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)

Terry H. Lin, 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, 2015

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, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 99.9%(a)
FIXED INCOME - 40.6%
	8,890,902	TIAA-CREF Bond Fund	$	92,643,198
	3,925,117	TIAA-CREF Bond Plus Fund		41,252,975
	401,059	TIAA-CREF Emerging Markets Debt Fund		3,761,932
	1,178,966	TIAA-CREF High-Yield Fund		11,200,178
		TOTAL FIXED INCOME		148,858,283
INFLATION-PROTECTED ASSETS - 10.0%
	3,249,552	TIAA-CREF Inflation-Linked Bond Fund		36,752,432
		TOTAL INFLATION-PROTECTED ASSETS		36,752,432
INTERNATIONAL EQUITY - 13.0%
	1,004,152	TIAA-CREF Emerging Markets Equity Fund		8,756,206
	1,648,508	TIAA-CREF Enhanced International Equity Index Fund		11,770,344
	279,154	TIAA-CREF Global Natural Resources Fund		2,046,197
	1,321,765	TIAA-CREF International Equity Fund		14,248,631
	1,048,680	TIAA-CREF International Opportunities Fund		10,979,680
		TOTAL INTERNATIONAL EQUITY		47,801,058
SHORT-TERM FIXED INCOME - 10.0%
	27,890	TIAA-CREF Money Market Fund		27,890
	3,560,785	TIAA-CREF Short-Term Bond Fund		36,818,512
		TOTAL SHORT-TERM FIXED INCOME		36,846,402
U.S. EQUITY - 26.3%
	1,584,227	TIAA-CREF Enhanced Large-Cap Growth Index Fund		18,107,717
	1,774,852	TIAA-CREF Enhanced Large-Cap Value Index Fund		17,269,310
	1,291,835	TIAA-CREF Growth & Income Fund		15,476,187
	1,204,367	TIAA-CREF Large-Cap Growth Fund		18,607,478
	1,073,519	TIAA-CREF Large-Cap Value Fund		18,303,503
	13,360	TIAA-CREF Mid-Cap Growth Fund		284,166
	11,879	TIAA-CREF Mid-Cap Value Fund		275,225
	470,523	TIAA-CREF Small-Cap Equity Fund		8,107,110
		TOTAL U.S. EQUITY		96,430,696
		TOTAL TIAA-CREF FUNDS		366,688,871
		(Cost $348,014,762)
		TOTAL INVESTMENTS - 99.9%		366,688,871
		(Cost $348,014,762)
		OTHER ASSETS & LIABILITIES, NET - 0.1%		330,390
		NET ASSETS - 100.0%	$	367,019,261

(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, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 99.9%(a)
FIXED INCOME - 39.6%
	24,634,282	TIAA-CREF Bond Fund	$	256,689,222
	11,377,993	TIAA-CREF Bond Plus Fund		119,582,707
	1,131,619	TIAA-CREF Emerging Markets Debt Fund		10,614,584
	3,394,259	TIAA-CREF High-Yield Fund		32,245,464
		TOTAL FIXED INCOME		419,131,977
INFLATION-PROTECTED ASSETS - 8.1%
	7,561,749	TIAA-CREF Inflation-Linked Bond Fund		85,523,383
		TOTAL INFLATION-PROTECTED ASSETS		85,523,383
INTERNATIONAL EQUITY - 14.5%
	3,168,220	TIAA-CREF Emerging Markets Equity Fund		27,626,877
	5,346,045	TIAA-CREF Enhanced International Equity Index Fund		38,170,764
	889,877	TIAA-CREF Global Natural Resources Fund		6,522,800
	4,203,504	TIAA-CREF International Equity Fund		45,313,775
	3,390,135	TIAA-CREF International Opportunities Fund		35,494,713
		TOTAL INTERNATIONAL EQUITY		153,128,929
SHORT-TERM FIXED INCOME - 8.1%
	58,957	TIAA-CREF Money Market Fund		58,957
	8,285,960	TIAA-CREF Short-Term Bond Fund		85,676,828
		TOTAL SHORT-TERM FIXED INCOME		85,735,785
U.S. EQUITY - 29.6%
	5,155,515	TIAA-CREF Enhanced Large-Cap Growth Index Fund		58,927,534
	5,778,401	TIAA-CREF Enhanced Large-Cap Value Index Fund		56,223,844
	4,193,704	TIAA-CREF Growth & Income Fund		50,240,578
	3,915,013	TIAA-CREF Large-Cap Growth Fund		60,486,955
	3,465,216	TIAA-CREF Large-Cap Value Fund		59,081,940
	61,648	TIAA-CREF Mid-Cap Growth Fund		1,311,261
	55,436	TIAA-CREF Mid-Cap Value Fund		1,284,455
	1,521,868	TIAA-CREF Small-Cap Equity Fund		26,221,791
		TOTAL U.S. EQUITY		313,778,358
		TOTAL TIAA-CREF FUNDS		1,057,298,432
		(Cost $951,708,160)
		TOTAL INVESTMENTS - 99.9%		1,057,298,432
		(Cost $951,708,160)
		OTHER ASSETS & LIABILITIES, NET - 0.1%		1,362,084
		NET ASSETS - 100.0%	$	1,058,660,516

(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, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 99.8%(a)
FIXED INCOME - 38.6%
	37,745,896	TIAA-CREF Bond Fund	$	393,312,236
	18,248,559	TIAA-CREF Bond Plus Fund		191,792,355
	1,850,866	TIAA-CREF Emerging Markets Debt Fund		17,361,125
	5,478,594	TIAA-CREF High-Yield Fund		52,046,639
		TOTAL FIXED INCOME		654,512,355
INFLATION-PROTECTED ASSETS - 6.1%
	9,113,672	TIAA-CREF Inflation-Linked Bond Fund		103,075,634
		TOTAL INFLATION-PROTECTED ASSETS		103,075,634
INTERNATIONAL EQUITY - 15.9%
	5,498,044	TIAA-CREF Emerging Markets Equity Fund		47,942,947
	9,523,835	TIAA-CREF Enhanced International Equity Index Fund		68,000,178
	1,602,104	TIAA-CREF Global Natural Resources Fund		11,743,420
	7,382,687	TIAA-CREF International Equity Fund		79,585,365
	6,037,638	TIAA-CREF International Opportunities Fund		63,214,072
		TOTAL INTERNATIONAL EQUITY		270,485,982
SHORT-TERM FIXED INCOME - 6.1%
	143,146	TIAA-CREF Money Market Fund		143,146
	9,986,576	TIAA-CREF Short-Term Bond Fund		103,261,199
		TOTAL SHORT-TERM FIXED INCOME		103,404,345
U.S. EQUITY - 33.1%
	9,232,406	TIAA-CREF Enhanced Large-Cap Growth Index Fund		105,526,400
	10,350,983	TIAA-CREF Enhanced Large-Cap Value Index Fund		100,715,069
	7,495,112	TIAA-CREF Growth & Income Fund		89,791,448
	6,999,350	TIAA-CREF Large-Cap Growth Fund		108,139,956
	6,175,195	TIAA-CREF Large-Cap Value Fund		105,287,069
	137,079	TIAA-CREF Mid-Cap Growth Fund		2,915,661
	124,006	TIAA-CREF Mid-Cap Value Fund		2,873,208
	2,711,407	TIAA-CREF Small-Cap Equity Fund		46,717,549
		TOTAL U.S. EQUITY		561,966,360
		TOTAL TIAA-CREF FUNDS		1,693,444,676
		(Cost $1,677,683,079)
		TOTAL INVESTMENTS - 99.8%		1,693,444,676
		(Cost $1,677,683,079)
		OTHER ASSETS & LIABILITIES, NET - 0.2%		2,700,661
		NET ASSETS - 100.0%	$	1,696,145,337

(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, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 99.8%(a)
FIXED INCOME - 34.7%
	50,401,545	TIAA-CREF Bond Fund	$	525,184,094
	29,488,624	TIAA-CREF Bond Plus Fund		309,925,437
	3,014,170	TIAA-CREF Emerging Markets Debt Fund		28,272,912
	8,851,980	TIAA-CREF High-Yield Fund		84,093,814
		TOTAL FIXED INCOME		947,476,257
INFLATION-PROTECTED ASSETS - 4.1%
	9,843,441	TIAA-CREF Inflation-Linked Bond Fund		111,329,316
		TOTAL INFLATION-PROTECTED ASSETS		111,329,316
INTERNATIONAL EQUITY - 18.3%
	9,987,493	TIAA-CREF Emerging Markets Equity Fund		87,090,935
	17,865,639	TIAA-CREF Enhanced International Equity Index Fund		127,560,659
	2,971,281	TIAA-CREF Global Natural Resources Fund		21,779,488
	13,539,643	TIAA-CREF International Equity Fund		145,957,357
	11,265,254	TIAA-CREF International Opportunities Fund		117,947,211
		TOTAL INTERNATIONAL EQUITY		500,335,650
SHORT-TERM FIXED INCOME - 4.1%
	191,589	TIAA-CREF Money Market Fund		191,589
	10,786,242	TIAA-CREF Short-Term Bond Fund		111,529,738
		TOTAL SHORT-TERM FIXED INCOME		111,721,327
U.S. EQUITY - 38.6%
	17,342,338	TIAA-CREF Enhanced Large-Cap Growth Index Fund		198,222,924
	19,451,408	TIAA-CREF Enhanced Large-Cap Value Index Fund		189,262,203
	13,949,778	TIAA-CREF Growth & Income Fund		167,118,337
	13,141,647	TIAA-CREF Large-Cap Growth Fund		203,038,442
	11,539,804	TIAA-CREF Large-Cap Value Fund		196,753,662
	318,299	TIAA-CREF Mid-Cap Growth Fund		6,770,215
	289,130	TIAA-CREF Mid-Cap Value Fund		6,699,137
	5,061,712	TIAA-CREF Small-Cap Equity Fund		87,213,289
		TOTAL U.S. EQUITY		1,055,078,209
		TOTAL TIAA-CREF FUNDS		2,725,940,759
		(Cost $2,673,501,465)
		TOTAL INVESTMENTS - 99.8%		2,725,940,759
		(Cost $2,673,501,465)
		OTHER ASSETS & LIABILITIES, NET - 0.2%		6,158,773
		NET ASSETS - 100.0%	$	2,732,099,532

(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, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 99.9%(a)
FIXED INCOME - 30.7%
	37,862,999	TIAA-CREF Bond Fund	$	394,532,447
	30,095,424	TIAA-CREF Bond Plus Fund		316,302,911
	2,971,950	TIAA-CREF Emerging Markets Debt Fund		27,876,888
	12,022,347	TIAA-CREF High-Yield Fund		114,212,292
		TOTAL FIXED INCOME		852,924,538
INFLATION-PROTECTED ASSETS - 2.1%
	5,097,129	TIAA-CREF Inflation-Linked Bond Fund		57,648,528
		TOTAL INFLATION-PROTECTED ASSETS		57,648,528
INTERNATIONAL EQUITY - 20.8%
	11,270,020	TIAA-CREF Emerging Markets Equity Fund		98,274,577
	20,756,163	TIAA-CREF Enhanced International Equity Index Fund		148,199,005
	3,568,669	TIAA-CREF Global Natural Resources Fund		26,158,345
	15,478,185	TIAA-CREF International Equity Fund		166,854,830
	13,053,802	TIAA-CREF International Opportunities Fund		136,673,305
		TOTAL INTERNATIONAL EQUITY		576,160,062
SHORT-TERM FIXED INCOME - 2.1%
	187,742	TIAA-CREF Money Market Fund		187,742
	5,585,263	TIAA-CREF Short-Term Bond Fund		57,751,618
		TOTAL SHORT-TERM FIXED INCOME		57,939,360
U.S. EQUITY - 44.2%
	20,198,274	TIAA-CREF Enhanced Large-Cap Growth Index Fund		230,866,276
	22,661,313	TIAA-CREF Enhanced Large-Cap Value Index Fund		220,494,579
	16,232,181	TIAA-CREF Growth & Income Fund		194,461,526
	15,260,997	TIAA-CREF Large-Cap Growth Fund		235,782,406
	13,334,494	TIAA-CREF Large-Cap Value Fund		227,353,121
	424,516	TIAA-CREF Mid-Cap Growth Fund		9,029,451
	386,387	TIAA-CREF Mid-Cap Value Fund		8,952,588
	5,867,321	TIAA-CREF Small-Cap Equity Fund		101,093,948
		TOTAL U.S. EQUITY		1,228,033,895
		TOTAL TIAA-CREF FUNDS		2,772,706,383
		(Cost $2,694,623,089)
		TOTAL INVESTMENTS - 99.9%		2,772,706,383
		(Cost $2,694,623,089)
		OTHER ASSETS & LIABILITIES, NET - 0.1%		3,945,262
		NET ASSETS - 100.0%	$	2,776,651,645

(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, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 99.8%(a)
FIXED INCOME - 26.7%
	26,206,407	TIAA-CREF Bond Fund	$	273,070,759
	26,492,050	TIAA-CREF Bond Plus Fund		278,431,449
	2,875,756	TIAA-CREF Emerging Markets Debt Fund		26,974,592
	14,642,538	TIAA-CREF High-Yield Fund		139,104,111
		TOTAL FIXED INCOME		717,580,911
INFLATION-PROTECTED ASSETS - 0.1%
	170,781	TIAA-CREF Inflation-Linked Bond Fund		1,931,537
		TOTAL INFLATION-PROTECTED ASSETS		1,931,537
INTERNATIONAL EQUITY - 23.1%
	12,009,128	TIAA-CREF Emerging Markets Equity Fund		104,719,593
	22,561,681	TIAA-CREF Enhanced International Equity Index Fund		161,090,403
	3,866,140	TIAA-CREF Global Natural Resources Fund		28,338,809
	16,621,294	TIAA-CREF International Equity Fund		179,177,545
	14,167,838	TIAA-CREF International Opportunities Fund		148,337,268
		TOTAL INTERNATIONAL EQUITY		621,663,618
SHORT-TERM FIXED INCOME - 0.1%
	180,564	TIAA-CREF Money Market Fund		180,564
	186,961	TIAA-CREF Short-Term Bond Fund		1,933,179
		TOTAL SHORT-TERM FIXED INCOME		2,113,743
U.S. EQUITY - 49.8%
	22,010,171	TIAA-CREF Enhanced Large-Cap Growth Index Fund		251,576,254
	24,699,952	TIAA-CREF Enhanced Large-Cap Value Index Fund		240,330,537
	17,695,573	TIAA-CREF Growth & Income Fund		211,992,969
	16,601,461	TIAA-CREF Large-Cap Growth Fund		256,492,569
	14,457,084	TIAA-CREF Large-Cap Value Fund		246,493,278
	508,056	TIAA-CREF Mid-Cap Growth Fund		10,806,349
	463,040	TIAA-CREF Mid-Cap Value Fund		10,728,626
	6,370,107	TIAA-CREF Small-Cap Equity Fund		109,756,939
		TOTAL U.S. EQUITY		1,338,177,521
		TOTAL TIAA-CREF FUNDS		2,681,467,330
		(Cost $2,574,695,598)
		TOTAL INVESTMENTS - 99.8%		2,681,467,330
		(Cost $2,574,695,598)
		OTHER ASSETS & LIABILITIES, NET - 0.2%		4,843,204
		NET ASSETS - 100.0%	$	2,686,310,534

(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, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 99.8%(a)
FIXED INCOME - 18.8%
	16,392,120	TIAA-CREF Bond Fund	$	170,805,887
	16,155,837	TIAA-CREF Bond Plus Fund		169,797,852
	3,015,689	TIAA-CREF Emerging Markets Debt Fund		28,287,166
	14,215,261	TIAA-CREF High-Yield Fund		135,044,981
		TOTAL FIXED INCOME		503,935,886
INTERNATIONAL EQUITY - 25.5%
	13,039,194	TIAA-CREF Emerging Markets Equity Fund		113,701,774
	24,731,641	TIAA-CREF Enhanced International Equity Index Fund		176,583,914
	4,269,849	TIAA-CREF Global Natural Resources Fund		31,297,995
	18,196,248	TIAA-CREF International Equity Fund		196,155,552
	15,645,166	TIAA-CREF International Opportunities Fund		163,804,889
		TOTAL INTERNATIONAL EQUITY		681,544,124
SHORT-TERM FIXED INCOME - 0.0%
	186,515	TIAA-CREF Money Market Fund		186,515
		TOTAL SHORT-TERM FIXED INCOME		186,515
U.S. EQUITY - 55.5%
	24,383,136	TIAA-CREF Enhanced Large-Cap Growth Index Fund		278,699,243
	27,367,973	TIAA-CREF Enhanced Large-Cap Value Index Fund		266,290,375
	19,657,736	TIAA-CREF Growth & Income Fund		235,499,673
	18,339,658	TIAA-CREF Large-Cap Growth Fund		283,347,715
	16,036,546	TIAA-CREF Large-Cap Value Fund		273,423,104
	603,081	TIAA-CREF Mid-Cap Growth Fund		12,827,525
	550,185	TIAA-CREF Mid-Cap Value Fund		12,747,790
	7,036,064	TIAA-CREF Small-Cap Equity Fund		121,231,384
		TOTAL U.S. EQUITY		1,484,066,809
		TOTAL TIAA-CREF FUNDS		2,669,733,334
		(Cost $2,538,180,467)
		TOTAL INVESTMENTS - 99.8%		2,669,733,334
		(Cost $2,538,180,467)
		OTHER ASSETS & LIABILITIES, NET - 0.2%		4,556,979
		NET ASSETS - 100.0%	$	2,674,290,313

(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, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 99.8%(a)
FIXED INCOME - 10.5%
	402,067	TIAA-CREF Bond Fund	$	4,189,539
	13,979,903	TIAA-CREF Bond Plus Fund		146,928,776
	3,889,993	TIAA-CREF Emerging Markets Debt Fund		36,488,131
	18,168,138	TIAA-CREF High-Yield Fund		172,597,310
		TOTAL FIXED INCOME		360,203,756
INTERNATIONAL EQUITY - 28.0%
	18,098,293	TIAA-CREF Emerging Markets Equity Fund		157,817,111
	35,204,819	TIAA-CREF Enhanced International Equity Index Fund		251,362,411
	6,040,363	TIAA-CREF Global Natural Resources Fund		44,275,861
	25,348,376	TIAA-CREF International Equity Fund		273,255,493
	21,952,081	TIAA-CREF International Opportunities Fund		229,838,291
		TOTAL INTERNATIONAL EQUITY		956,549,167
SHORT-TERM FIXED INCOME - 0.0%
	273,445	TIAA-CREF Money Market Fund		273,445
		TOTAL SHORT-TERM FIXED INCOME		273,445
U.S. EQUITY - 61.3%
	34,301,729	TIAA-CREF Enhanced Large-Cap Growth Index Fund		392,068,758
	38,507,147	TIAA-CREF Enhanced Large-Cap Value Index Fund		374,674,536
	27,772,987	TIAA-CREF Growth & Income Fund		332,720,385
	25,881,580	TIAA-CREF Large-Cap Growth Fund		399,870,415
	22,617,588	TIAA-CREF Large-Cap Value Fund		385,629,883
	894,629	TIAA-CREF Mid-Cap Growth Fund		19,028,766
	816,610	TIAA-CREF Mid-Cap Value Fund		18,920,862
	9,874,360	TIAA-CREF Small-Cap Equity Fund		170,135,228
		TOTAL U.S. EQUITY		2,093,048,833
		TOTAL TIAA-CREF FUNDS		3,410,075,201
		(Cost $3,202,989,438)
		TOTAL INVESTMENTS - 99.8%		3,410,075,201
		(Cost $3,202,989,438)
		OTHER ASSETS & LIABILITIES, NET - 0.2%		7,002,841
		NET ASSETS - 100.0%	$	3,417,078,042

(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, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 99.7%(a)
FIXED INCOME - 10.4%
	5,335,636	TIAA-CREF Bond Plus Fund	$	56,077,531
	1,481,636	TIAA-CREF Emerging Markets Debt Fund		13,897,745
	6,942,964	TIAA-CREF High-Yield Fund		65,958,162
		TOTAL FIXED INCOME		135,933,438
INTERNATIONAL EQUITY - 28.0%
	6,937,580	TIAA-CREF Emerging Markets Equity Fund		60,495,702
	13,495,753	TIAA-CREF Enhanced International Equity Index Fund		96,359,677
	2,316,299	TIAA-CREF Global Natural Resources Fund		16,978,470
	9,713,738	TIAA-CREF International Equity Fund		104,714,092
	8,413,949	TIAA-CREF International Opportunities Fund		88,094,049
		TOTAL INTERNATIONAL EQUITY		366,641,990
SHORT-TERM FIXED INCOME - 0.0%
	81,021	TIAA-CREF Money Market Fund		81,021
		TOTAL SHORT-TERM FIXED INCOME		81,021
U.S. EQUITY - 61.3%
	13,149,624	TIAA-CREF Enhanced Large-Cap Growth Index Fund		150,300,203
	14,760,880	TIAA-CREF Enhanced Large-Cap Value Index Fund		143,623,358
	10,631,229	TIAA-CREF Growth & Income Fund		127,362,127
	9,886,978	TIAA-CREF Large-Cap Growth Fund		152,753,806
	8,604,024	TIAA-CREF Large-Cap Value Fund		146,698,604
	343,498	TIAA-CREF Mid-Cap Growth Fund		7,306,212
	313,542	TIAA-CREF Mid-Cap Value Fund		7,264,772
	3,784,691	TIAA-CREF Small-Cap Equity Fund		65,210,231
		TOTAL U.S. EQUITY		800,519,313
		TOTAL TIAA-CREF FUNDS		1,303,175,762
		(Cost $1,224,476,643)
		TOTAL INVESTMENTS - 99.7%		1,303,175,762
		(Cost $1,224,476,643)
		OTHER ASSETS & LIABILITIES, NET - 0.3%		3,648,410
		NET ASSETS - 100.0%	$	1,306,824,172

(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, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 99.7%(a)
FIXED INCOME - 10.4%
	3,111,903	TIAA-CREF Bond Plus Fund	$	32,706,103
	866,536	TIAA-CREF Emerging Markets Debt Fund		8,128,103
	4,074,746	TIAA-CREF High-Yield Fund		38,710,090
		TOTAL FIXED INCOME		79,544,296
INTERNATIONAL EQUITY - 28.0%
	4,077,986	TIAA-CREF Emerging Markets Equity Fund		35,560,035
	7,905,861	TIAA-CREF Enhanced International Equity Index Fund		56,447,845
	1,363,138	TIAA-CREF Global Natural Resources Fund		9,991,800
	5,700,855	TIAA-CREF International Equity Fund		61,455,221
	4,938,105	TIAA-CREF International Opportunities Fund		51,701,954
		TOTAL INTERNATIONAL EQUITY		215,156,855
SHORT-TERM FIXED INCOME - 0.0%
	41,882	TIAA-CREF Money Market Fund		41,882
		TOTAL SHORT-TERM FIXED INCOME		41,882
U.S. EQUITY - 61.3%
	7,717,224	TIAA-CREF Enhanced Large-Cap Growth Index Fund		88,207,870
	8,662,960	TIAA-CREF Enhanced Large-Cap Value Index Fund		84,290,602
	6,241,442	TIAA-CREF Growth & Income Fund		74,772,476
	5,805,610	TIAA-CREF Large-Cap Growth Fund		89,696,667
	5,060,506	TIAA-CREF Large-Cap Value Fund		86,281,626
	201,595	TIAA-CREF Mid-Cap Growth Fund		4,287,931
	184,004	TIAA-CREF Mid-Cap Value Fund		4,263,382
	2,221,283	TIAA-CREF Small-Cap Equity Fund		38,272,700
		TOTAL U.S. EQUITY		470,073,254
		TOTAL TIAA-CREF FUNDS		764,816,287
		(Cost $725,469,197)
		TOTAL INVESTMENTS - 99.7%		764,816,287
		(Cost $725,469,197)
		OTHER ASSETS & LIABILITIES, NET - 0.3%		2,213,495
		NET ASSETS - 100.0%	$	767,029,782

(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, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 100.0%(a)
FIXED INCOME - 10.4%
	594,759	TIAA-CREF Bond Plus Fund	$	6,250,916
	165,135	TIAA-CREF Emerging Markets Debt Fund		1,548,964
	780,882	TIAA-CREF High-Yield Fund		7,418,376
		TOTAL FIXED INCOME		15,218,256
INTERNATIONAL EQUITY - 28.2%
	783,110	TIAA-CREF Emerging Markets Equity Fund		6,828,722
	1,520,707	TIAA-CREF Enhanced International Equity Index Fund		10,857,848
	260,142	TIAA-CREF Global Natural Resources Fund		1,906,838
	1,092,568	TIAA-CREF International Equity Fund		11,777,878
	946,388	TIAA-CREF International Opportunities Fund		9,908,687
		TOTAL INTERNATIONAL EQUITY		41,279,973
SHORT-TERM FIXED INCOME - 0.0%
	6,591	TIAA-CREF Money Market Fund		6,591
		TOTAL SHORT-TERM FIXED INCOME		6,591
U.S. EQUITY - 61.4%
	1,478,970	TIAA-CREF Enhanced Large-Cap Growth Index Fund		16,904,629
	1,660,199	TIAA-CREF Enhanced Large-Cap Value Index Fund		16,153,738
	1,188,560	TIAA-CREF Growth & Income Fund		14,238,951
	1,116,382	TIAA-CREF Large-Cap Growth Fund		17,248,101
	970,665	TIAA-CREF Large-Cap Value Fund		16,549,842
	38,636	TIAA-CREF Mid-Cap Growth Fund		821,782
	35,264	TIAA-CREF Mid-Cap Value Fund		817,058
	425,704	TIAA-CREF Small-Cap Equity Fund		7,334,874
		TOTAL U.S. EQUITY		90,068,975
		TOTAL TIAA-CREF FUNDS		146,573,795
		(Cost $147,008,450)
		TOTAL INVESTMENTS - 100.0%		146,573,795
		(Cost $147,008,450)
		OTHER ASSETS & LIABILITIES, NET - 0.0%		65,301
		NET ASSETS - 100.0%	$	146,639,096

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

11

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2060 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2060 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 99.6%(a)
FIXED INCOME - 10.4%
	45,935	TIAA-CREF Bond Plus Fund	$	482,772
	12,778	TIAA-CREF Emerging Markets Debt Fund		119,855
	59,738	TIAA-CREF High-Yield Fund		567,509
		TOTAL FIXED INCOME		1,170,136
INTERNATIONAL EQUITY - 27.8%
	58,782	TIAA-CREF Emerging Markets Equity Fund		512,582
	114,286	TIAA-CREF Enhanced International Equity Index Fund		816,000
	19,609	TIAA-CREF Global Natural Resources Fund		143,737
	83,576	TIAA-CREF International Equity Fund		900,954
	72,393	TIAA-CREF International Opportunities Fund		757,954
		TOTAL INTERNATIONAL EQUITY		3,131,227
SHORT-TERM FIXED INCOME - 0.0%
	100	TIAA-CREF Money Market Fund		100
		TOTAL SHORT-TERM FIXED INCOME		100
U.S. EQUITY - 61.4%
	113,130	TIAA-CREF Enhanced Large-Cap Growth Index Fund		1,293,077
	127,000	TIAA-CREF Enhanced Large-Cap Value Index Fund		1,235,705
	91,971	TIAA-CREF Growth & Income Fund		1,101,810
	85,835	TIAA-CREF Large-Cap Growth Fund		1,326,153
	74,337	TIAA-CREF Large-Cap Value Fund		1,267,438
	2,964	TIAA-CREF Mid-Cap Growth Fund		63,042
	2,703	TIAA-CREF Mid-Cap Value Fund		62,639
	32,565	TIAA-CREF Small-Cap Equity Fund		561,088
		TOTAL U.S. EQUITY		6,910,952
		TOTAL TIAA-CREF FUNDS		11,212,415
		(Cost $11,962,287)
		TOTAL INVESTMENTS - 99.6%		11,212,415
		(Cost $11,962,287)
		OTHER ASSETS & LIABILITIES, NET - 0.4%		44,708
		NET ASSETS - 100.0%	$	11,257,123

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

12

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. The Lifecycle 2060 Fund commenced operations on September 26, 2014.

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 up to four share classes, although any one Fund may not necessarily offer all four classes. The Funds may offer Institutional, Premier, Retirement and Retail Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

The accompanying 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 Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The 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: Security 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)

13

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

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 their 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, 2015, there were no transfers between levels by the Funds.

As of August 31, 2015, all of the investments in the 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, 2015		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2015
Lifecycle Retirement Income
TIAA-CREF Bond	$	92,158,556	$	4,823,955	$	3,104,519	$	(58,322	)	$	602,948	$	92,643,198
TIAA-CREF Bond Plus		40,601,702		2,002,465		696,647		(14,245	)		296,033		41,252,975
TIAA-CREF Emerging Markets Debt		3,659,464		399,475		114,202		(5,841	)		31,912		3,761,932
TIAA-CREF Emerging Markets Equity		9,320,689		1,274,152		123,184		(9,990	)		—		8,756,206
TIAA-CREF Enhanced International Equity Index		11,790,552		1,163,578		161,027		(12,804	)		—		11,770,344
TIAA-CREF Enhanced Large-Cap Growth Index		19,001,844		925,828		1,056,274		(844	)		—		18,107,717
TIAA-CREF Enhanced Large-Cap Value Index		17,617,079		1,395,494		418,150		(11,835	)		—		17,269,310
TIAA-CREF Global Natural Resources		2,225,445		216,333		62,176		(11,430	)		—		2,046,197
TIAA-CREF Growth & Income		16,574,010		515,396		670,102		6,997			39,910		15,476,187
TIAA-CREF High-Yield		11,094,473		873,737		220,559		(7,708	)		156,846		11,200,178
TIAA-CREF Inflation-Linked Bond		36,914,332		1,908,251		1,552,839		(48,165	)		—		36,752,432
TIAA-CREF International Equity		14,018,827		2,016,445		443,716		41,127			—		14,248,631
TIAA-CREF International Opportunities		11,107,686		1,035,929		254,155		(2,864	)		—		10,979,680
TIAA-CREF Large-Cap Growth		20,185,979		426,194		1,238,535		70,156			—		18,607,478
TIAA-CREF Large-Cap Value		18,692,241		1,402,216		222,745		(15,408	)		—		18,303,503
TIAA-CREF Mid-Cap Growth		405,229		6,695		108,414		18,948			—		284,166
TIAA-CREF Mid-Cap Value		277,711		132,655		106,263		(8,568	)		—		275,225
TIAA-CREF Money Market		27,890		—		—		—			—		27,890
TIAA-CREF Short-Term Bond		37,078,757		1,621,546		1,738,143		(6,572	)		156,321		36,818,512
TIAA-CREF Small-Cap Equity		8,099,674		733,325		302,262		(396	)		—		8,107,110
	$	370,852,140	$	22,873,669	$	12,593,912	$	(77,764	)	$	1,283,970	$	366,688,871

14

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

Issue	Value at May 31, 2015		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2015
Lifecycle 2010 Fund
TIAA-CREF Bond	$	265,262,445	$	6,044,780	$	11,084,062	$	(159,150	)	$	1,701,317	$	256,689,222
TIAA-CREF Bond Plus		121,332,218		2,693,068		2,500,245		(31,062	)		870,625		119,582,707
TIAA-CREF Emerging Markets Debt		10,968,801		298,775		113,986		(5,130	)		94,377		10,614,584
TIAA-CREF Emerging Markets Equity		30,865,194		2,544,797		287,142		(34,637	)		—		27,626,877
TIAA-CREF Enhanced International Equity Index		40,021,293		1,817,719		330,937		(2,312	)		—		38,170,764
TIAA-CREF Enhanced Large-Cap Growth Index		64,630,985		1,549,850		4,778,840		209,332			—		58,927,534
TIAA-CREF Enhanced Large-Cap Value Index		60,200,504		2,502,053		2,118,072		(15,058	)		—		56,223,844
TIAA-CREF Global Natural Resources		7,537,604		172,838		83,431		(20,354	)		—		6,522,800
TIAA-CREF Growth & Income		56,149,311		—		2,845,601		188,203			133,276		50,240,578
TIAA-CREF High-Yield		33,144,838		1,056,916		347,972		(16,618	)		459,641		32,245,464
TIAA-CREF Inflation-Linked Bond		89,135,764		2,010,570		4,383,342		(118,930	)		—		85,523,383
TIAA-CREF International Equity		46,438,137		4,368,098		1,140,870		(33,268	)		—		45,313,775
TIAA-CREF International Opportunities		37,474,392		1,518,178		490,284		17,801			—		35,494,713
TIAA-CREF Large-Cap Growth		68,366,735		477,685		5,919,355		150,475			—		60,486,955
TIAA-CREF Large-Cap Value		62,571,976		2,526,998		875,220		(10,414	)		—		59,081,940
TIAA-CREF Mid-Cap Growth		1,756,423		—		362,488		121,187			—		1,311,261
TIAA-CREF Mid-Cap Value		1,364,554		110,292		72,495		(8,138	)		—		1,284,455
TIAA-CREF Money Market		58,956		1		—		—			1		58,957
TIAA-CREF Short-Term Bond		88,009,424		2,410,656		4,403,873		(27,414	)		367,659		85,676,828
TIAA-CREF Small-Cap Equity		27,129,424		1,940,433		1,470,187		2,260			—		26,221,791
	$	1,112,418,978	$	34,043,707	$	43,608,402	$	206,773		$	3,626,896	$	1,057,298,432

Issue	Value at May 31, 2015		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2015
Lifecycle 2015 Fund
TIAA-CREF Bond	$	412,338,205	$	6,648,727	$	20,204,148	$	27,361		$	2,636,122	$	393,312,236
TIAA-CREF Bond Plus		196,311,153		4,203,908		5,587,039		103,668			1,407,706		191,792,355
TIAA-CREF Emerging Markets Debt		17,749,195		797,809		306,749		1,357			152,444		17,361,125
TIAA-CREF Emerging Markets Equity		54,389,698		3,637,658		449,045		4,055			—		47,942,947
TIAA-CREF Enhanced International Equity Index		71,975,909		2,697,676		682,215		75,165			—		68,000,178
TIAA-CREF Enhanced Large-Cap Growth Index		116,980,270		2,475,348		9,420,451		2,515,582			—		105,526,400
TIAA-CREF Enhanced Large-Cap Value Index		109,110,135		4,503,486		5,042,089		1,415,377			—		100,715,069
TIAA-CREF Global Natural Resources		13,605,586		315,679		190,890		(1,251	)		—		11,743,420
TIAA-CREF Growth & Income		101,441,617		—		6,196,746		2,142,150			239,896		89,791,448
TIAA-CREF High-Yield		53,575,625		1,752,806		676,493		970			743,773		52,046,639
TIAA-CREF Inflation-Linked Bond		108,221,736		2,136,382		5,779,995		158,829			—		103,075,634
TIAA-CREF International Equity		82,109,139		6,621,138		1,468,684		374,056			—		79,585,365
TIAA-CREF International Opportunities		67,597,194		2,252,718		1,257,571		116,168			—		63,214,072
TIAA-CREF Large-Cap Growth		122,117,644		425,237		10,018,923		3,919,673			—		108,139,956
TIAA-CREF Large-Cap Value		112,856,441		4,527,731		2,812,165		858,833			—		105,287,069
TIAA-CREF Mid-Cap Growth		3,770,884		—		675,636		26,454			—		2,915,661
TIAA-CREF Mid-Cap Value		2,996,481		342,335		202,433		38,510			—		2,873,208
TIAA-CREF Money Market		143,145		1		—		—			1		143,146
TIAA-CREF Short-Term Bond		106,486,716		2,925,876		5,739,840		58,983			446,082		103,261,199
TIAA-CREF Small-Cap Equity		48,906,733		3,122,875		2,853,680		731,491			—		46,717,549
	$	1,802,683,506	$	49,387,390	$	79,564,792	$	12,567,431		$	5,626,024	$	1,693,444,676

15

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

Issue	Value at May 31, 2015		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2015
Lifecycle 2020 Fund
TIAA-CREF Bond	$	534,722,578	$	15,150,635	$	17,548,173	$	4,125		$	3,464,748	$	525,184,094
TIAA-CREF Bond Plus		308,519,103		10,279,619		3,906,157		98,844			2,238,679		309,925,437
TIAA-CREF Emerging Markets Debt		27,964,271		2,169,688		469,543		3,606			240,278		28,272,912
TIAA-CREF Emerging Markets Equity		95,740,526		9,535,077		840,066		13,646			—		87,090,935
TIAA-CREF Enhanced International Equity Index		130,432,937		9,226,431		946,222		98,103			—		127,560,659
TIAA-CREF Enhanced Large-Cap Growth Index		213,812,288		3,630,208		10,838,315		3,336,866			—		198,222,924
TIAA-CREF Enhanced Large-Cap Value Index		199,396,180		8,274,336		3,743,150		1,156,114			—		189,262,203
TIAA-CREF Global Natural Resources		25,454,093		274,430		273,462		(6,340	)		—		21,779,488
TIAA-CREF Growth & Income		183,959,289		549,858		7,246,132		2,648,178			438,767		167,118,337
TIAA-CREF High-Yield		85,087,339		4,394,344		1,233,936		14,046			1,185,354		84,093,814
TIAA-CREF Inflation-Linked Bond		113,129,291		3,297,808		3,507,799		113,840			—		111,329,316
TIAA-CREF International Equity		147,976,574		14,828,192		2,736,243		726,060			—		145,957,357
TIAA-CREF International Opportunities		123,699,326		5,131,389		872,661		78,646			—		117,947,211
TIAA-CREF Large-Cap Growth		221,990,838		1,940,528		12,658,943		5,463,098			—		203,038,442
TIAA-CREF Large-Cap Value		205,909,168		8,868,439		862,712		280,531			—		196,753,662
TIAA-CREF Mid-Cap Growth		8,230,434		—		1,048,296		74,599			—		6,770,215
TIAA-CREF Mid-Cap Value		6,863,750		657,928		223,715		43,076			—		6,699,137
TIAA-CREF Money Market		191,587		2		—		—			2		191,589
TIAA-CREF Short-Term Bond		110,821,427		5,042,057		3,901,087		79,445			472,589		111,529,738
TIAA-CREF Small-Cap Equity		89,175,577		6,051,473		3,403,973		931,120			—		87,213,289
	$	2,833,076,576	$	109,302,442	$	76,260,585	$	15,157,603		$	8,040,417	$	2,725,940,759

Issue	Value at May 31, 2015		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2015
Lifecycle 2025 Fund
TIAA-CREF Bond	$	402,203,093	$	13,035,661	$	15,338,239	$	(48,399	)	$	2,602,702	$	394,532,447
TIAA-CREF Bond Plus		311,426,146		12,850,406		2,927,297		103,302			2,278,865		316,302,911
TIAA-CREF Emerging Markets Debt		28,399,394		2,416,116		1,523,556		(1,845	)		246,063		27,876,888
TIAA-CREF Emerging Markets Equity		107,865,171		10,382,498		283,975		7,331			—		98,274,577
TIAA-CREF Enhanced International Equity Index		150,219,236		11,068,022		130,946		21,571			—		148,199,005
TIAA-CREF Enhanced Large-Cap Growth Index		248,030,325		3,668,411		11,032,481		3,520,102			—		230,866,276
TIAA-CREF Enhanced Large-Cap Value Index		230,896,463		9,653,133		2,936,431		913,095			—		220,494,579
TIAA-CREF Global Natural Resources		28,877,061		1,727,806		208,922		(2,830	)		—		26,158,345
TIAA-CREF Growth & Income		211,947,764		1,000,172		6,719,055		2,551,720			508,294		194,461,526
TIAA-CREF High-Yield		114,698,447		6,695,292		1,558,280		18,272			1,607,326		114,212,292
TIAA-CREF Inflation-Linked Bond		56,961,365		2,822,197		1,330,479		10,301			—		57,648,528
TIAA-CREF International Equity		168,613,876		15,613,087		1,258,251		358,412			—		166,854,830
TIAA-CREF International Opportunities		142,448,000		5,988,234		178,283		16,949			—		136,673,305
TIAA-CREF Large-Cap Growth		256,483,664		2,448,535		13,592,276		6,179,121			—		235,782,406
TIAA-CREF Large-Cap Value		238,407,070		8,813,469		—		—			—		227,353,121
TIAA-CREF Mid-Cap Growth		10,620,443		—		1,048,547		79,648			—		9,029,451
TIAA-CREF Mid-Cap Value		9,086,194		698,298		59,819		15,258			—		8,952,588
TIAA-CREF Money Market		187,740		2		—		—			2		187,742
TIAA-CREF Short-Term Bond		55,262,883		4,012,644		1,306,334		1,885			240,528		57,751,618
TIAA-CREF Small-Cap Equity		103,028,644		6,955,661		3,524,445		1,100,620			—		101,093,948
	$	2,875,662,979	$	119,849,644	$	64,957,616	$	14,844,513		$	7,483,780	$	2,772,706,383

16

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

Issue	Value at May 31, 2015		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2015
Lifecycle 2030 Fund
TIAA-CREF Bond	$	278,803,848	$	11,352,940	$	13,359,041	$	(43,932	)	$	1,805,075	$	273,070,759
TIAA-CREF Bond Plus		273,315,980		13,577,085		4,021,539		115,709			2,009,371		278,431,449
TIAA-CREF Emerging Markets Debt		27,505,981		2,643,064		1,800,926		(3,489	)		238,152		26,974,592
TIAA-CREF Emerging Markets Equity		115,938,476		10,461,466		636,176		34,481			—		104,719,593
TIAA-CREF Enhanced International Equity Index		163,369,243		12,292,285		423,655		71,608			—		161,090,403
TIAA-CREF Enhanced Large-Cap Growth Index		271,097,633		3,223,204		11,974,124		4,025,307			—		251,576,254
TIAA-CREF Enhanced Large-Cap Value Index		252,154,045		8,676,589		1,761,753		586,974			—		240,330,537
TIAA-CREF Global Natural Resources		31,105,884		2,087,544		240,941		(3,162	)		—		28,338,809
TIAA-CREF Growth & Income		230,578,349		828,341		6,528,312		2,561,668			553,791		211,992,969
TIAA-CREF High-Yield		138,933,852		8,439,107		1,454,889		13,452			1,950,555		139,104,111
TIAA-CREF Inflation-Linked Bond		—		1,941,332		1,599		6			—		1,931,537
TIAA-CREF International Equity		181,710,483		16,600,413		1,717,451		459,021			—		179,177,545
TIAA-CREF International Opportunities		154,910,155		6,110,202		—		—			—		148,337,268
TIAA-CREF Large-Cap Growth		280,417,488		2,066,722		15,524,307		7,415,847			—		256,492,569
TIAA-CREF Large-Cap Value		258,982,398		9,122,105		—		—			—		246,493,278
TIAA-CREF Mid-Cap Growth		12,389,998		73,943		1,004,506		127,341			—		10,806,349
TIAA-CREF Mid-Cap Value		10,872,601		942,779		157,258		44,411			—		10,728,626
TIAA-CREF Money Market		180,563		1		—		—			1		180,564
TIAA-CREF Short-Term Bond		—		1,935,152		1,199		—			1,275		1,933,179
TIAA-CREF Small-Cap Equity		112,296,960		6,480,731		3,149,464		1,108,926			—		109,756,939
	$	2,794,563,937	$	118,855,005	$	63,757,140	$	16,514,168		$	6,558,220	$	2,681,467,330

Issue	Value at May 31, 2015		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2015
Lifecycle 2035 Fund
TIAA-CREF Bond	$	165,275,071	$	10,422,895	$	2,669,605	$	6,548		$	1,083,860	$	170,805,887
TIAA-CREF Bond Plus		165,549,162		9,804,467		2,858,159		74,457			1,215,372		169,797,852
TIAA-CREF Emerging Markets Debt		27,718,476		2,514,405		562,326		4,413			239,539		28,287,166
TIAA-CREF Emerging Markets Equity		127,684,152		9,803,685		721,676		13,496			—		113,701,774
TIAA-CREF Enhanced International Equity Index		181,937,422		11,615,264		1,262,632		218,446			—		176,583,914
TIAA-CREF Enhanced Large-Cap Growth Index		302,614,535		2,538,123		14,495,958		5,079,182			—		278,699,243
TIAA-CREF Enhanced Large-Cap Value Index		281,487,942		9,179,005		3,539,370		1,229,680			—		266,290,375
TIAA-CREF Global Natural Resources		34,652,178		2,005,740		235,668		(3,775	)		—		31,297,995
TIAA-CREF Growth & Income		256,640,974		1,340,224		8,191,707		3,279,416			617,603		235,499,673
TIAA-CREF High-Yield		139,912,465		8,400,227		6,423,852		(35,778	)		1,958,044		135,044,981
TIAA-CREF International Equity		201,084,905		17,103,771		2,897,880		771,996			—		196,155,552
TIAA-CREF International Opportunities		172,493,361		6,445,326		1,060,902		122,190			—		163,804,889
TIAA-CREF Large-Cap Growth		312,385,193		916,318		18,379,196		8,749,651			—		283,347,715
TIAA-CREF Large-Cap Value		289,145,928		8,768,775		436,373		186,460			—		273,423,104
TIAA-CREF Mid-Cap Growth		14,788,989		—		1,196,721		174,851			—		12,827,525
TIAA-CREF Mid-Cap Value		13,054,738		786,312		—		—			—		12,747,790
TIAA-CREF Money Market		186,513		2		—		—			2		186,515
TIAA-CREF Small-Cap Equity		126,219,741		5,676,987		4,204,213		1,611,586			—		121,231,384
	$	2,812,831,745	$	107,321,526	$	69,136,238	$	21,482,819		$	5,114,420	$	2,669,733,334

17

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

Issue	Value at May 31, 2015		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2015
Lifecycle 2040 Fund
TIAA-CREF Bond	$	—	$	4,227,741	$	14,121	$	31		$	9,523	$	4,189,539
TIAA-CREF Bond Plus		144,516,234		9,401,421		4,654,952		(11,949	)		1,042,184		146,928,776
TIAA-CREF Emerging Markets Debt		35,604,055		3,390,728		736,982		3,307			308,921		36,488,131
TIAA-CREF Emerging Markets Equity		179,224,473		12,320,136		1,584,502		29,631			—		157,817,111
TIAA-CREF Enhanced International Equity Index		256,907,123		19,581,097		2,940,978		453,356			—		251,362,411
TIAA-CREF Enhanced Large-Cap Growth Index		427,634,756		1,976,842		20,658,502		7,745,038			—		392,068,758
TIAA-CREF Enhanced Large-Cap Value Index		398,086,271		10,006,647		3,954,238		1,449,519			—		374,674,536
TIAA-CREF Global Natural Resources		48,881,827		3,524,041		867,219		(54,406	)		—		44,275,861
TIAA-CREF Growth & Income		361,934,494		2,531,929		11,708,483		4,792,600			876,820		332,720,385
TIAA-CREF High-Yield		180,489,214		9,767,000		8,841,671		(72,485	)		2,522,369		172,597,310
TIAA-CREF International Equity		282,662,286		20,640,075		3,286,544		908,426			—		273,255,493
TIAA-CREF International Opportunities		243,268,242		7,011,103		603,191		77,170			—		229,838,291
TIAA-CREF Large-Cap Growth		440,553,498		1,478,634		25,829,575		12,423,980			—		399,870,415
TIAA-CREF Large-Cap Value		407,131,367		13,231,302		802,857		339,637			—		385,629,883
TIAA-CREF Mid-Cap Growth		22,154,064		—		1,983,085		334,442			—		19,028,766
TIAA-CREF Mid-Cap Value		19,313,666		1,607,841		353,126		100,682			—		18,920,862
TIAA-CREF Money Market		273,442		3		—		—			3		273,445
TIAA-CREF Small-Cap Equity		178,242,496		7,335,778		6,304,890		2,517,598			—		170,135,228
	$	3,626,877,508	$	128,032,318	$	95,124,916	$	31,036,577		$	4,759,820	$	3,410,075,201

Issue	Value at May 31, 2015		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2015
Lifecycle 2045 Fund
TIAA-CREF Bond Plus	$	54,014,492	$	4,488,129	$	1,548,294	$	(27,025	)	$	393,000	$	56,077,531
TIAA-CREF Emerging Markets Debt		13,174,386		1,672,744		279,521		(12,529	)		117,190		13,897,745
TIAA-CREF Emerging Markets Equity		66,975,719		7,081,477		1,448,613		(199,016	)		—		60,495,702
TIAA-CREF Enhanced International Equity Index		96,243,829		9,775,931		1,280,599		(115,705	)		—		96,359,677
TIAA-CREF Enhanced Large-Cap Growth Index		158,868,063		4,218,089		6,369,855		(38,509	)		—		150,300,203
TIAA-CREF Enhanced Large-Cap Value Index		147,665,030		8,855,621		1,711,645		(91,951	)		—		143,623,358
TIAA-CREF Global Natural Resources		18,066,490		2,385,147		718,144		(276,127	)		—		16,978,470
TIAA-CREF Growth & Income		134,351,959		2,814,784		2,120,015		(41,773	)		327,619		127,362,127
TIAA-CREF High-Yield		67,077,366		5,627,826		3,418,257		(288,867	)		952,992		65,958,162
TIAA-CREF International Equity		105,277,576		11,174,074		1,592,101		(11,499	)		—		104,714,092
TIAA-CREF International Opportunities		89,784,779		6,991,479		1,105,098		(11,407	)		—		88,094,049
TIAA-CREF Large-Cap Growth		163,397,760		3,684,415		8,176,571		177,073			—		152,753,806
TIAA-CREF Large-Cap Value		151,278,305		10,190,523		1,960,218		(79,864	)		—		146,698,604
TIAA-CREF Mid-Cap Growth		8,323,026		147,584		736,745		(30,089	)		—		7,306,212
TIAA-CREF Mid-Cap Value		7,162,694		792,462		63,806		(7,602	)		—		7,264,772
TIAA-CREF Money Market		81,020		1		—		—			1		81,021
TIAA-CREF Small-Cap Equity		66,164,818		3,845,315		1,276,867		(93,939	)		—		65,210,231
	$	1,347,907,312	$	83,745,601	$	33,806,349	$	(1,148,829	)	$	1,790,802	$	1,303,175,762

18

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

Issue	Value at May 31, 2015		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2015
Lifecycle 2050 Fund
TIAA-CREF Bond Plus	$	31,694,189	$	2,461,901	$	936,628	$	(16,297	)	$	230,122	$	32,706,103
TIAA-CREF Emerging Markets Debt		7,686,306		1,042,926		208,452		(9,115	)		68,486		8,128,103
TIAA-CREF Emerging Markets Equity		39,174,542		4,489,847		1,006,260		(142,685	)		—		35,560,035
TIAA-CREF Enhanced International Equity Index		56,554,031		5,621,956		823,150		(75,097	)		—		56,447,845
TIAA-CREF Enhanced Large-Cap Growth Index		92,777,333		2,822,446		3,637,692		(11,614	)		—		88,207,870
TIAA-CREF Enhanced Large-Cap Value Index		86,194,279		5,928,718		1,284,427		(79,188	)		—		84,290,602
TIAA-CREF Global Natural Resources		10,529,338		1,270,118		202,194		(56,586	)		—		9,991,800
TIAA-CREF Growth & Income		78,423,220		2,011,564		1,160,337		(19,214	)		191,588		74,772,476
TIAA-CREF High-Yield		39,193,456		3,468,429		2,004,581		(170,876	)		558,249		38,710,090
TIAA-CREF International Equity		61,676,912		7,005,633		1,289,556		(1,103	)		—		61,455,221
TIAA-CREF International Opportunities		52,322,322		4,409,499		598,680		(4,573	)		—		51,701,954
TIAA-CREF Large-Cap Growth		95,513,657		2,638,386		4,832,605		104,569			—		89,696,667
TIAA-CREF Large-Cap Value		88,184,265		6,953,784		1,342,738		(50,933	)		—		86,281,626
TIAA-CREF Mid-Cap Growth		4,821,272		136,745		418,039		(22,999	)		—		4,287,931
TIAA-CREF Mid-Cap Value		4,180,971		502,522		54,106		(4,965	)		—		4,263,382
TIAA-CREF Money Market		41,882		—		—		—			—		41,882
TIAA-CREF Small-Cap Equity		38,621,332		2,633,901		936,178		(56,339	)		—		38,272,700
	$	787,589,307	$	53,398,375	$	20,735,623	$	(617,015	)	$	1,048,445	$	764,816,287

Issue	Value at May 31, 2015		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2015
Lifecycle 2055 Fund
TIAA-CREF Bond Plus	$	5,688,437	$	1,026,939	$	370,760	$	(6,687	)	$	42,881	$	6,250,916
TIAA-CREF Emerging Markets Debt		1,380,326		328,225		87,212		(3,737	)		12,698		1,548,964
TIAA-CREF Emerging Markets Equity		7,029,644		1,537,067		409,862		(53,471	)		—		6,828,722
TIAA-CREF Enhanced International Equity Index		10,218,870		2,128,565		571,493		(48,547	)		—		10,857,848
TIAA-CREF Enhanced Large-Cap Growth Index		16,643,779		2,379,878		1,419,959		1,648			—		16,904,629
TIAA-CREF Enhanced Large-Cap Value Index		15,462,422		2,862,180		948,624		(55,498	)		—		16,153,738
TIAA-CREF Global Natural Resources		1,879,087		432,356		105,830		(28,476	)		—		1,906,838
TIAA-CREF Growth & Income		14,030,132		1,869,820		818,246		(5,408	)		36,006		14,238,951
TIAA-CREF High-Yield		7,069,044		1,311,958		601,376		(46,498	)		104,022		7,418,376
TIAA-CREF International Equity		11,073,649		2,492,184		671,682		(5,859	)		—		11,777,878
TIAA-CREF International Opportunities		9,396,288		1,905,712		566,779		(8,354	)		—		9,908,687
TIAA-CREF Large-Cap Growth		17,062,381		2,241,347		1,381,807		24,600			—		17,248,101
TIAA-CREF Large-Cap Value		15,835,067		3,028,098		910,100		(28,273	)		—		16,549,842
TIAA-CREF Mid-Cap Growth		875,505		90,323		96,811		(4,628	)		—		821,782
TIAA-CREF Mid-Cap Value		753,708		173,907		41,689		(1,572	)		—		817,058
TIAA-CREF Money Market		6,591		—		—		—			—		6,591
TIAA-CREF Small-Cap Equity		6,923,839		1,198,049		400,128		(22,877	)		—		7,334,874
	$	141,328,769	$	25,006,608	$	9,402,358	$	(293,637	)	$	195,607	$	146,573,795

19

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

Issue	Value at May 31, 2015		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2015
Lifecycle 2060 Fund*
TIAA-CREF Bond Plus	$	449,483	$	54,607	$	13,898	$	(195	)	$	3,347	$	482,772
TIAA-CREF Emerging Markets Debt		112,388		15,881		2,678		(99	)		978		119,855
TIAA-CREF Emerging Markets Equity		564,891		61,546		9,605		(643	)		—		512,582
TIAA-CREF Enhanced International Equity Index		816,321		91,063		18,920		(1,113	)		—		816,000
TIAA-CREF Enhanced Large-Cap Growth Index		1,355,454		67,206		73,787		(675	)		—		1,293,077
TIAA-CREF Enhanced Large-Cap Value Index		1,262,541		100,919		31,185		(1,941	)		—		1,235,705
TIAA-CREF Global Natural Resources		154,991		17,271		5,150		(859	)		—		143,737
TIAA-CREF Growth & Income		1,145,214		70,667		47,621		(305	)		2,761		1,101,810
TIAA-CREF High-Yield		570,950		61,086		36,119		(1,881	)		8,127		567,509
TIAA-CREF International Equity		893,198		121,333		25,950		(1,005	)		—		900,954
TIAA-CREF International Opportunities		764,702		77,360		18,612		(367	)		—		757,954
TIAA-CREF Large-Cap Growth		1,398,843		66,624		85,346		(137	)		—		1,326,153
TIAA-CREF Large-Cap Value		1,290,790		116,694		29,709		(549	)		—		1,267,438
TIAA-CREF Mid-Cap Growth		71,547		1,597		6,390		(395	)		—		63,042
TIAA-CREF Mid-Cap Value		61,259		8,285		1,580		(72	)		—		62,639
TIAA-CREF Money Market		100		—		—		—			—		100
TIAA-CREF Small-Cap Equity		560,263		51,047		19,830		(807	)		—		561,088
	$	11,472,935	$	983,186	$	426,380	$	(11,043	)	$	15,213	$	11,212,415

* The Fund commenced operations on September 26, 2014.

Note 4—investments

Net unrealized appreciation (depreciation): At August 31, 2015, 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	$	348,014,762	$	21,515,446	$	(2,841,337	)	$	18,674,109
Lifecycle 2010		951,708,160		114,068,500		(8,478,228	)		105,590,272
Lifecycle 2015		1,677,683,079		61,063,132		(45,301,535	)		15,761,597
Lifecycle 2020		2,673,501,465		116,098,261		(63,658,967	)		52,439,294
Lifecycle 2025		2,694,623,089		143,135,715		(65,052,421	)		78,083,294
Lifecycle 2030		2,574,695,598		171,299,959		(64,528,227	)		106,771,732
Lifecycle 2035		2,538,180,467		197,466,325		(65,913,458	)		131,552,867
Lifecycle 2040		3,202,989,438		293,572,922		(86,487,159	)		207,085,763
Lifecycle 2045		1,224,476,643		100,308,685		(21,609,566	)		78,699,119
Lifecycle 2050		725,469,197		52,652,962		(13,305,872	)		39,347,090
Lifecycle 2055		147,008,450		2,817,926		(3,252,581	)		(434,655	)
Lifecycle 2060		11,962,287		—		(749,872	)		(749,872	)

20

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, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 99.9%(a)
FIXED INCOME - 50.3%
	2,500,192	TIAA-CREF Bond Index Fund	$	26,977,071
		TOTAL FIXED INCOME		26,977,071
INFLATION-PROTECTED ASSETS - 10.0%
	474,299	TIAA-CREF Inflation-Linked Bond Fund		5,364,316
		TOTAL INFLATION-PROTECTED ASSETS		5,364,316
INTERNATIONAL EQUITY - 12.0%
	159,998	TIAA-CREF Emerging Markets Equity Index Fund		1,377,583
	286,882	TIAA-CREF International Equity Index Fund		5,026,170
		TOTAL INTERNATIONAL EQUITY		6,403,753
U.S. EQUITY - 27.6%
	978,209	TIAA-CREF Equity Index Fund		14,780,732
		TOTAL U.S. EQUITY		14,780,732
		TOTAL TIAA-CREF FUNDS		53,525,872
		(Cost $49,894,827)
		TOTAL INVESTMENTS - 99.9%		53,525,872
		(Cost $49,894,827)
		OTHER ASSETS & LIABILITIES, NET - 0.1%		63,910
		NET ASSETS - 100.0%	$	53,589,782

(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, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 99.7%(a)
FIXED INCOME - 47.4%
	8,592,375	TIAA-CREF Bond Index Fund	$	92,711,722
		TOTAL FIXED INCOME		92,711,722
INFLATION-PROTECTED ASSETS - 8.0%
	1,395,367	TIAA-CREF Inflation-Linked Bond Fund		15,781,604
		TOTAL INFLATION-PROTECTED ASSETS		15,781,604
INTERNATIONAL EQUITY - 13.4%
	654,011	TIAA-CREF Emerging Markets Equity Index Fund		5,631,034
	1,172,801	TIAA-CREF International Equity Index Fund		20,547,479
		TOTAL INTERNATIONAL EQUITY		26,178,513
U.S. EQUITY - 30.9%
	4,002,899	TIAA-CREF Equity Index Fund		60,483,807
		TOTAL U.S. EQUITY		60,483,807
		TOTAL TIAA-CREF FUNDS		195,155,646
		(Cost $173,898,577)
		TOTAL INVESTMENTS - 99.7%		195,155,646
		(Cost $173,898,577)
		OTHER ASSETS & LIABILITIES, NET - 0.3%		574,718
		NET ASSETS - 100.0%	$	195,730,364

(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, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 99.6%(a)
FIXED INCOME - 44.3%
	14,308,229	TIAA-CREF Bond Index Fund	$	154,385,792
		TOTAL FIXED INCOME		154,385,792
INFLATION-PROTECTED ASSETS - 6.1%
	1,865,657	TIAA-CREF Inflation-Linked Bond Fund		21,100,577
		TOTAL INFLATION-PROTECTED ASSETS		21,100,577
INTERNATIONAL EQUITY - 14.9%
	1,292,328	TIAA-CREF Emerging Markets Equity Index Fund		11,126,945
	2,317,893	TIAA-CREF International Equity Index Fund		40,609,483
		TOTAL INTERNATIONAL EQUITY		51,736,428
U.S. EQUITY - 34.3%
	7,916,861	TIAA-CREF Equity Index Fund		119,623,768
		TOTAL U.S. EQUITY		119,623,768
		TOTAL TIAA-CREF FUNDS		346,846,565
		(Cost $306,341,288)
		TOTAL INVESTMENTS - 99.6%		346,846,565
		(Cost $306,341,288)
		OTHER ASSETS & LIABILITIES, NET - 0.4%		1,370,413
		NET ASSETS - 100.0%	$	348,216,978

(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, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 100.0%(a)
FIXED INCOME - 38.6%
	20,660,443	TIAA-CREF Bond Index Fund	$	222,926,180
		TOTAL FIXED INCOME		222,926,180
INFLATION-PROTECTED ASSETS - 4.1%
	2,082,731	TIAA-CREF Inflation-Linked Bond Fund		23,555,684
		TOTAL INFLATION-PROTECTED ASSETS		23,555,684
INTERNATIONAL EQUITY - 17.3%
	2,493,200	TIAA-CREF Emerging Markets Equity Index Fund		21,466,448
	4,471,589	TIAA-CREF International Equity Index Fund		78,342,240
		TOTAL INTERNATIONAL EQUITY		99,808,688
U.S. EQUITY - 40.0%
	15,291,236	TIAA-CREF Equity Index Fund		231,050,573
		TOTAL U.S. EQUITY		231,050,573
		TOTAL TIAA-CREF FUNDS		577,341,125
		(Cost $518,828,149)
		TOTAL INVESTMENTS - 100.0%		577,341,125
		(Cost $518,828,149)
		OTHER ASSETS & LIABILITIES, NET - 0.0%		8,800
		NET ASSETS - 100.0%	$	577,349,925

(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, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 99.7%(a)
FIXED INCOME - 32.5%
	17,374,267	TIAA-CREF Bond Index Fund	$	187,468,336
		TOTAL FIXED INCOME		187,468,336
INFLATION-PROTECTED ASSETS - 2.1%
	1,054,677	TIAA-CREF Inflation-Linked Bond Fund		11,928,401
		TOTAL INFLATION-PROTECTED ASSETS		11,928,401
INTERNATIONAL EQUITY - 19.6%
	2,827,881	TIAA-CREF Emerging Markets Equity Index Fund		24,348,052
	5,071,735	TIAA-CREF International Equity Index Fund		88,856,796
		TOTAL INTERNATIONAL EQUITY		113,204,848
U.S. EQUITY - 45.5%
	17,359,482	TIAA-CREF Equity Index Fund		262,301,776
		TOTAL U.S. EQUITY		262,301,776
		TOTAL TIAA-CREF FUNDS		574,903,361
		(Cost $511,402,063)
		TOTAL INVESTMENTS - 99.7%		574,903,361
		(Cost $511,402,063)
		OTHER ASSETS & LIABILITIES, NET - 0.3%		1,473,898
		NET ASSETS - 100.0%	$	576,377,259

(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, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 99.9%(a)
FIXED INCOME - 26.6%
	14,866,635	TIAA-CREF Bond Index Fund	$	160,410,990
		TOTAL FIXED INCOME		160,410,990
INFLATION-PROTECTED ASSETS - 0.1%
	36,253	TIAA-CREF Inflation-Linked Bond Fund		410,026
		TOTAL INFLATION-PROTECTED ASSETS		410,026
INTERNATIONAL EQUITY - 22.1%
	3,328,783	TIAA-CREF Emerging Markets Equity Index Fund		28,660,825
	5,969,875	TIAA-CREF International Equity Index Fund		104,592,210
		TOTAL INTERNATIONAL EQUITY		133,253,035
U.S. EQUITY - 51.1%
	20,448,393	TIAA-CREF Equity Index Fund		308,975,225
		TOTAL U.S. EQUITY		308,975,225
		TOTAL TIAA-CREF FUNDS		603,049,276
		(Cost $530,094,483)
		TOTAL INVESTMENTS - 99.9%		603,049,276
		(Cost $530,094,483)
		OTHER ASSETS & LIABILITIES, NET - 0.1%		791,078
		NET ASSETS - 100.0%	$	603,840,354

(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, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 99.8%(a)
FIXED INCOME - 18.6%
	9,984,411	TIAA-CREF Bond Index Fund	$	107,731,799
		TOTAL FIXED INCOME		107,731,799
INTERNATIONAL EQUITY - 24.5%
	3,536,883	TIAA-CREF Emerging Markets Equity Index Fund		30,452,562
	6,342,905	TIAA-CREF International Equity Index Fund		111,127,699
		TOTAL INTERNATIONAL EQUITY		141,580,261
U.S. EQUITY - 56.7%
	21,738,735	TIAA-CREF Equity Index Fund		328,472,289
		TOTAL U.S. EQUITY		328,472,289
		TOTAL TIAA-CREF FUNDS		577,784,349
		(Cost $501,382,255)
		TOTAL INVESTMENTS - 99.8%		577,784,349
		(Cost $501,382,255)
		OTHER ASSETS & LIABILITIES, NET - 0.2%		971,977
		NET ASSETS - 100.0%	$	578,756,326

(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, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 99.8%(a)
FIXED INCOME - 10.6%
	6,623,481	TIAA-CREF Bond Index Fund	$	71,467,365
		TOTAL FIXED INCOME		71,467,365
INTERNATIONAL EQUITY - 26.7%
	4,509,929	TIAA-CREF Emerging Markets Equity Index Fund		38,830,485
	8,060,933	TIAA-CREF International Equity Index Fund		141,227,544
		TOTAL INTERNATIONAL EQUITY		180,058,029
U.S. EQUITY - 62.5%
	27,904,723	TIAA-CREF Equity Index Fund		421,640,367
		TOTAL U.S. EQUITY		421,640,367
		TOTAL TIAA-CREF FUNDS		673,165,761
		(Cost $572,984,415)
		TOTAL INVESTMENTS - 99.8%		673,165,761
		(Cost $572,984,415)
		OTHER ASSETS & LIABILITIES, NET - 0.2%		1,251,156
		NET ASSETS - 100.0%	$	674,416,917

(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, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 99.8%(a)
FIXED INCOME - 10.4%
	3,267,600	TIAA-CREF Bond Index Fund	$	35,257,407
		TOTAL FIXED INCOME		35,257,407
INTERNATIONAL EQUITY - 26.9%
	2,297,545	TIAA-CREF Emerging Markets Equity Index Fund		19,781,865
	4,120,285	TIAA-CREF International Equity Index Fund		72,187,387
		TOTAL INTERNATIONAL EQUITY		91,969,252
U.S. EQUITY - 62.5%
	14,128,163	TIAA-CREF Equity Index Fund		213,476,540
		TOTAL U.S. EQUITY		213,476,540
		TOTAL TIAA-CREF FUNDS		340,703,199
		(Cost $307,210,046)
		TOTAL INVESTMENTS - 99.8%		340,703,199
		(Cost $307,210,046)
		OTHER ASSETS & LIABILITIES, NET - 0.2%		732,293
		NET ASSETS - 100.0%	$	341,435,492

(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, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 99.7%(a)
FIXED INCOME - 10.3%
	2,182,670	TIAA-CREF Bond Index Fund	$	23,551,010
		TOTAL FIXED INCOME		23,551,010
INTERNATIONAL EQUITY - 26.9%
	1,534,704	TIAA-CREF Emerging Markets Equity Index Fund		13,213,799
	2,748,372	TIAA-CREF International Equity Index Fund		48,151,478
		TOTAL INTERNATIONAL EQUITY		61,365,277
U.S. EQUITY - 62.5%
	9,441,660	TIAA-CREF Equity Index Fund		142,663,488
		TOTAL U.S. EQUITY		142,663,488
		TOTAL TIAA-CREF FUNDS		227,579,775
		(Cost $206,266,406)
		TOTAL INVESTMENTS - 99.7%		227,579,775
		(Cost $206,266,406)
		OTHER ASSETS & LIABILITIES, NET - 0.3%		714,704
		NET ASSETS - 100.0%	$	228,294,479

(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, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 100.0%(a)
FIXED INCOME - 10.3%
	485,697	TIAA-CREF Bond Index Fund	$	5,240,676
		TOTAL FIXED INCOME		5,240,676
INTERNATIONAL EQUITY - 27.0%
	341,508	TIAA-CREF Emerging Markets Equity Index Fund		2,940,382
	612,446	TIAA-CREF International Equity Index Fund		10,730,060
		TOTAL INTERNATIONAL EQUITY		13,670,442
U.S. EQUITY - 62.7%
	2,100,032	TIAA-CREF Equity Index Fund		31,731,479
		TOTAL U.S. EQUITY		31,731,479
		TOTAL TIAA-CREF FUNDS		50,642,597
		(Cost $47,269,680)
		TOTAL INVESTMENTS - 100.0%		50,642,597
		(Cost $47,269,680)
		OTHER ASSETS & LIABILITIES, NET - 0.0%		2,637
		NET ASSETS - 100.0%	$	50,645,234

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

11

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2060 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2060 FUND
SCHEDULE OF INVESTMENTS (unaudited)
August 31, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 99.8%(a)
FIXED INCOME - 10.3%
	98,267	TIAA-CREF Bond Index Fund	$	1,060,299
		TOTAL FIXED INCOME		1,060,299
INTERNATIONAL EQUITY - 26.7%
	68,726	TIAA-CREF Emerging Markets Equity Index Fund		591,728
	122,830	TIAA-CREF International Equity Index Fund		2,151,987
		TOTAL INTERNATIONAL EQUITY		2,743,715
U.S. EQUITY - 62.8%
	426,326	TIAA-CREF Equity Index Fund		6,441,790
		TOTAL U.S. EQUITY		6,441,790
		TOTAL TIAA-CREF FUNDS		10,245,804
		(Cost $10,601,291)
		TOTAL INVESTMENTS - 99.8%		10,245,804
		(Cost $10,601,291)
		OTHER ASSETS & LIABILITIES, NET - 0.2%		16,483
		NET ASSETS - 100.0%	$	10,262,287

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

12

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. The Lifecycle Index 2060 Fund commenced operations on September 26, 2014.

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, Premier and Retirement 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 Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The 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: Security 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 their 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, 2015, there were no transfers between levels by the Funds.

As of August 31, 2015, all of the investments in the Funds were valued based on Level 1 inputs.

13

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, 2015		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2015
Lifecycle Index Retirement Income Fund
TIAA-CREF Bond Index	$	23,538,355	$	4,629,722	$	929,634	$	(14,894	)	$	143,700	$	26,977,071
TIAA-CREF Emerging Markets Equity Index		1,280,745		407,266		46,252		(7,594	)		—		1,377,583
TIAA-CREF Equity Index		13,249,909		2,787,564		348,266		(12,401	)		—		14,780,732
TIAA-CREF Inflation-Linked Bond		4,733,065		915,073		214,182		(9,544	)		—		5,364,316
TIAA-CREF International Equity Index		4,252,414		1,264,696		72,237		(5,329	)		—		5,026,170
	$	47,054,488	$	10,004,321	$	1,610,571	$	(49,762	)	$	143,700	$	53,525,872
Lifecycle Index 2010 Fund
TIAA-CREF Bond Index	$	87,913,710	$	9,083,917	$	3,315,782	$	(58,346	)	$	509,789	$	92,711,722
TIAA-CREF Emerging Markets Equity Index		5,780,066		1,113,373		150,874		(18,961	)		—		5,631,034
TIAA-CREF Equity Index		59,468,910		6,306,579		1,551,192		626			—		60,483,807
TIAA-CREF Inflation-Linked Bond		14,900,125		1,613,020		516,783		(39,934	)		—		15,781,604
TIAA-CREF International Equity Index		19,232,104		3,372,389		314,147		(7,103	)		—		20,547,479
	$	187,294,915	$	21,489,278	$	5,848,778	$	(123,718	)	$	509,789	$	195,155,646
Lifecycle Index 2015 Fund
TIAA-CREF Bond Index	$	149,848,729	$	12,691,495	$	6,503,178	$	(120,153	)	$	858,975	$	154,385,792
TIAA-CREF Emerging Markets Equity Index		11,711,932		2,022,979		391,846		(51,041	)		—		11,126,945
TIAA-CREF Equity Index		120,391,640		10,378,368		3,681,789		(23,942	)		—		119,623,768
TIAA-CREF Inflation-Linked Bond		20,233,907		1,993,029		835,366		(76,886	)		—		21,100,577
TIAA-CREF International Equity Index		38,969,408		5,888,827		766,019		(26,003	)		—		40,609,483
	$	341,155,616	$	32,974,698	$	12,178,198	$	(298,025	)	$	858,975	$	346,846,565
Lifecycle Index 2020 Fund
TIAA-CREF Bond Index	$	210,926,497	$	21,595,538	$	7,273,161	$	(158,983	)	$	1,230,587	$	222,926,180
TIAA-CREF Emerging Markets Equity Index		22,121,864		4,138,793		526,808		(81,783	)		—		21,466,448
TIAA-CREF Equity Index		227,415,832		22,204,207		4,117,552		(79,120	)		—		231,050,573
TIAA-CREF Inflation-Linked Bond		22,103,475		2,463,232		692,196		(73,092	)		—		23,555,684
TIAA-CREF International Equity Index		73,479,642		12,217,149		635,201		(23,870	)		—		78,342,240
	$	556,047,310	$	62,618,919	$	13,244,918	$	(416,848	)	$	1,230,587	$	577,341,125
Lifecycle Index 2025 Fund
TIAA-CREF Bond Index	$	177,819,801	$	16,921,052	$	5,304,734	$	(118,403	)	$	1,032,626	$	187,468,336
TIAA-CREF Emerging Markets Equity Index		25,064,096		4,648,181		531,220		(74,914	)		—		24,348,052
TIAA-CREF Equity Index		258,431,516		22,801,306		2,532,848		(27,984	)		—		262,301,776
TIAA-CREF Inflation-Linked Bond		11,013,110		1,312,200		236,892		(26,008	)		—		11,928,401
TIAA-CREF International Equity Index		83,258,784		13,658,841		433,885		(14,271	)		—		88,856,796
	$	555,587,307	$	59,341,580	$	9,039,579	$	(261,580	)	$	1,032,626	$	574,903,361

14

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

Issue	Value at May 31, 2015		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2015
Lifecycle Index 2030 Fund
TIAA-CREF Bond Index	$	151,635,949	$	14,764,785	$	4,319,440	$	(95,625	)	$	883,969	$	160,410,990
TIAA-CREF Emerging Markets Equity Index		29,563,063		5,110,249		285,876		(50,281	)		—		28,660,825
TIAA-CREF Equity Index		304,305,967		26,838,117		2,719,286		(54,251	)		—		308,975,225
TIAA-CREF Inflation-Linked Bond		—		412,137		268		(3	)		—		410,026
TIAA-CREF International Equity Index		98,150,767		16,016,390		551,302		(32,938	)		—		104,592,210
	$	583,655,746	$	63,141,678	$	7,876,172	$	(233,098	)	$	883,969	$	603,049,276
Lifecycle Index 2035 Fund
TIAA-CREF Bond Index	$	98,861,355	$	12,094,702	$	2,129,269	$	(47,170	)	$	585,469	$	107,731,799
TIAA-CREF Emerging Markets Equity Index		30,908,365		5,763,970		137,941		(37,127	)		—		30,452,562
TIAA-CREF Equity Index		317,806,845		33,126,502		1,751,321		(23,129	)		—		328,472,289
TIAA-CREF International Equity Index		102,603,196		18,554,112		447,755		(14,546	)		—		111,127,699
	$	550,179,761	$	69,539,286	$	4,466,286	$	(121,972	)	$	585,469	$	577,784,349
Lifecycle Index 2040 Fund
TIAA-CREF Bond Index	$	63,934,195	$	8,682,986	$	437,547	$	(8,527	)	$	381,523	$	71,467,365
TIAA-CREF Emerging Markets Equity Index		39,423,423		7,406,903		185,578		(57,908	)		—		38,830,485
TIAA-CREF Equity Index		404,023,770		46,313,381		2,188,900		(24,437	)		—		421,640,367
TIAA-CREF International Equity Index		130,860,435		22,689,960		44,200		(1,390	)		—		141,227,544
	$	638,241,823	$	85,093,230	$	2,856,225	$	(92,262	)	$	381,523	$	673,165,761
Lifecycle Index 2045 Fund
TIAA-CREF Bond Index	$	31,383,152	$	4,914,147	$	688,740	$	(14,744	)	$	190,573	$	35,257,407
TIAA-CREF Emerging Markets Equity Index		19,439,089		4,436,711		171,723		(47,601	)		—		19,781,865
TIAA-CREF Equity Index		197,702,671		29,782,185		483,933		(15,661	)		—		213,476,540
TIAA-CREF International Equity Index		64,523,003		13,961,044		88,441		(9,235	)		—		72,187,387
	$	313,047,915	$	53,094,087	$	1,432,837	$	(87,241	)	$	190,573	$	340,703,199
Lifecycle Index 2050 Fund
TIAA-CREF Bond Index	$	20,697,309	$	3,538,907	$	453,087	$	(9,948	)	$	126,761	$	23,551,010
TIAA-CREF Emerging Markets Equity Index		12,815,587		3,035,547		27,913		(9,556	)		—		13,213,799
TIAA-CREF Equity Index		130,839,226		21,457,118		587,985		(12,917	)		—		142,663,488
TIAA-CREF International Equity Index		42,538,415		9,844,353		86,940		(8,775	)		—		48,151,478
	$	206,890,537	$	37,875,925	$	1,155,925	$	(41,196	)	$	126,761	$	227,579,775
Lifecycle Index 2055 Fund
TIAA-CREF Bond Index	$	4,941,017	$	884,656	$	528,337	$	(10,650	)	$	28,708	$	5,240,676
TIAA-CREF Emerging Markets Equity Index		3,059,841		694,288		233,218		(50,842	)		—		2,940,382
TIAA-CREF Equity Index		31,194,534		5,178,109		2,572,295		(65,978	)		—		31,731,479
TIAA-CREF International Equity Index		10,156,407		2,241,897		719,100		(42,243	)		—		10,730,060
	$	49,351,799	$	8,998,950	$	4,052,950	$	(169,713	)	$	28,708	$	50,642,597
Lifecycle Index 2060 Fund*
TIAA-CREF Bond Index	$	1,075,600	$	41,848	$	45,319	$	(710	)	$	5,981	$	1,060,299
TIAA-CREF Emerging Markets Equity Index		658,474		70,449		15,890		(1,744	)		—		591,728
TIAA-CREF Equity Index		6,766,318		197,641		111,220		867			—		6,441,790
TIAA-CREF International Equity Index		2,188,453		166,946		11,595		49			—		2,151,987
	$	10,688,845	$	476,884	$	184,024	$	(1,538	)	$	5,981	$	10,245,804

* The Fund commenced operations on September 26, 2014.

15

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

Note 4—investments

Net unrealized appreciation (depreciation): At August 31, 2015, 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	$	49,894,827	$	3,848,816	$	(217,771	)	$	3,631,045
Lifecycle Index 2010		173,898,577		22,218,574		(961,505	)		21,257,069
Lifecycle Index 2015		306,341,288		42,547,027		(2,041,750	)		40,505,277
Lifecycle Index 2020		518,828,149		62,691,540		(4,178,564	)		58,512,976
Lifecycle Index 2025		511,402,063		67,981,593		(4,480,295	)		63,501,298
Lifecycle Index 2030		530,094,483		78,185,205		(5,230,412	)		72,954,793
Lifecycle Index 2035		501,382,255		82,044,527		(5,642,433	)		76,402,094
Lifecycle Index 2040		572,984,415		107,424,132		(7,242,786	)		100,181,346
Lifecycle Index 2045		307,210,046		37,172,554		(3,679,401	)		33,493,153
Lifecycle Index 2050		206,266,406		23,850,972		(2,537,603	)		21,313,369
Lifecycle Index 2055		47,269,680		4,228,242		(855,325	)		3,372,917
Lifecycle Index 2060		10,601,291		—		(355,487	)		(355,487	)

16

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Income Fund

TIAA-CREF LIFESTYLE FUNDS

LIFESTYLE INCOME FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 100.0%(a)
FIXED INCOME - 40.4%
	1,018,443	TIAA-CREF Bond Fund	$	10,612,178
	1,062,710	TIAA-CREF Bond Plus Fund		11,169,081
	59,521	TIAA-CREF High-Yield Fund		565,454
		TOTAL FIXED INCOME		22,346,713
INTERNATIONAL EQUITY - 6.5%
	75,851	TIAA-CREF Emerging Markets Equity Fund		661,425
	100,082	TIAA-CREF Enhanced International Equity Index Fund		714,582
	20,337	TIAA-CREF Global Natural Resources Fund		149,072
	116,138	TIAA-CREF International Equity Fund		1,251,965
	78,944	TIAA-CREF International Opportunities Fund		826,546
		TOTAL INTERNATIONAL EQUITY		3,603,590
SHORT-TERM FIXED INCOME - 40.1%
	2,993	TIAA-CREF Money Market Fund		2,993
	2,143,510	TIAA-CREF Short-Term Bond Fund		22,163,896
		TOTAL SHORT-TERM FIXED INCOME		22,166,889
U.S. EQUITY - 13.0%
	55,680	TIAA-CREF Enhanced Large-Cap Growth Index Fund		636,425
	62,132	TIAA-CREF Enhanced Large-Cap Value Index Fund		604,541
	128,111	TIAA-CREF Growth & Income Fund		1,534,765
	120,752	TIAA-CREF Large-Cap Growth Fund		1,865,620
	106,951	TIAA-CREF Large-Cap Value Fund		1,823,523
	2,544	TIAA-CREF Mid-Cap Growth Fund		54,103
	2,302	TIAA-CREF Mid-Cap Value Fund		53,332
	35,261	TIAA-CREF Small-Cap Equity Fund		607,540
		TOTAL U.S. EQUITY		7,179,849
		TOTAL TIAA-CREF FUNDS		55,297,041
		(Cost $55,082,826)
		TOTAL INVESTMENTS - 100.0%		55,297,041
		(Cost $55,082,826)
		OTHER ASSETS & LIABILITIES, NET - 0.0%		6,957
		NET ASSETS - 100.0%	$	55,303,998

^(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, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 99.3%(a)
FIXED INCOME - 40.3%
	1,050,242	TIAA-CREF Bond Fund	$	10,943,519
	3,535,207	TIAA-CREF Bond Plus Fund		37,155,030
	131,552	TIAA-CREF High-Yield Fund		1,249,746
		TOTAL FIXED INCOME		49,348,295
INTERNATIONAL EQUITY - 13.0%
	333,009	TIAA-CREF Emerging Markets Equity Fund		2,903,836
	434,549	TIAA-CREF Enhanced International Equity Index Fund		3,102,677
	93,458	TIAA-CREF Global Natural Resources Fund		685,049
	512,515	TIAA-CREF International Equity Fund		5,524,914
	347,623	TIAA-CREF International Opportunities Fund		3,639,615
		TOTAL INTERNATIONAL EQUITY		15,856,091
SHORT-TERM FIXED INCOME - 19.9%
	4,722	TIAA-CREF Money Market Fund		4,722
	2,360,071	TIAA-CREF Short-Term Bond Fund		24,403,137
		TOTAL SHORT-TERM FIXED INCOME		24,407,859
U.S. EQUITY - 26.1%
	246,213	TIAA-CREF Enhanced Large-Cap Growth Index Fund		2,814,213
	274,828	TIAA-CREF Enhanced Large-Cap Value Index Fund		2,674,073
	570,516	TIAA-CREF Growth & Income Fund		6,834,780
	540,961	TIAA-CREF Large-Cap Growth Fund		8,357,842
	473,979	TIAA-CREF Large-Cap Value Fund		8,081,334
	11,761	TIAA-CREF Mid-Cap Growth Fund		250,161
	10,657	TIAA-CREF Mid-Cap Value Fund		246,913
	155,974	TIAA-CREF Small-Cap Equity Fund		2,687,423
		TOTAL U.S. EQUITY		31,946,739
		TOTAL TIAA-CREF FUNDS		121,558,984
		(Cost $121,268,765)
		TOTAL INVESTMENTS - 99.3%		121,558,984
		(Cost $121,268,765)
		OTHER ASSETS & LIABILITIES, NET - 0.7%		796,334
		NET ASSETS - 100.0%	$	122,355,318

^(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, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 99.7%(a)
FIXED INCOME - 40.6%
	5,873,425	TIAA-CREF Bond Plus Fund	$	61,729,698
	171,618	TIAA-CREF High-Yield Fund		1,630,371
		TOTAL FIXED INCOME		63,360,069
INTERNATIONAL EQUITY - 18.9%
	583,827	TIAA-CREF Emerging Markets Equity Fund		5,090,972
	838,890	TIAA-CREF Enhanced International Equity Index Fund		5,989,678
	182,369	TIAA-CREF Global Natural Resources Fund		1,336,764
	944,337	TIAA-CREF International Equity Fund		10,179,957
	669,374	TIAA-CREF International Opportunities Fund		7,008,342
		TOTAL INTERNATIONAL EQUITY		29,605,713
SHORT-TERM FIXED INCOME - 0.0%
	6,346	TIAA-CREF Money Market Fund		6,346
		TOTAL SHORT-TERM FIXED INCOME		6,346
U.S. EQUITY - 40.2%
	495,065	TIAA-CREF Enhanced Large-Cap Growth Index Fund		5,658,591
	554,022	TIAA-CREF Enhanced Large-Cap Value Index Fund		5,390,637
	1,111,338	TIAA-CREF Growth & Income Fund		13,313,831
	1,050,897	TIAA-CREF Large-Cap Growth Fund		16,236,363
	915,444	TIAA-CREF Large-Cap Value Fund		15,608,317
	33,933	TIAA-CREF Mid-Cap Growth Fund		721,747
	30,941	TIAA-CREF Mid-Cap Value Fund		716,911
	300,793	TIAA-CREF Small-Cap Equity Fund		5,182,656
		TOTAL U.S. EQUITY		62,829,053
		TOTAL TIAA-CREF FUNDS		155,801,181
		(Cost $155,420,909)
		TOTAL INVESTMENTS - 99.7%		155,801,181
		(Cost $155,420,909)
		OTHER ASSETS & LIABILITIES, NET - 0.3%		404,754
		NET ASSETS - 100.0%	$	156,205,935

^(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, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 100.2%(a)
FIXED INCOME - 20.6%
	1,523,142	TIAA-CREF Bond Plus Fund	$	16,008,222
	90,254	TIAA-CREF High-Yield Fund		857,415
		TOTAL FIXED INCOME		16,865,637
INTERNATIONAL EQUITY - 25.1%
	393,221	TIAA-CREF Emerging Markets Equity Fund		3,428,888
	592,660	TIAA-CREF Enhanced International Equity Index Fund		4,231,591
	128,228	TIAA-CREF Global Natural Resources Fund		939,914
	647,250	TIAA-CREF International Equity Fund		6,977,350
	469,338	TIAA-CREF International Opportunities Fund		4,913,967
		TOTAL INTERNATIONAL EQUITY		20,491,710
SHORT-TERM FIXED INCOME - 0.0%
	3,306	TIAA-CREF Money Market Fund		3,306
		TOTAL SHORT-TERM FIXED INCOME		3,306
U.S. EQUITY - 54.5%
	354,456	TIAA-CREF Enhanced Large-Cap Growth Index Fund		4,051,437
	397,168	TIAA-CREF Enhanced Large-Cap Value Index Fund		3,864,447
	787,131	TIAA-CREF Growth & Income Fund		9,429,826
	738,013	TIAA-CREF Large-Cap Growth Fund		11,402,294
	638,884	TIAA-CREF Large-Cap Value Fund		10,892,967
	27,750	TIAA-CREF Mid-Cap Growth Fund		590,240
	25,351	TIAA-CREF Mid-Cap Value Fund		587,374
	211,065	TIAA-CREF Small-Cap Equity Fund		3,636,646
		TOTAL U.S. EQUITY		44,455,231
		TOTAL TIAA-CREF FUNDS		81,815,884
		(Cost $80,212,769)
		TOTAL INVESTMENTS - 100.2%		81,815,884
		(Cost $80,212,769)
		OTHER ASSETS & LIABILITIES, NET - (0.2)%		(172,320	)
		NET ASSETS - 100.0%	$	81,643,564

^(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, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 99.9%(a)
INTERNATIONAL EQUITY - 31.0%
	277,789	TIAA-CREF Emerging Markets Equity Fund	$	2,422,324
	439,498	TIAA-CREF Enhanced International Equity Index Fund		3,138,016
	96,435	TIAA-CREF Global Natural Resources Fund		706,869
	470,494	TIAA-CREF International Equity Fund		5,071,924
	344,580	TIAA-CREF International Opportunities Fund		3,607,758
		TOTAL INTERNATIONAL EQUITY		14,946,891
SHORT-TERM FIXED INCOME - 0.0%
	4,048	TIAA-CREF Money Market Fund		4,048
		TOTAL SHORT-TERM FIXED INCOME		4,048
U.S. EQUITY - 68.9%
	264,523	TIAA-CREF Enhanced Large-Cap Growth Index Fund		3,023,502
	296,612	TIAA-CREF Enhanced Large-Cap Value Index Fund		2,886,035
	586,816	TIAA-CREF Growth & Income Fund		7,030,058
	550,206	TIAA-CREF Large-Cap Growth Fund		8,500,682
	478,588	TIAA-CREF Large-Cap Value Fund		8,159,934
	22,199	TIAA-CREF Mid-Cap Growth Fund		472,180
	20,300	TIAA-CREF Mid-Cap Value Fund		470,362
	155,653	TIAA-CREF Small-Cap Equity Fund		2,681,907
		TOTAL U.S. EQUITY		33,224,660
		TOTAL TIAA-CREF FUNDS		48,175,599
		(Cost $44,611,169)
		TOTAL INVESTMENTS - 99.9%		48,175,599
		(Cost $44,611,169)
		OTHER ASSETS & LIABILITIES, NET - 0.1%		64,517
		NET ASSETS - 100.0%	$	48,240,116

^(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, is registered with the Commission as an investment adviser and provides investment management services for the Funds. The Funds offer Institutional, Premier, Retirement and Retail Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

The accompanying 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 Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The 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: Security 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:

6

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

Investments in registered investment companies: These investments are valued at their 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, 2015, there were no transfers between levels by the Funds.

As of August 31, 2015, all of the investments in the 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:

	Value at		Purchase		Sales		Realized			Dividend		Value at
Issue	May 31, 2015		cost		proceeds		gain (loss)			income		August 31, 2015
Lifestyle Income Fund
TIAA-CREF Bond	$	10,536,070	$	528,997	$	313,605	$	(5,140	)	$	68,350	$	10,612,178
TIAA-CREF Bond Plus		11,035,052		596,370		285,591		(5,592	)		80,381		11,169,081
TIAA-CREF Emerging Markets Equity		700,071		103,534		13,630		(955	)		—		661,425
TIAA-CREF Enhanced International Equity Index		708,588		84,086		16,816		(1,718	)		—		714,582
TIAA-CREF Enhanced Large-Cap Growth Index		671,160		42,578		50,205		(1,196	)		—		636,425
TIAA-CREF Enhanced Large-Cap Value Index		617,951		65,046		31,917		(2,136	)		—		604,541
TIAA-CREF Global Natural Resources		165,574		14,703		6,217		(1,815	)		—		149,072
TIAA-CREF Growth & Income		1,655,285		61,193		87,939		1,396			3,921		1,534,765
TIAA-CREF High-Yield		565,614		41,064		13,308		(609	)		7,963		565,454
TIAA-CREF International Equity		1,223,092		196,409		49,007		1,126			—		1,251,965
TIAA-CREF International Opportunities		827,472		104,820		36,494		(1,094	)		—		826,546
TIAA-CREF Large-Cap Growth		2,012,844		58,326		129,527		9,358			—		1,865,620
TIAA-CREF Large-Cap Value		1,866,212		171,695		58,307		(1,678	)		—		1,823,523
TIAA-CREF Mid-Cap Growth		70,314		2,330		15,005		(697	)		—		54,103
TIAA-CREF Mid-Cap Value		54,659		11,654		7,935		(665	)		—		53,332
TIAA-CREF Money Market		2,993		—		—		—			—		2,993
TIAA-CREF Short-Term Bond		22,176,351		918,331		845,210		(6,315	)		93,406		22,163,896
TIAA-CREF Small-Cap Equity		611,134		60,459		32,178		(867	)		—		607,540
	$	55,500,436	$	3,061,595	$	1,992,891	$	(18,597	)	$	254,021	$	55,297,041

7

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

	Value at		Purchase		Sales		Realized			Dividend		Value at
Issue	May 31, 2015		cost		proceeds		gain (loss)			income		August 31, 2015
Lifestyle Conservative Fund
TIAA-CREF Bond	$	10,281,719	$	1,072,684	$	272,084	$	(5,575	)	$	68,848	$	10,943,519
TIAA-CREF Bond Plus		34,166,169		3,806,498		257,757		(6,248	)		256,657		37,155,030
TIAA-CREF Emerging Markets Equity		2,868,128		608,895		24,239		(3,343	)		—		2,903,836
TIAA-CREF Enhanced International Equity Index		2,905,381		462,214		—		—			—		3,102,677
TIAA-CREF Enhanced Large-Cap Growth Index		2,751,095		258,588		76,462		(1,285	)		—		2,814,213
TIAA-CREF Enhanced Large-Cap Value Index		2,535,443		361,007		21,806		(81	)		—		2,674,073
TIAA-CREF Global Natural Resources		679,681		117,513		6,068		(1,322	)		—		685,049
TIAA-CREF Growth & Income		6,788,855		545,350		87,509		(202	)		16,582		6,834,780
TIAA-CREF High-Yield		1,165,973		144,649		1,606		(29	)		16,957		1,249,746
TIAA-CREF International Equity		5,034,350		1,026,458		21,971		(111	)		—		5,524,914
TIAA-CREF International Opportunities		3,392,743		553,547		10,461		407			—		3,639,615
TIAA-CREF Large-Cap Growth		8,246,311		617,995		166,616		(1,567	)		—		8,357,842
TIAA-CREF Large-Cap Value		7,648,592		1,119,951		11,749		(64	)		—		8,081,334
TIAA-CREF Mid-Cap Growth		285,197		18,891		38,948		(829	)		—		250,161
TIAA-CREF Mid-Cap Value		226,064		45,428		3,877		(253	)		—		246,913
TIAA-CREF Money Market		4,722		—		—		—			—		4,722
TIAA-CREF Short-Term Bond		22,765,641		2,393,989		666,696		(5,106	)		99,351		24,403,137
TIAA-CREF Small-Cap Equity		2,509,500		320,603		2,909		(22	)		—		2,687,423
	$	114,255,564	$	13,474,260	$	1,670,758	$	(25,630	)	$	458,395	$	121,558,984
Lifestyle Moderate Fund
TIAA-CREF Bond Plus	$	58,693,339	$	5,669,923	$	1,674,623	$	(40,461	)	$	438,252	$	61,729,698
TIAA-CREF Emerging Markets Equity		5,246,545		915,055		77,561		(11,332	)		—		5,090,972
TIAA-CREF Enhanced International Equity Index		5,757,794		753,110		416		(32	)		—		5,989,678
TIAA-CREF Enhanced Large-Cap Growth Index		5,681,368		440,956		223,299		(3,341	)		—		5,658,591
TIAA-CREF Enhanced Large-Cap Value Index		5,252,833		634,771		85,632		(2,533	)		—		5,390,637
TIAA-CREF Global Natural Resources		1,354,249		221,752		29,566		(7,941	)		—		1,336,764
TIAA-CREF Growth & Income		13,467,074		995,583		346,646		(2,262	)		33,034		13,313,831
TIAA-CREF High-Yield		1,546,792		179,820		18,250		(456	)		22,300		1,630,371
TIAA-CREF International Equity		9,541,996		1,630,624		31,723		(1,109	)		—		10,179,957
TIAA-CREF International Opportunities		6,728,451		902,549		42,269		(993	)		—		7,008,342
TIAA-CREF Large-Cap Growth		16,374,656		1,072,043		553,189		1,732			—		16,236,363
TIAA-CREF Large-Cap Value		15,171,643		1,793,868		33,884		(1,159	)		—		15,608,317
TIAA-CREF Mid-Cap Growth		774,729		47,381		57,596		(2,176	)		—		721,747
TIAA-CREF Mid-Cap Value		671,942		106,132		1,003		(39	)		—		716,911
TIAA-CREF Money Market		6,346		—		—		—			—		6,346
TIAA-CREF Small-Cap Equity		4,911,169		642,398		98,056		(2,551	)		—		5,182,656
	$	151,180,926	$	16,005,965	$	3,273,713	$	(74,653	)	$	493,586	$	155,801,181

8

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

	Value at		Purchase		Sales		Realized			Dividend		Value at
Issue	May 31, 2015		cost		proceeds		gain (loss)			income		August 31, 2015
Lifestyle Growth Fund
TIAA-CREF Bond Plus	$	14,839,300	$	1,930,079	$	517,662	$	(12,053	)	$	110,978	$	16,008,222
TIAA-CREF Emerging Markets Equity		3,471,457		664,704		47,610		(7,943	)		—		3,428,888
TIAA-CREF Enhanced International Equity Index		3,965,121		675,265		45,552		(5,704	)		—		4,231,591
TIAA-CREF Enhanced Large-Cap Growth Index		3,997,822		380,892		155,739		(2,014	)		—		4,051,437
TIAA-CREF Enhanced Large-Cap Value Index		3,700,328		506,380		50,354		(3,333	)		—		3,864,447
TIAA-CREF Global Natural Resources		933,035		182,047		30,198		(10,179	)		—		939,914
TIAA-CREF Growth & Income		9,287,264		879,803		176,009		(3,376	)		22,808		9,429,826
TIAA-CREF High-Yield		803,201		122,086		27,034		(1,043	)		11,590		857,415
TIAA-CREF International Equity		6,406,922		1,281,474		55,009		(6,785	)		—		6,977,350
TIAA-CREF International Opportunities		4,646,442		760,224		88,319		(3,344	)		—		4,913,967
TIAA-CREF Large-Cap Growth		11,297,237		1,006,136		439,533		1,744			—		11,402,294
TIAA-CREF Large-Cap Value		10,473,631		1,466,520		126,202		(9,415	)		—		10,892,967
TIAA-CREF Mid-Cap Growth		617,340		42,384		35,241		(1,755	)		—		590,240
TIAA-CREF Mid-Cap Value		539,559		110,414		13,642		(1,091	)		—		587,374
TIAA-CREF Money Market		3,306		—		—		—			—		3,306
TIAA-CREF Small-Cap Equity		3,399,638		498,594		71,134		(3,197	)		—		3,636,646
	$	78,381,603	$	10,507,002	$	1,879,238	$	(69,488	)	$	145,376	$	81,815,884
Lifestyle Aggressive Growth Fund
TIAA-CREF Emerging Markets Equity	$	2,963,104	$	307,793	$	342,536	$	(18,485	)	$	—	$	2,422,324
TIAA-CREF Enhanced International Equity Index		3,466,391		415,778		451,773		(22,395	)		—		3,138,016
TIAA-CREF Enhanced Large-Cap Growth Index		3,520,366		190,853		546,477		9,386			—		3,023,502
TIAA-CREF Enhanced Large-Cap Value Index		3,273,584		213,835		364,759		(6,836	)		—		2,886,035
TIAA-CREF Global Natural Resources		818,455		127,525		122,121		(17,392	)		—		706,869
TIAA-CREF Growth & Income		8,120,155		446,618		1,088,040		9,067			19,880		7,030,058
TIAA-CREF International Equity		5,611,073		729,905		753,035		(14,742	)		—		5,071,924
TIAA-CREF International Opportunities		4,053,797		371,695		495,340		1,956			—		3,607,758
TIAA-CREF Large-Cap Growth		9,893,858		495,094		1,517,812		83,737			—		8,500,682
TIAA-CREF Large-Cap Value		9,120,254		707,962		931,502		(21,562	)		—		8,159,934
TIAA-CREF Mid-Cap Growth		584,714		31,787		115,010		(5,686	)		—		472,180
TIAA-CREF Mid-Cap Value		511,717		47,847		46,559		(2,079	)		—		470,362
TIAA-CREF Money Market		4,048		—		—		—			—		4,048
TIAA-CREF Small-Cap Equity		2,999,842		139,907		312,134		(9,910	)		—		2,681,907
	$	54,941,358	$	4,226,599	$	7,087,098	$	(14,941	)	$	19,880	$	48,175,599

9

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

Note 4—investments

Net unrealized appreciation (depreciation): At August 31, 2015, 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	$	55,082,826	$	675,359	$	(461,144	)	$	214,215
Lifestyle Conservative		121,268,765		1,824,258		(1,534,039	)		290,219
Lifestyle Moderate		155,420,909		2,730,479		(2,350,207	)		380,272
Lifestyle Growth		80,212,769		2,842,081		(1,238,966	)		1,603,115
Lifestyle Aggressive Growth		44,611,169		4,219,905		(655,475	)		3,564,430

10

TIAA-CREF Funds – Managed Allocation Fund

TIAA-CREF FUNDS

MANAGED ALLOCATION FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2015

SHARES		SECURITY	VALUE
TIAA-CREF FUNDS - 99.9%(a)
FIXED INCOME - 40.6%
	27,996,332	TIAA-CREF Bond Plus Fund	$	294,241,453
	794,116	TIAA-CREF High-Yield Fund		7,544,106
		TOTAL FIXED INCOME		301,785,559
INTERNATIONAL EQUITY - 19.1%
	2,797,706	TIAA-CREF Emerging Markets Equity Fund		24,395,995
	5,095,053	TIAA-CREF Enhanced International Equity Index Fund		36,378,681
	856,781	TIAA-CREF Global Natural Resources Fund		6,280,203
	3,824,402	TIAA-CREF International Equity Fund		41,227,049
	3,189,654	TIAA-CREF International Opportunities Fund		33,395,678
		TOTAL INTERNATIONAL EQUITY		141,677,606
SHORT-TERM FIXED INCOME - 0.0%
	73,544	TIAA-CREF Money Market Fund		73,544
		TOTAL SHORT-TERM FIXED INCOME		73,544
U.S. EQUITY - 40.2%
	4,857,706	TIAA-CREF Enhanced Large-Cap Growth Index Fund		55,523,583
	5,423,588	TIAA-CREF Enhanced Large-Cap Value Index Fund		52,771,511
	3,956,704	TIAA-CREF Growth & Income Fund		47,401,317
	3,776,221	TIAA-CREF Large-Cap Growth Fund		58,342,608
	3,282,606	TIAA-CREF Large-Cap Value Fund		55,968,436
	98,427	TIAA-CREF Mid-Cap Growth Fund		2,093,549
	88,978	TIAA-CREF Mid-Cap Value Fund		2,061,630
	1,437,619	TIAA-CREF Small-Cap Equity Fund		24,770,168
		TOTAL U.S. EQUITY		298,932,802
		TOTAL TIAA-CREF FUNDS		742,469,511
		(Cost $675,887,653)
		TOTAL INVESTMENTS - 99.9%		742,469,511
		(Cost $675,887,653)
		OTHER ASSETS & LIABILITIES, NET - 0.1%		512,189
		NET ASSETS - 100.0%	$	742,981,700

(a) The Fund invests its 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 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 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 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 Fund is an investment company and follows the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The 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: Security 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 their 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, 2015, there were no transfers between levels by the Fund.

As of August 31, 2015, 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 Fund invests its 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, 2015		Purchase cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2015
TIAA-CREF Managed Allocation Fund
TIAA-CREF Bond Plus	$	304,014,809	$	4,911,455	$	9,830,140	$	(196,170	)	$	2,181,080	$	294,241,453
TIAA-CREF Emerging Markets Equity		27,192,393		2,375,883		285,892		(23,843	)		—		24,395,995
TIAA-CREF Enhanced International Equity Index		37,321,504		2,346,539		125,498		(4,814	)		—		36,378,681
TIAA-CREF Enhanced Large-Cap Growth Index		61,026,641		122,827		3,233,419		432,757			—		55,523,583
TIAA-CREF Enhanced Large-Cap Value Index		57,004,112		1,622,694		1,683,230		34,167			—		52,771,511
TIAA-CREF Global Natural Resources		7,118,834		228,462		24,905		(6,543	)		—		6,280,203
TIAA-CREF Growth & Income		52,517,958		34,361		2,266,788		184,625			124,717		47,401,317
TIAA-CREF High-Yield		7,966,678		194,480		228,045		(11,722	)		110,182		7,544,106
TIAA-CREF International Equity		41,836,665		3,829,027		466,138		(27,120	)		—		41,227,049
TIAA-CREF International Opportunities		35,059,811		1,637,685		478,305		(1,565	)		—		33,395,678
TIAA-CREF Large-Cap Growth		63,272,842		1,355,978		3,945,531		824,776			—		58,342,608
TIAA-CREF Large-Cap Value		58,958,824		2,926,624		1,026,079		(41,658	)		—		55,968,436
TIAA-CREF Mid-Cap Growth		2,423,962		—		206,473		(6,626	)		—		2,093,549
TIAA-CREF Mid-Cap Value		2,018,102		390,982		171,516		(6,875	)		—		2,061,630
TIAA-CREF Money Market		73,544		—		—		—			—		73,544
TIAA-CREF Small-Cap Equity		25,445,414		1,856,522		1,223,042		18,124			—		24,770,168
	$	783,252,093	$	23,833,519	$	25,195,001	$	1,167,513		$	2,415,979	$	742,469,511

Note 4—investments

Net unrealized appreciation (depreciation): At August 31, 2015, the cost of portfolio investments for federal income tax purposes was $675,887,653. Net unrealized appreciation (depreciation) of portfolio investments for federal income tax purposes was $66,581,858, consisting of gross unrealized appreciation of $77,168,025, and gross unrealized depreciation of $(10,586,167).

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 12, 2015	By:	/s/ Robert G. Leary
		Robert G. Leary
		President and Principal Executive Officer

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 12, 2015	By:	/s/ Robert G. Leary
		Robert G. Leary
		President and Principal Executive Officer
		(principal executive officer)

Date: October 12, 2015	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