)	$	58,669	$	15,842,956
Lifecycle Index 2010
TIAA-CREF Bond Index	$	36,579,175	$	3,923,869	$	952,038	$	(2,674	)	$	188,483	$	39,902,312
TIAA-CREF Emerging Markets Equity Index		2,515,358		255,319		175,359		(29,645	)		—		2,740,145
TIAA-CREF Equity Index		28,774,018		2,282,125		1,130,052		(2,491	)		—		32,168,817
TIAA-CREF Inflation-Linked Bond		5,498,823		704,761		140,308		(300	)		76,052		6,046,802
TIAA-CREF International Equity Index		7,033,112		637,459		458,275		(33,236	)		—		7,992,909
	$	80,400,486	$	7,803,533	$	2,856,032	$	(68,346	)	$	264,535	$	88,850,985
Lifecycle Index 2015
TIAA-CREF Bond Index	$	51,530,047	$	5,348,200	$	944,016	$	2,233		$	264,472	$	56,432,148
TIAA-CREF Emerging Markets Equity Index		4,534,230		395,331		258,113		(45,240	)		—		4,930,596
TIAA-CREF Equity Index		51,873,954		3,585,251		1,593,217		(18,591	)		—		57,878,995
TIAA-CREF Inflation-Linked Bond		6,111,276		784,002		117,027		980			84,283		6,761,235
TIAA-CREF International Equity Index		12,679,431		991,543		684,952		(60,590	)		—		14,382,409
	$	126,728,938	$	11,104,327	$	3,597,325	$	(121,208	)	$	348,755	$	140,385,383
Lifecycle Index 2020
TIAA-CREF Bond Index	$	54,459,629	$	6,216,079	$	667,509	$	1,032		$	281,541	$	60,537,324
TIAA-CREF Emerging Markets Equity Index		6,436,516		580,558		266,296		(50,191	)		—		7,121,913
TIAA-CREF Equity Index		73,747,498		5,454,542		1,342,210		(25,224	)		—		83,606,646
TIAA-CREF Inflation-Linked Bond		4,401,974		662,130		51,241		403			60,827		5,001,108
TIAA-CREF International Equity Index		18,007,275		1,526,439		759,019		(67,623	)		—		20,774,430
	$	157,052,892	$	14,439,748	$	3,086,275	$	(141,603	)	$	342,368	$	177,041,421
Lifecycle Index 2025
TIAA-CREF Bond Index	$	41,249,153	$	4,717,991	$	603,016	$	403		$	213,348	$	45,762,238
TIAA-CREF Emerging Markets Equity Index		6,640,842		603,076		276,798		(54,252	)		—		7,351,569
TIAA-CREF Equity Index		76,167,211		5,364,123		1,068,068		(26,427	)		—		86,409,737
TIAA-CREF Inflation-Linked Bond		1,111,167		260,741		7,206		(44	)		15,428		1,362,096
TIAA-CREF International Equity Index		18,573,617		1,522,622		711,872		(92,547	)		—		21,454,818
	$	143,741,990	$	12,468,553	$	2,666,960	$	(172,867	)	$	228,776	$	162,340,458
Lifecycle Index 2030
TIAA-CREF Bond Index	$	33,133,138	$	3,763,380	$	216,231	$	1,219		$	171,999	$	37,002,482
TIAA-CREF Emerging Markets Equity Index		7,926,601		687,499		207,422		(50,882	)		—		8,864,578
TIAA-CREF Equity Index		91,179,745		6,149,453		361,815		(5,214	)		—		104,108,327
TIAA-CREF International Equity Index		22,164,187		1,768,714		552,328		(108,496	)		—		25,855,375
	$	154,403,671	$	12,369,046	$	1,337,796	$	(163,373	)	$	171,999	$	175,830,762
Lifecycle Index 2035
TIAA-CREF Bond Index	$	19,479,702	$	2,245,375	$	376,283	$	1,100		$	100,976	$	21,536,515
TIAA-CREF Emerging Markets Equity Index		8,067,856		823,833		248,133		(59,812	)		—		9,124,821
TIAA-CREF Equity Index		94,795,777		5,519,772		267,953		(3,870	)		—		107,469,137
TIAA-CREF International Equity Index		22,534,533		2,016,220		449,832		(92,755	)		—		26,680,677
	$	144,877,868	$	10,605,200	$	1,342,201	$	(155,337	)	$	100,976	$	164,811,150
Lifecycle Index 2040
TIAA-CREF Bond Index	$	20,144,236	$	1,384,477	$	685,169	$	2,736		$	101,914	$	21,030,748
TIAA-CREF Emerging Markets Equity Index		11,186,075		840,766		292,994		(73,626	)		—		12,406,012
TIAA-CREF Equity Index		131,612,674		4,445,880		384,273		(13,558	)		—		145,932,605
TIAA-CREF International Equity Index		31,251,659		2,059,957		668,644		(139,138	)		—		36,218,948
	$	194,194,644	$	8,731,080	$	2,031,080	$	(223,586	)	$	101,914	$	215,588,313
Lifecycle Index 2045
TIAA-CREF Bond Index	$	5,766,581	$	716,771	$	85,223	$	49		$	30,442	$	6,454,004
TIAA-CREF Emerging Markets Equity Index		3,195,248		448,284		39,742		(9,257	)		—		3,804,145
TIAA-CREF Equity Index		37,682,520		4,192,419		123,205		(1,415	)		—		44,817,051
TIAA-CREF International Equity Index		8,946,840		1,150,024		35,328		(5,167	)		—		11,128,437
	$	55,591,189	$	6,507,498	$	283,498	$	(15,790	)	$	30,442	$	66,203,637

13

TIAA-CREF Lifecycle Index Funds - Notes to Schedules of Investments (unaudited)

Issue	Value at May 31, 2012		Purchase cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2012
Lifecycle Index 2050
TIAA-CREF Bond Index	$	3,739,239	$	447,154	$	47,486	$	(76	)	$	19,755	$	4,175,201
TIAA-CREF Emerging Markets Equity Index		2,077,920		279,915		25,800		(5,534	)		—		2,462,142
TIAA-CREF Equity Index		24,425,781		2,730,258		242,072		(2,780	)		—		28,904,855
TIAA-CREF International Equity Index		5,804,102		727,313		42,032		(6,288	)		—		7,181,982
	$	36,047,042	$	4,184,640	$	357,390	$	(14,678	)	$	19,755	$	42,724,180
Lifecycle Index 2055
TIAA-CREF Bond Index	$	1,067,942	$	73,932	$	34,974	$	259		$	5,384	$	1,116,808
TIAA-CREF Emerging Markets Equity Index		593,673		40,187		12,966		(3,809	)		—		656,276
TIAA-CREF Equity Index		6,970,868		225,679		20,311		(999	)		—		7,715,828
TIAA-CREF International Equity Index		1,662,730		89,325		26,144		(6,996	)		—		1,914,267
	$	10,295,213	$	429,123	$	94,395	$	(11,545	)	$	5,384	$	11,403,179

Note 4—investments

Net unrealized appreciation (depreciation): At August 31, 2012, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

Fund	Book cost		Gross unrealized appreciation		Gross unrealized (depreciation)			Net unrealized appreciation (depreciation)
Lifecycle Index Retirement Income	$	14,279,580	$	1,583,985	$	(20,609	)	$	1,563,376
Lifecycle Index 2010		80,215,022		8,783,886		(147,923	)		8,635,963
Lifecycle Index 2015		126,843,082		13,827,605		(285,304	)		13,542,301
Lifecycle Index 2020		160,178,699		17,334,993		(472,271	)		16,862,722
Lifecycle Index 2025		146,319,382		16,532,722		(511,646	)		16,021,076
Lifecycle Index 2030		157,819,580		18,741,924		(730,742	)		18,011,182
Lifecycle Index 2035		147,316,550		18,228,844		(734,244	)		17,494,600
Lifecycle Index 2040		190,982,611		25,578,223		(972,521	)		24,605,702
Lifecycle Index 2045		60,031,414		6,466,084		(293,861	)		6,172,223
Lifecycle Index 2050		38,563,267		4,351,346		(190,433	)		4,160,913
Lifecycle Index 2055		11,443,458		311,922		(352,201	)		(40,279	)

14

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Income Fund

TIAA-CREF LIFESTYLE FUNDS
LIFESTYLE INCOME FUND
SCHEDULE OF INVESTMENTS (unaudited)
August 31, 2012

SHARES		COMPANY	VALUE
TIAA-CREF FUNDS - 99.4%(a)
FIXED INCOME - 39.8%
	234,145	TIAA-CREF Bond Fund	$	2,554,522
	241,802	TIAA-CREF Bond Plus Fund		2,633,229
	7,709	TIAA-CREF High-Yield Fund		78,555
		TOTAL FIXED INCOME		5,266,306
INTERNATIONAL EQUITY - 6.8%
	25,578	TIAA-CREF Emerging Markets Equity Fund		252,201
	16,870	TIAA-CREF Enhanced International Equity Index Fund		110,834
	3,513	TIAA-CREF Global Natural Resources Fund		34,146
	59,208	TIAA-CREF International Equity Fund		497,346
		TOTAL INTERNATIONAL EQUITY		894,527
SHORT-TERM FIXED INCOME - 39.7%
	500,666	TIAA-CREF Short-Term Bond Fund		5,256,992
		TOTAL SHORT-TERM FIXED INCOME		5,256,992
U.S. EQUITY - 13.1%
	13,932	TIAA-CREF Enhanced Large-Cap Growth Index Fund		136,392
	16,395	TIAA-CREF Enhanced Large-Cap Value Index Fund		139,026
	37,163	TIAA-CREF Growth & Income Fund		386,864
	38,606	TIAA-CREF Large-Cap Growth Fund		452,075
	33,444	TIAA-CREF Large-Cap Value Fund		458,852
	782	TIAA-CREF Mid-Cap Growth Fund		15,690
	1,073	TIAA-CREF Mid-Cap Value Fund		19,635
	9,514	TIAA-CREF Small-Cap Equity Fund		138,995
		TOTAL U.S. EQUITY		1,747,529
		TOTAL TIAA-CREF FUNDS		13,165,354
		(Cost $12,659,082)
		TOTAL INVESTMENTS - 99.4%		13,165,354
		(Cost $12,659,082)
		OTHER ASSETS & LIABILITIES, NET - 0.6%		76,430
		NET ASSETS - 100.0%	$	13,241,784

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

1

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Conservative Fund

TIAA-CREF LIFESTYLE FUNDS
LIFESTYLE CONSERVATIVE FUND
SCHEDULE OF INVESTMENTS (unaudited)
August 31, 2012

SHARES		COMPANY	VALUE
TIAA-CREF FUNDS - 100.0%(a)
FIXED INCOME - 39.8%
	140,009	TIAA-CREF Bond Fund	$	1,527,497
	447,635	TIAA-CREF Bond Plus Fund		4,874,742
	9,527	TIAA-CREF High-Yield Fund		97,084
		TOTAL FIXED INCOME		6,499,323
INTERNATIONAL EQUITY - 12.9%
	55,036	TIAA-CREF Emerging Markets Equity Fund		542,651
	67,243	TIAA-CREF Enhanced International Equity Index Fund		441,787
	4,211	TIAA-CREF Global Natural Resources Fund		40,936
	127,823	TIAA-CREF International Equity Fund		1,073,716
		TOTAL INTERNATIONAL EQUITY		2,099,090
SHORT-TERM FIXED INCOME - 19.9%
	309,163	TIAA-CREF Short-Term Bond Fund		3,246,210
		TOTAL SHORT-TERM FIXED INCOME		3,246,210
U.S. EQUITY - 27.4%
	38,819	TIAA-CREF Enhanced Large-Cap Growth Index Fund		380,038
	45,606	TIAA-CREF Enhanced Large-Cap Value Index Fund		386,737
	92,111	TIAA-CREF Growth & Income Fund		958,878
	96,052	TIAA-CREF Large-Cap Growth Fund		1,124,765
	82,934	TIAA-CREF Large-Cap Value Fund		1,137,853
	3,001	TIAA-CREF Mid-Cap Growth Fund		60,194
	3,802	TIAA-CREF Mid-Cap Value Fund		69,580
	23,653	TIAA-CREF Small-Cap Equity Fund		345,570
		TOTAL U.S. EQUITY		4,463,615
		TOTAL TIAA-CREF FUNDS		16,308,238
		(Cost $15,528,205)
		TOTAL INVESTMENTS - 100.0%		16,308,238
		(Cost $15,528,205)
		OTHER ASSETS & LIABILITIES, NET - 0.0%		(6,496	)
		NET ASSETS - 100.0%	$	16,301,742

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

2

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Moderate Fund

TIAA-CREF LIFESTYLE FUNDS
LIFESTYLE MODERATE FUND
SCHEDULE OF INVESTMENTS (unaudited)
August 31, 2012

SHARES		COMPANY	VALUE
TIAA-CREF FUNDS - 99.3%(a)
FIXED INCOME - 39.7%
	569,519	TIAA-CREF Bond Plus Fund	$	6,202,067
	9,217	TIAA-CREF High-Yield Fund		93,924
		TOTAL FIXED INCOME		6,295,991
INTERNATIONAL EQUITY - 18.6%
	75,687	TIAA-CREF Emerging Markets Equity Fund		746,269
	108,648	TIAA-CREF Enhanced International Equity Index Fund		713,820
	4,198	TIAA-CREF Global Natural Resources Fund		40,809
	174,666	TIAA-CREF International Equity Fund		1,467,194
		TOTAL INTERNATIONAL EQUITY		2,968,092
U.S. EQUITY - 41.0%
	58,048	TIAA-CREF Enhanced Large-Cap Growth Index Fund		568,292
	68,128	TIAA-CREF Enhanced Large-Cap Value Index Fund		577,722
	133,339	TIAA-CREF Growth & Income Fund		1,388,063
	138,513	TIAA-CREF Large-Cap Growth Fund		1,621,989
	119,995	TIAA-CREF Large-Cap Value Fund		1,646,325
	4,777	TIAA-CREF Mid-Cap Growth Fund		95,832
	6,006	TIAA-CREF Mid-Cap Value Fund		109,906
	34,136	TIAA-CREF Small-Cap Equity Fund		498,726
		TOTAL U.S. EQUITY		6,506,855
		TOTAL TIAA-CREF FUNDS		15,770,938
		(Cost $14,789,413)
		TOTAL INVESTMENTS - 99.3%		15,770,938
		(Cost $14,789,413)
		OTHER ASSETS & LIABILITIES, NET - 0.7%		105,087
		NET ASSETS - 100.0%	$	15,876,025

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

3

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Growth Fund

TIAA-CREF LIFESTYLE FUNDS
LIFESTYLE GROWTH FUND
SCHEDULE OF INVESTMENTS (unaudited)
August 31, 2012

SHARES		COMPANY	VALUE
TIAA-CREF FUNDS - 100.1%(a)
FIXED INCOME - 19.7%
	231,367	TIAA-CREF Bond Plus Fund	$	2,519,589
	7,734	TIAA-CREF High-Yield Fund		78,805
		TOTAL FIXED INCOME		2,598,394
INTERNATIONAL EQUITY - 25.0%
	82,293	TIAA-CREF Emerging Markets Equity Fund		811,413
	127,859	TIAA-CREF Enhanced International Equity Index Fund		840,033
	3,452	TIAA-CREF Global Natural Resources Fund		33,556
	190,922	TIAA-CREF International Equity Fund		1,603,743
		TOTAL INTERNATIONAL EQUITY		3,288,745
U.S. EQUITY - 55.4%
	65,818	TIAA-CREF Enhanced Large-Cap Growth Index Fund		644,354
	77,307	TIAA-CREF Enhanced Large-Cap Value Index Fund		655,563
	148,784	TIAA-CREF Growth & Income Fund		1,548,845
	154,831	TIAA-CREF Large-Cap Growth Fund		1,813,076
	133,664	TIAA-CREF Large-Cap Value Fund		1,833,869
	5,643	TIAA-CREF Mid-Cap Growth Fund		113,208
	7,029	TIAA-CREF Mid-Cap Value Fund		128,635
	38,172	TIAA-CREF Small-Cap Equity Fund		557,689
		TOTAL U.S. EQUITY		7,295,239
		TOTAL TIAA-CREF FUNDS		13,182,378
		(Cost $12,138,257)
		TOTAL INVESTMENTS - 100.1%		13,182,378
		(Cost $12,138,257)
		OTHER ASSETS & LIABILITIES, NET - (0.1)%		(15,162	)
		NET ASSETS - 100.0%	$	13,167,216

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

4

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Aggressive Growth Fund

TIAA-CREF LIFESTYLE FUNDS
LIFESTYLE AGGRESSIVE GROWTH FUND
SCHEDULE OF INVESTMENTS (unaudited)
August 31, 2012

SHARES		COMPANY	VALUE
TIAA-CREF FUNDS - 100.0%(a)
INTERNATIONAL EQUITY - 30.9%
	100,377	TIAA-CREF Emerging Markets Equity Fund	$	989,721
	163,033	TIAA-CREF Enhanced International Equity Index Fund		1,071,126
	3,433	TIAA-CREF Global Natural Resources Fund		33,365
	232,058	TIAA-CREF International Equity Fund		1,949,284
		TOTAL INTERNATIONAL EQUITY		4,043,496
U.S. EQUITY - 69.1%
	82,322	TIAA-CREF Enhanced Large-Cap Growth Index Fund		805,937
	96,642	TIAA-CREF Enhanced Large-Cap Value Index Fund		819,520
	184,354	TIAA-CREF Growth & Income Fund		1,919,125
	191,259	TIAA-CREF Large-Cap Growth Fund		2,239,638
	165,517	TIAA-CREF Large-Cap Value Fund		2,270,891
	7,146	TIAA-CREF Mid-Cap Growth Fund		143,344
	8,893	TIAA-CREF Mid-Cap Value Fund		162,751
	47,131	TIAA-CREF Small-Cap Equity Fund		688,588
		TOTAL U.S. EQUITY		9,049,794
		TOTAL TIAA-CREF FUNDS		13,093,290
		(Cost $11,947,647)
		TOTAL INVESTMENTS - 100.0%		13,093,290
		(Cost $11,947,647)
		OTHER ASSETS & LIABILITIES, NET - 0.0%		3,271
		NET ASSETS - 100.0%	$	13,096,561

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

5

TIAA-CREF Lifestyle Funds – Notes to Schedules of Investments (unaudited)

Note 1—organization and significant accounting policies

The Lifestyle Funds (collectively the “Funds,” each individually referred to as a “Fund”) are a sub-family of mutual funds offered by the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust, that is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company.

Each Fund is a “fund of funds” that diversifies its assets by investing in Institutional Class shares of other funds of the Trust and potentially other investment pools or investment products. The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, Inc. (“Advisors”), a wholly owned indirect subsidiary of TIAA, which is registered with the Commission as an investment adviser, provides investment management services for the Funds. The Funds offer Institutional, Retirement, Retail and Premier Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

The accompanying schedules of investments 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. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Funds.

Security valuation: The Funds’ investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the schedules of investments.

Investment transactions: Securities transactions are accounted for as of the trade date for financial reporting purposes.

Transactions with affiliates: The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board of Trustees (“Board”), pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.

Note 2—valuation of investments

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

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

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

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

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

A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value follows:

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

Transfers between levels are recognized at the end of the reporting period. For the period ended August 31, 2012, there were no transfers between levels by the Funds.

6

TIAA-CREF Lifestyle Funds – Notes to Schedules of Investments (unaudited)

As of August 31, 2012, all of the investments in the Lifestyle Funds were valued based on Level 1 inputs.

Note 3—affiliates

Investments in other investment companies advised by Advisors are deemed to be affiliated investments. The Funds invest their assets in Institutional Class shares of the affiliated TIAA-CREF Funds. Information regarding transactions with affiliated companies is as follows:

Issue	Value at May 31, 2012		Purchase cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2012
Lifestyle Income
TIAA-CREF Bond	$	2,257,836	$	383,805	$	136,795	$	(335	)	$	15,621	$	2,554,522
TIAA-CREF Bond Plus		2,255,725		405,592		80,849		61			18,799		2,633,229
TIAA-CREF Emerging Markets Equity		159,376		103,023		19,529		(1,039	)		—		252,201
TIAA-CREF Enhanced International Equity Index		200,357		33,363		146,035		6,055			—		110,834
TIAA-CREF Enhanced Large-Cap Growth Index		145,307		25,356		44,015		1,562			—		136,392
TIAA-CREF Enhanced Large-Cap Value Index		140,011		27,503		40,626		1,695			—		139,026
TIAA-CREF Global Natural Resources		—		35,017		—		—			—		34,146
TIAA-CREF Growth & Income		324,254		63,590		27,170		(255	)		1,174		386,864
TIAA-CREF High-Yield		—		79,667		1,362		—			235		78,555
TIAA-CREF International Equity		299,413		194,121		31,910		(960	)		—		497,346
TIAA-CREF Large-Cap Growth		388,265		77,137		40,139		(382	)		—		452,075
TIAA-CREF Large-Cap Value		373,279		84,150		29,162		(174	)		—		458,852
TIAA-CREF Mid-Cap Growth		28,522		4,563		19,093		1,483			—		15,690
TIAA-CREF Mid-Cap Value		28,581		6,171		17,016		1,254			—		19,635
TIAA-CREF Short-Term Bond		4,482,668		891,798		159,076		2			18,833		5,256,992
TIAA-CREF Small-Cap Equity		118,978		24,552		12,712		(91	)		—		138,995
	$	11,202,572	$	2,439,408	$	805,489	$	8,876		$	54,662	$	13,165,354
Lifestyle Conservative
TIAA-CREF Bond	$	1,243,794	$	326,382	$	72,433	$	(347	)	$	9,090	$	1,527,497
TIAA-CREF Bond Plus		3,726,989		1,065,839		13,424		(8	)		33,011		4,874,742
TIAA-CREF Emerging Markets Equity		353,591		168,781		2,084		(168	)		—		542,651
TIAA-CREF Enhanced International Equity Index		444,444		90,768		145,288		4,773			—		441,787
TIAA-CREF Enhanced Large-Cap Growth Index		321,666		70,345		34,487		29			—		380,038
TIAA-CREF Enhanced Large-Cap Value Index		310,067		83,284		34,450		777			—		386,737
TIAA-CREF Global Natural Resources		—		42,022		—		—			—		40,936
TIAA-CREF Growth & Income		718,002		180,433		—		—			2,705		958,878
TIAA-CREF High-Yield		—		97,204		426		—			268		97,084
TIAA-CREF International Equity		663,840		334,100		5,338		(548	)		—		1,073,716
TIAA-CREF Large-Cap Growth		859,601		204,648		744		(33	)		—		1,124,765
TIAA-CREF Large-Cap Value		826,716		241,134		—		—			—		1,137,853
TIAA-CREF Mid-Cap Growth		63,129		11,594		18,521		621			—		60,194
TIAA-CREF Mid-Cap Value		63,329		19,861		17,940		509			—		69,580
TIAA-CREF Short-Term Bond		2,480,542		748,072		7,381		(2	)		11,017		3,246,210
TIAA-CREF Small-Cap Equity		263,426		63,849		74		(1	)		—		345,570
	$	12,339,136	$	3,748,316	$	352,590	$	5,602		$	56,091	$	16,308,238
Lifestyle Moderate
TIAA-CREF Bond Plus	$	5,236,196	$	1,234,494	$	391,406	$	(164	)	$	42,865	$	6,202,067
TIAA-CREF Emerging Markets Equity		559,642		184,716		31,733		(3,680	)		—		746,269
TIAA-CREF Enhanced International Equity Index		703,796		109,980		175,828		640			—		713,820
TIAA-CREF Enhanced Large-Cap Growth Index		508,560		83,244		56,088		(640	)		—		568,292
TIAA-CREF Enhanced Large-Cap Value Index		490,136		102,728		55,619		(84	)		—		577,722
TIAA-CREF Global Natural Resources		—		41,841		—		—			—		40,809
TIAA-CREF Growth & Income		1,135,408		219,282		53,938		(2,473	)		4,076		1,388,063
TIAA-CREF High-Yield		—		93,632		—		—			242		93,924
TIAA-CREF International Equity		1,050,298		363,328		63,886		(6,521	)		—		1,467,194
TIAA-CREF Large-Cap Growth		1,358,395		237,961		62,364		(3,568	)		—		1,621,989
TIAA-CREF Large-Cap Value		1,307,283		302,454		65,249		(2,766	)		—		1,646,325
TIAA-CREF Mid-Cap Growth		99,705		13,628		23,206		230			—		95,832
TIAA-CREF Mid-Cap Value		100,050		25,056		21,460		222			—		109,906
TIAA-CREF Small-Cap Equity		416,445		76,776		20,971		(1,698	)		—		498,726
	$	12,965,914	$	3,089,120	$	1,021,748	$	(20,502	)	$	47,183	$	15,770,938

7

TIAA-CREF Lifestyle Funds – Notes to Schedules of Investments (unaudited)

Issue	Value at May 31, 2012		Purchase cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2012
Lifestyle Growth
TIAA-CREF Bond Plus	$	2,353,777	$	274,363	$	162,277	$	167		$	19,089	$	2,519,589
TIAA-CREF Emerging Markets Equity		660,944		121,244		11,975		(943	)		—		811,413
TIAA-CREF Enhanced International Equity Index		831,086		54,375		136,393		2,248			—		840,033
TIAA-CREF Enhanced Large-Cap Growth Index		606,535		37,463		38,847		432			—		644,354
TIAA-CREF Enhanced Large-Cap Value Index		585,339		60,032		38,265		785			—		655,563
TIAA-CREF Global Natural Resources		—		34,906		465		(6	)		—		33,556
TIAA-CREF Growth & Income		1,355,207		112,425		23,511		(91	)		4,781		1,548,845
TIAA-CREF High-Yield		—		78,731		201		(1	)		209		78,805
TIAA-CREF International Equity		1,242,169		237,806		15,974		(878	)		—		1,603,743
TIAA-CREF Large-Cap Growth		1,623,310		110,443		26,371		(531	)		—		1,813,076
TIAA-CREF Large-Cap Value		1,558,962		183,574		30,966		(137	)		—		1,833,869
TIAA-CREF Mid-Cap Growth		119,329		6,245		19,193		938			—		113,208
TIAA-CREF Mid-Cap Value		119,299		18,814		16,906		420			—		128,635
TIAA-CREF Small-Cap Equity		497,068		37,366		8,393		(304	)		—		557,689
	$	11,553,025	$	1,367,787	$	529,737	$	2,099		$	24,079	$	13,182,378
Lifestyle Aggressive Growth
TIAA-CREF Emerging Markets Equity	$	808,679	$	152,809	$	22,852	$	(2,560	)	$	—	$	989,721
TIAA-CREF Enhanced International Equity Index		1,017,986		89,260		148,762		(2,067	)		—		1,071,126
TIAA-CREF Enhanced Large-Cap Growth Index		750,159		53,417		46,302		(33	)		—		805,937
TIAA-CREF Enhanced Large-Cap Value Index		723,269		80,340		44,233		501			—		819,520
TIAA-CREF Global Natural Resources		—		35,067		818		(2	)		—		33,365
TIAA-CREF Growth & Income		1,676,453		145,921		32,968		(697	)		6,132		1,919,125
TIAA-CREF International Equity		1,518,553		289,551		32,136		(2,807	)		—		1,949,284
TIAA-CREF Large-Cap Growth		2,000,715		149,949		41,536		(1,099	)		—		2,239,638
TIAA-CREF Large-Cap Value		1,926,192		240,188		46,988		(768	)		—		2,270,891
TIAA-CREF Mid-Cap Growth		147,359		9,443		21,915		422			—		143,344
TIAA-CREF Mid-Cap Value		147,432		24,222		18,154		308			—		162,751
TIAA-CREF Small-Cap Equity		614,579		47,434		12,761		(707	)		—		688,588
	$	11,331,376	$	1,317,601	$	469,425	$	(9,509	)	$	6,132	$	13,093,290

Note 4—investments

Net unrealized appreciation (depreciation): At August 31, 2012, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

Fund	Book cost		Gross unrealized appreciation		Gross unrealized (depreciation)			Net unrealized appreciation (depreciation)
Lifestyle Income	$	12,659,082	$	507,142	$	(870	)	$	506,272
Lifestyle Conservative		15,528,205		781,120		(1,087	)		780,033
Lifestyle Moderate		14,789,413		982,558		(1,033	)		981,525
Lifestyle Growth		12,138,257		1,045,000		(879	)		1,044,121
Lifestyle Aggressive Growth		11,947,647		1,146,526		(883	)		1,145,643

8

TIAA-CREF Funds – Managed Allocation Fund

TIAA-CREF FUNDS

MANAGED ALLOCATION FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 100.0%(a)
FIXED INCOME - 39.4%
20,990,925	TIAA-CREF Bond Plus Fund	$	228,591,176
342,411	TIAA-CREF High-Yield Fund		3,489,164
	TOTAL FIXED INCOME		232,080,340
INTERNATIONAL EQUITY - 15.9%
2,616,535	TIAA-CREF Emerging Markets Equity Fund		25,799,032
4,149,658	TIAA-CREF Enhanced International Equity Index Fund		27,263,252
148,114	TIAA-CREF Global Natural Resources Fund		1,439,671
4,681,132	TIAA-CREF International Equity Fund		39,321,511
	TOTAL INTERNATIONAL EQUITY		93,823,466
U.S. EQUITY - 44.7%
4,852,190	TIAA-CREF Enhanced Large-Cap Growth Index Fund		47,502,945
5,696,180	TIAA-CREF Enhanced Large-Cap Value Index Fund		48,303,605
4,037,077	TIAA-CREF Growth & Income Fund		42,025,969
4,193,376	TIAA-CREF Large-Cap Growth Fund		49,104,438
3,623,612	TIAA-CREF Large-Cap Value Fund		49,715,957
138,472	TIAA-CREF Mid-Cap Growth Fund		2,777,741
173,811	TIAA-CREF Mid-Cap Value Fund		3,180,743
1,377,841	TIAA-CREF Small-Cap Equity Fund		20,130,263
	TOTAL U.S. EQUITY		262,741,661
	TOTAL TIAA-CREF FUNDS		588,645,467
	(Cost $559,254,330)
	TOTAL INVESTMENTS - 100.0%		588,645,467
	(Cost $559,254,330)
	OTHER ASSETS & LIABILITIES, NET - 0.0%		(126,423	)
	NET ASSETS - 100.0%	$	588,519,044

^(a) The Fund invests it’s assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

1

TIAA-CREF Managed Allocation Fund – Notes to Schedule of Investments (unaudited)

Note 1—organization and significant accounting policies

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

The Fund offers its shares, without a sales load, through its principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, Inc. (“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 three share classes: Institutional, 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 schedule of investments was 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. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Fund.

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

Investment transactions: Securities transactions are accounted for as of the trade date for financial reporting purposes.

Transactions with affiliates: The Fund may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board of Trustees (“Board”), pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.

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

A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value follows:

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

Transfers between levels are recognized at the end of the reporting period. For the period ended August 31, 2012, there were no transfers between levels by the Fund.

As of August 31, 2012, all of the investments in the Fund were valued based on Level 1 inputs.

2

TIAA-CREF Managed Allocation Fund – Notes to Schedule of Investments (unaudited)

Note 3—affiliates

Investments in other investment companies advised by Advisors are deemed to be affiliated investments. The Funds invest their assets in Institutional Class shares of the affiliated TIAA-CREF Funds. Information regarding transactions with affiliated companies is as follows:

Issue	Value at May 31, 2012		Purchase cost		Sales proceeds		Realized gain (loss)		Dividend income		Value at August 31, 2012
Managed Allocation
TIAA-CREF Bond Plus	$	227,702,125	$	7,494,647	$	11,657,016	$	927,590	$	1,778,787	$	228,591,176
TIAA-CREF Emerging Markets Equity		21,825,293		3,752,439		1,087,336		57,241		—		25,799,032
TIAA-CREF Enhanced International Equity Index		30,609,757		364,239		6,965,185		417,446		—		27,263,252
TIAA-CREF Enhanced Large-Cap Growth Index		47,166,686		280,540		2,873,918		888,362		—		47,502,945
TIAA-CREF Enhanced Large-Cap Value Index		45,449,291		687,550		1,457,153		398,887		—		48,303,605
TIAA-CREF Global Natural Resources		—		1,479,403		—		—		—		1,439,671
TIAA-CREF Growth & Income		39,485,727		184,083		570,756		217,750		137,896		42,025,969
TIAA-CREF High-Yield		—		3,477,741		—		—		9,305		3,489,164
TIAA-CREF International Equity		30,422,817		6,678,103		1,085,813		72,875		—		39,321,511
TIAA-CREF Large-Cap Growth		47,190,572		412,901		1,442,146		169,338		—		49,104,438
TIAA-CREF Large-Cap Value		45,525,764		840,321		73,864		12,662		—		49,715,957
TIAA-CREF Mid-Cap Growth		3,467,641		57,538		935,836		431,443		—		2,777,741
TIAA-CREF Mid-Cap Value		3,486,992		197,874		709,707		299,480		—		3,180,743
TIAA-CREF Small-Cap Equity		19,308,982		371,403		750,734		177,001		—		20,130,263
	$	561,641,647	$	26,278,782	$	29,609,464	$	4,070,075	$	1,925,988	$	588,645,467

Note 4—investments

Net unrealized appreciation (depreciation): At August 31, 2012, the cost of portfolio investments for federal income tax purposes was $ 559,254,330. Net unrealized appreciation (depreciation) of portfolio investments for federal income tax purposes was $ 29,391,137, consisting of gross unrealized appreciation of $ 49,524,543 and gross unrealized depreciation of $ (20,133,406).

3

Item 2. 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 quarterly reporting period.

          (b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

3(a) Section 302 certification of the principal executive officer

3(b) Section 302 certification of the 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
Date: October 15, 2012	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		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.
Date: October 15, 2012	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		Principal Executive Officer and President
		(principal executive officer)
Date: October 15, 2012	By:	/s/ Phillip G. Goff
		Phillip G. Goff
		Principal Financial Officer, Principal Accounting
		Officer and Treasurer
		(principal financial officer)

EXHIBIT LIST

Item 3. Exhibits.

3(a) Section 302 certification of the principal executive officer
3(b) Section 302 certification of the principal financial officer

EX-99.CERT

Exhibit 3(a)

CERTIFICATION

I, Roger W. Ferguson, Jr., certify that:

1. I have reviewed this report on Form N-Q of the TIAA-CREF Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: October 15, 2012	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		Principal Executive Officer and President   (principal executive officer)

Exhibit 3(b)

CERTIFICATION

I, Phillip G. Goff, certify that:

1. I have reviewed this report on Form N-Q of the TIAA-CREF Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: October 15, 2012	By:	/s/ Phillip G. Goff
		Phillip G. Goff
		Principal Financial Officer, Principal
		Accounting Officer and Treasurer
		(principal financial officer)