N-Q 1 c84410_nq.htm

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: February 29, 2016

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)

February 29, 2016

SHARES		SECURITY	VALUE

TIAA-CREF FUNDS - 99.8%(a)

FIXED INCOME - 40.1%
	8,837,586	TIAA-CREF Bond Fund	$	91,380,644
	3,976,689	TIAA-CREF Bond Plus Fund		41,039,435
	414,925	TIAA-CREF Emerging Markets Debt Fund		3,742,622
	1,517,567	TIAA-CREF High-Yield Fund		13,142,130
		TOTAL FIXED INCOME		149,304,831

INFLATION-PROTECTED ASSETS - 10.0%
	3,280,518	TIAA-CREF Inflation-Linked Bond Fund		37,332,294
		TOTAL INFLATION-PROTECTED ASSETS		37,332,294

INTERNATIONAL EQUITY - 13.1%
	1,166,860	TIAA-CREF Emerging Markets Equity Fund		9,159,853
	1,904,085	TIAA-CREF Enhanced International Equity Index Fund		11,995,736
	334,994	TIAA-CREF Global Natural Resources Fund		2,123,862
	1,482,444	TIAA-CREF International Equity Fund		14,275,940
	1,211,786	TIAA-CREF International Opportunities Fund		11,160,551
		TOTAL INTERNATIONAL EQUITY		48,715,942

SHORT-TERM FIXED INCOME - 10.0%
	27,901	TIAA-CREF Money Market Fund		27,901
	3,607,670	TIAA-CREF Short-Term Bond Fund		37,195,081
		TOTAL SHORT-TERM FIXED INCOME		37,222,982

U.S. EQUITY - 26.6%
	1,842,120	TIAA-CREF Enhanced Large-Cap Growth Index Fund		18,771,204
	2,043,624	TIAA-CREF Enhanced Large-Cap Value Index Fund		17,391,243
	1,536,120	TIAA-CREF Growth & Income Fund		16,328,960
	1,383,419	TIAA-CREF Large-Cap Growth Fund		19,865,900
	1,247,994	TIAA-CREF Large-Cap Value Fund		18,570,148
	18,479	TIAA-CREF Mid-Cap Growth Fund		321,898
	17,678	TIAA-CREF Mid-Cap Value Fund		340,300
	527,144	TIAA-CREF Small-Cap Equity Fund		7,585,602
		TOTAL U.S. EQUITY		99,175,255

		TOTAL TIAA-CREF FUNDS		371,751,304
		(Cost $371,505,456)

		TOTAL INVESTMENTS - 99.8%		371,751,304
		(Cost $371,505,456)
		OTHER ASSETS & LIABILITIES, NET - 0.2%		875,821
		NET ASSETS - 100.0%	$	372,627,125

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

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2010 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2010 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 29, 2016

SHARES		SECURITY	VALUE

TIAA-CREF FUNDS - 99.9%(a)

FIXED INCOME - 39.2%
	24,041,320	TIAA-CREF Bond Fund	$	248,587,248
	11,224,357	TIAA-CREF Bond Plus Fund		115,835,361
	1,176,371	TIAA-CREF Emerging Markets Debt Fund		10,610,867
	4,268,791	TIAA-CREF High-Yield Fund		36,967,732
		TOTAL FIXED INCOME		412,001,208

INFLATION-PROTECTED ASSETS - 8.3%
	7,637,800	TIAA-CREF Inflation-Linked Bond Fund		86,918,164
		TOTAL INFLATION-PROTECTED ASSETS		86,918,164

INTERNATIONAL EQUITY - 14.4%
	3,569,174	TIAA-CREF Emerging Markets Equity Fund		28,018,019
	5,956,987	TIAA-CREF Enhanced International Equity Index Fund		37,529,020
	1,050,978	TIAA-CREF Global Natural Resources Fund		6,663,203
	4,577,581	TIAA-CREF International Equity Fund		44,082,104
	3,786,149	TIAA-CREF International Opportunities Fund		34,870,433
		TOTAL INTERNATIONAL EQUITY		151,162,779

SHORT-TERM FIXED INCOME - 8.3%
	58,970	TIAA-CREF Money Market Fund		58,970
	8,404,717	TIAA-CREF Short-Term Bond Fund		86,652,634
		TOTAL SHORT-TERM FIXED INCOME		86,711,604

U.S. EQUITY - 29.7%
	5,811,869	TIAA-CREF Enhanced Large-Cap Growth Index Fund		59,222,941
	6,437,168	TIAA-CREF Enhanced Large-Cap Value Index Fund		54,780,304
	4,786,436	TIAA-CREF Growth & Income Fund		50,879,818
	4,330,667	TIAA-CREF Large-Cap Growth Fund		62,188,379
	3,916,943	TIAA-CREF Large-Cap Value Fund		58,284,112
	78,361	TIAA-CREF Mid-Cap Growth Fund		1,365,049
	73,416	TIAA-CREF Mid-Cap Value Fund		1,413,258
	1,649,758	TIAA-CREF Small-Cap Equity Fund		23,740,024
		TOTAL U.S. EQUITY		311,873,885

		TOTAL TIAA-CREF FUNDS		1,048,667,640
		(Cost $1,001,424,193)

		TOTAL INVESTMENTS - 99.9%		1,048,667,640
		(Cost $1,001,424,193)
		OTHER ASSETS & LIABILITIES, NET - 0.1%		1,337,365
		NET ASSETS - 100.0%	$	1,050,005,005

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

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2015 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2015 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 29, 2016

SHARES		SECURITY	VALUE

TIAA-CREF FUNDS - 99.8%(a)

FIXED INCOME - 38.2%
	36,459,788	TIAA-CREF Bond Fund	$	376,994,204
	17,762,210	TIAA-CREF Bond Plus Fund		183,306,009
	1,858,577	TIAA-CREF Emerging Markets Debt Fund		16,764,361
	6,773,635	TIAA-CREF High-Yield Fund		58,659,679
		TOTAL FIXED INCOME		635,724,253

INFLATION-PROTECTED ASSETS - 6.3%
	9,169,950	TIAA-CREF Inflation-Linked Bond Fund		104,354,032
		TOTAL INFLATION-PROTECTED ASSETS		104,354,032

INTERNATIONAL EQUITY - 15.9%
	6,162,810	TIAA-CREF Emerging Markets Equity Fund		48,378,062
	10,543,870	TIAA-CREF Enhanced International Equity Index Fund		66,426,380
	1,865,286	TIAA-CREF Global Natural Resources Fund		11,825,916
	7,964,135	TIAA-CREF International Equity Fund		76,694,616
	6,694,398	TIAA-CREF International Opportunities Fund		61,655,401
		TOTAL INTERNATIONAL EQUITY		264,980,375

SHORT-TERM FIXED INCOME - 6.3%
	143,165	TIAA-CREF Money Market Fund		143,165
	10,093,746	TIAA-CREF Short-Term Bond Fund		104,066,522
		TOTAL SHORT-TERM FIXED INCOME		104,209,687

U.S. EQUITY - 33.1%
	10,290,066	TIAA-CREF Enhanced Large-Cap Growth Index Fund		104,855,772
	11,405,587	TIAA-CREF Enhanced Large-Cap Value Index Fund		97,061,547
	8,450,034	TIAA-CREF Growth & Income Fund		89,823,857
	7,627,545	TIAA-CREF Large-Cap Growth Fund		109,531,548
	6,891,673	TIAA-CREF Large-Cap Value Fund		102,548,091
	168,819	TIAA-CREF Mid-Cap Growth Fund		2,940,832
	158,861	TIAA-CREF Mid-Cap Value Fund		3,058,066
	2,904,830	TIAA-CREF Small-Cap Equity Fund		41,800,504
		TOTAL U.S. EQUITY		551,620,217

		TOTAL TIAA-CREF FUNDS		1,660,888,564
		(Cost $1,764,823,242)

		TOTAL INVESTMENTS - 99.8%		1,660,888,564
		(Cost $1,764,823,242)
		OTHER ASSETS & LIABILITIES, NET - 0.2%		2,914,144
		NET ASSETS - 100.0%	$	1,663,802,708

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

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2020 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2020 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 29, 2016

SHARES		SECURITY	VALUE

TIAA-CREF FUNDS - 99.4%(a)

FIXED INCOME - 34.5%
	50,976,757	TIAA-CREF Bond Fund	$	527,099,665
	29,552,543	TIAA-CREF Bond Plus Fund		304,982,240
	3,096,057	TIAA-CREF Emerging Markets Debt Fund		27,926,436
	11,249,604	TIAA-CREF High-Yield Fund		97,421,573
		TOTAL FIXED INCOME		957,429,914

INFLATION-PROTECTED ASSETS - 4.3%
	10,379,004	TIAA-CREF Inflation-Linked Bond Fund		118,113,070
		TOTAL INFLATION-PROTECTED ASSETS		118,113,070

INTERNATIONAL EQUITY - 18.1%
	11,504,118	TIAA-CREF Emerging Markets Equity Fund		90,307,327
	20,224,513	TIAA-CREF Enhanced International Equity Index Fund		127,414,435
	3,578,062	TIAA-CREF Global Natural Resources Fund		22,684,914
	15,032,226	TIAA-CREF International Equity Fund		144,760,334
	12,835,457	TIAA-CREF International Opportunities Fund		118,214,560
		TOTAL INTERNATIONAL EQUITY		503,381,570

SHORT-TERM FIXED INCOME - 4.2%
	191,615	TIAA-CREF Money Market Fund		191,615
	11,426,827	TIAA-CREF Short-Term Bond Fund		117,810,588
		TOTAL SHORT-TERM FIXED INCOME		118,002,203

U.S. EQUITY - 38.3%
	19,905,709	TIAA-CREF Enhanced Large-Cap Growth Index Fund		202,839,172
	22,017,446	TIAA-CREF Enhanced Large-Cap Value Index Fund		187,368,463
	16,205,454	TIAA-CREF Growth & Income Fund		172,263,977
	14,662,554	TIAA-CREF Large-Cap Growth Fund		210,554,273
	13,274,627	TIAA-CREF Large-Cap Value Fund		197,526,452
	397,847	TIAA-CREF Mid-Cap Growth Fund		6,930,491
	370,953	TIAA-CREF Mid-Cap Value Fund		7,140,843
	5,579,928	TIAA-CREF Small-Cap Equity Fund		80,295,159
		TOTAL U.S. EQUITY		1,064,918,830

		TOTAL TIAA-CREF FUNDS		2,761,845,587
		(Cost $2,930,850,765)

		TOTAL INVESTMENTS - 99.4%		2,761,845,587
		(Cost $2,930,850,765)
		OTHER ASSETS & LIABILITIES, NET - 0.6%		16,723,899
		NET ASSETS - 100.0%	$	2,778,569,486

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

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2025 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2025 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 29, 2016

SHARES		SECURITY	VALUE

TIAA-CREF FUNDS - 99.6%(a)

FIXED INCOME - 30.5%
	41,120,276	TIAA-CREF Bond Fund	$	425,183,653
	30,191,589	TIAA-CREF Bond Plus Fund		311,577,199
	3,155,547	TIAA-CREF Emerging Markets Debt Fund		28,463,034
	11,496,671	TIAA-CREF High-Yield Fund		99,561,174
		TOTAL FIXED INCOME		864,785,060

INFLATION-PROTECTED ASSETS - 2.3%
	5,621,772	TIAA-CREF Inflation-Linked Bond Fund		63,975,760
		TOTAL INFLATION-PROTECTED ASSETS		63,975,760

INTERNATIONAL EQUITY - 20.5%
	13,091,604	TIAA-CREF Emerging Markets Equity Fund		102,769,092
	23,551,444	TIAA-CREF Enhanced International Equity Index Fund		148,374,095
	4,172,860	TIAA-CREF Global Natural Resources Fund		26,455,930
	17,263,449	TIAA-CREF International Equity Fund		166,247,011
	14,946,185	TIAA-CREF International Opportunities Fund		137,654,367
		TOTAL INTERNATIONAL EQUITY		581,500,495

SHORT-TERM FIXED INCOME - 2.3%
	187,767	TIAA-CREF Money Market Fund		187,767
	6,189,217	TIAA-CREF Short-Term Bond Fund		63,810,823
		TOTAL SHORT-TERM FIXED INCOME		63,998,590

U.S. EQUITY - 44.0%
	23,297,344	TIAA-CREF Enhanced Large-Cap Growth Index Fund		237,399,934
	25,859,185	TIAA-CREF Enhanced Large-Cap Value Index Fund		220,061,665
	18,876,818	TIAA-CREF Growth & Income Fund		200,660,579
	17,094,754	TIAA-CREF Large-Cap Growth Fund		245,480,674
	15,439,460	TIAA-CREF Large-Cap Value Fund		229,739,167
	531,852	TIAA-CREF Mid-Cap Growth Fund		9,264,862
	493,330	TIAA-CREF Mid-Cap Value Fund		9,496,605
	6,496,756	TIAA-CREF Small-Cap Equity Fund		93,488,315
		TOTAL U.S. EQUITY		1,245,591,801

		TOTAL TIAA-CREF FUNDS		2,819,851,706
		(Cost $2,995,273,924)

		TOTAL INVESTMENTS - 99.6%		2,819,851,706
		(Cost $2,995,273,924)
		OTHER ASSETS & LIABILITIES, NET - 0.4%		12,444,554
		NET ASSETS - 100.0%	$	2,832,296,260

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

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2030 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2030 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 29, 2016

SHARES		SECURITY	VALUE

TIAA-CREF FUNDS - 99.8%(a)

FIXED INCOME - 26.6%
	31,303,178	TIAA-CREF Bond Fund	$	323,674,861
	26,730,931	TIAA-CREF Bond Plus Fund		275,863,213
	3,028,614	TIAA-CREF Emerging Markets Debt Fund		27,318,096
	11,076,592	TIAA-CREF High-Yield Fund		95,923,286
		TOTAL FIXED INCOME		722,779,456

INFLATION-PROTECTED ASSETS - 0.2%
	614,002	TIAA-CREF Inflation-Linked Bond Fund		6,987,339
		TOTAL INFLATION-PROTECTED ASSETS		6,987,339

INTERNATIONAL EQUITY - 23.0%
	13,881,309	TIAA-CREF Emerging Markets Equity Fund		108,968,274
	25,463,471	TIAA-CREF Enhanced International Equity Index Fund		160,419,866
	4,502,014	TIAA-CREF Global Natural Resources Fund		28,542,769
	18,427,510	TIAA-CREF International Equity Fund		177,456,924
	16,109,560	TIAA-CREF International Opportunities Fund		148,369,048
		TOTAL INTERNATIONAL EQUITY		623,756,881

SHORT-TERM FIXED INCOME - 0.3%
	180,589	TIAA-CREF Money Market Fund		180,589
	676,047	TIAA-CREF Short-Term Bond Fund		6,970,047
		TOTAL SHORT-TERM FIXED INCOME		7,150,636

U.S. EQUITY - 49.7%
	25,223,138	TIAA-CREF Enhanced Large-Cap Growth Index Fund		257,023,774
	28,073,511	TIAA-CREF Enhanced Large-Cap Value Index Fund		238,905,578
	20,404,557	TIAA-CREF Growth & Income Fund		216,900,436
	18,453,534	TIAA-CREF Large-Cap Growth Fund		264,992,743
	16,651,912	TIAA-CREF Large-Cap Value Fund		247,780,446
	639,532	TIAA-CREF Mid-Cap Growth Fund		11,140,642
	577,060	TIAA-CREF Mid-Cap Value Fund		11,108,398
	7,020,256	TIAA-CREF Small-Cap Equity Fund		101,021,490
		TOTAL U.S. EQUITY		1,348,873,507

		TOTAL TIAA-CREF FUNDS		2,709,547,819
		(Cost $2,872,002,806)

		TOTAL INVESTMENTS - 99.8%		2,709,547,819
		(Cost $2,872,002,806)
		OTHER ASSETS & LIABILITIES, NET - 0.2%		6,497,650
		NET ASSETS - 100.0%	$	2,716,045,469

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

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2035 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2035 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 29, 2016

SHARES		SECURITY	VALUE

TIAA-CREF FUNDS - 99.8%(a)

FIXED INCOME - 19.1%
	18,733,286	TIAA-CREF Bond Fund	$	193,702,181
	19,409,588	TIAA-CREF Bond Plus Fund		200,306,945
	3,017,923	TIAA-CREF Emerging Markets Debt Fund		27,221,664
	11,035,066	TIAA-CREF High-Yield Fund		95,563,671
		TOTAL FIXED INCOME		516,794,461

INTERNATIONAL EQUITY - 25.4%
	15,105,824	TIAA-CREF Emerging Markets Equity Fund		118,580,720
	28,108,625	TIAA-CREF Enhanced International Equity Index Fund		177,084,338
	4,974,211	TIAA-CREF Global Natural Resources Fund		31,536,500
	20,195,752	TIAA-CREF International Equity Fund		194,485,095
	17,791,190	TIAA-CREF International Opportunities Fund		163,856,856
		TOTAL INTERNATIONAL EQUITY		685,543,509

SHORT-TERM FIXED INCOME - 0.0%
	186,540	TIAA-CREF Money Market Fund		186,540
		TOTAL SHORT-TERM FIXED INCOME		186,540

U.S. EQUITY - 55.3%
	27,932,372	TIAA-CREF Enhanced Large-Cap Growth Index Fund		284,630,869
	31,105,005	TIAA-CREF Enhanced Large-Cap Value Index Fund		264,703,596
	22,566,259	TIAA-CREF Growth & Income Fund		239,879,328
	20,402,844	TIAA-CREF Large-Cap Growth Fund		292,984,840
	18,407,590	TIAA-CREF Large-Cap Value Fund		273,904,936
	750,056	TIAA-CREF Mid-Cap Growth Fund		13,065,981
	691,257	TIAA-CREF Mid-Cap Value Fund		13,306,701
	7,760,005	TIAA-CREF Small-Cap Equity Fund		111,666,474
		TOTAL U.S. EQUITY		1,494,142,725

		TOTAL TIAA-CREF FUNDS		2,696,667,235
		(Cost $2,856,420,913)

		TOTAL INVESTMENTS - 99.8%		2,696,667,235
		(Cost $2,856,420,913)
		OTHER ASSETS & LIABILITIES, NET - 0.2%		5,144,531
		NET ASSETS - 100.0%	$	2,701,811,766

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

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2040 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2040 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 29, 2016

SHARES		SECURITY	VALUE

TIAA-CREF FUNDS - 99.8%(a)

FIXED INCOME - 11.1%
	3,373,382	TIAA-CREF Bond Fund	$	34,880,765
	18,233,384	TIAA-CREF Bond Plus Fund		188,168,523
	3,800,542	TIAA-CREF Emerging Markets Debt Fund		34,280,890
	13,898,719	TIAA-CREF High-Yield Fund		120,362,907
		TOTAL FIXED INCOME		377,693,085

INTERNATIONAL EQUITY - 27.8%
	20,640,930	TIAA-CREF Emerging Markets Equity Fund		162,031,303
	38,890,190	TIAA-CREF Enhanced International Equity Index Fund		245,008,195
	6,881,165	TIAA-CREF Global Natural Resources Fund		43,626,587
	27,736,500	TIAA-CREF International Equity Fund		267,102,497
	24,605,729	TIAA-CREF International Opportunities Fund		226,618,765
		TOTAL INTERNATIONAL EQUITY		944,387,347

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 - 60.9%
	38,724,580	TIAA-CREF Enhanced Large-Cap Growth Index Fund		394,603,467
	43,168,978	TIAA-CREF Enhanced Large-Cap Value Index Fund		367,368,002
	31,276,210	TIAA-CREF Growth & Income Fund		332,466,111
	28,235,398	TIAA-CREF Large-Cap Growth Fund		405,460,309
	25,455,547	TIAA-CREF Large-Cap Value Fund		378,778,545
	1,099,214	TIAA-CREF Mid-Cap Growth Fund		19,148,302
	1,013,415	TIAA-CREF Mid-Cap Value Fund		19,508,245
	10,741,956	TIAA-CREF Small-Cap Equity Fund		154,576,750
		TOTAL U.S. EQUITY		2,071,909,731

		TOTAL TIAA-CREF FUNDS		3,394,263,608
		(Cost $3,587,016,329)

		TOTAL INVESTMENTS - 99.8%		3,394,263,608
		(Cost $3,587,016,329)
		OTHER ASSETS & LIABILITIES, NET - 0.2%		5,550,009
		NET ASSETS - 100.0%	$	3,399,813,617

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

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2045 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2045 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 29, 2016

SHARES		SECURITY	VALUE

TIAA-CREF FUNDS - 99.7%(a)

FIXED INCOME - 9.0%
	5,969,496	TIAA-CREF Bond Plus Fund	$	61,605,195
	1,557,291	TIAA-CREF Emerging Markets Debt Fund		14,046,762
	5,673,900	TIAA-CREF High-Yield Fund		49,135,975
		TOTAL FIXED INCOME		124,787,932

INTERNATIONAL EQUITY - 28.4%
	8,623,126	TIAA-CREF Emerging Markets Equity Fund		67,691,539
	16,314,919	TIAA-CREF Enhanced International Equity Index Fund		102,783,992
	2,885,974	TIAA-CREF Global Natural Resources Fund		18,297,077
	11,585,997	TIAA-CREF International Equity Fund		111,573,147
	10,326,499	TIAA-CREF International Opportunities Fund		95,107,052
		TOTAL INTERNATIONAL EQUITY		395,452,807

SHORT-TERM FIXED INCOME - 0.0%
	81,040	TIAA-CREF Money Market Fund		81,040
		TOTAL SHORT-TERM FIXED INCOME		81,040

U.S. EQUITY - 62.3%
	16,221,573	TIAA-CREF Enhanced Large-Cap Growth Index Fund		165,297,827
	18,061,347	TIAA-CREF Enhanced Large-Cap Value Index Fund		153,702,062
	13,077,098	TIAA-CREF Growth & Income Fund		139,009,547
	11,792,200	TIAA-CREF Large-Cap Growth Fund		169,335,985
	10,644,663	TIAA-CREF Large-Cap Value Fund		158,392,584
	466,742	TIAA-CREF Mid-Cap Growth Fund		8,130,641
	427,837	TIAA-CREF Mid-Cap Value Fund		8,235,870
	4,491,310	TIAA-CREF Small-Cap Equity Fund		64,629,951
		TOTAL U.S. EQUITY		866,734,467

		TOTAL TIAA-CREF FUNDS		1,387,056,246
		(Cost $1,455,831,323)

		TOTAL INVESTMENTS - 99.7%		1,387,056,246
		(Cost $1,455,831,323)
		OTHER ASSETS & LIABILITIES, NET - 0.3%		4,005,238
		NET ASSETS - 100.0%	$	1,391,061,484

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

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2050 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2050 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 29, 2016

SHARES		SECURITY	VALUE

TIAA-CREF FUNDS - 99.7%(a)

FIXED INCOME - 7.7%
	2,560,635	TIAA-CREF Bond Plus Fund	$	26,425,757
	933,067	TIAA-CREF Emerging Markets Debt Fund		8,416,267
	3,388,669	TIAA-CREF High-Yield Fund		29,345,874
		TOTAL FIXED INCOME		64,187,898

INTERNATIONAL EQUITY - 28.8%
	5,219,021	TIAA-CREF Emerging Markets Equity Fund		40,969,311
	9,895,512	TIAA-CREF Enhanced International Equity Index Fund		62,341,725
	1,750,286	TIAA-CREF Global Natural Resources Fund		11,096,815
	7,015,019	TIAA-CREF International Equity Fund		67,554,634
	6,263,789	TIAA-CREF International Opportunities Fund		57,689,498
		TOTAL INTERNATIONAL EQUITY		239,651,983

SHORT-TERM FIXED INCOME - 0.0%
	41,899	TIAA-CREF Money Market Fund		41,899
		TOTAL SHORT-TERM FIXED INCOME		41,899

U.S. EQUITY - 63.2%
	9,847,022	TIAA-CREF Enhanced Large-Cap Growth Index Fund		100,341,156
	10,957,079	TIAA-CREF Enhanced Large-Cap Value Index Fund		93,244,745
	7,937,846	TIAA-CREF Growth & Income Fund		84,379,308
	7,145,162	TIAA-CREF Large-Cap Growth Fund		102,604,529
	6,450,901	TIAA-CREF Large-Cap Value Fund		95,989,407
	285,557	TIAA-CREF Mid-Cap Growth Fund		4,974,395
	260,624	TIAA-CREF Mid-Cap Value Fund		5,017,017
	2,724,623	TIAA-CREF Small-Cap Equity Fund		39,207,328
		TOTAL U.S. EQUITY		525,757,885

		TOTAL TIAA-CREF FUNDS		829,639,665
		(Cost $877,864,965)

		TOTAL INVESTMENTS - 99.7%		829,639,665
		(Cost $877,864,965)
		OTHER ASSETS & LIABILITIES, NET - 0.3%		2,710,395
		NET ASSETS - 100.0%	$	832,350,060

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

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2055 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2055 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 29, 2016

SHARES		SECURITY	VALUE

TIAA-CREF FUNDS - 99.7%(a)

FIXED INCOME - 6.5%
	311,498	TIAA-CREF Bond Plus Fund	$	3,214,662
	184,629	TIAA-CREF Emerging Markets Debt Fund		1,665,354
	670,378	TIAA-CREF High-Yield Fund		5,805,476
		TOTAL FIXED INCOME		10,685,492

INTERNATIONAL EQUITY - 29.2%
	1,050,613	TIAA-CREF Emerging Markets Equity Fund		8,247,309
	1,995,628	TIAA-CREF Enhanced International Equity Index Fund		12,572,455
	352,900	TIAA-CREF Global Natural Resources Fund		2,237,388
	1,412,194	TIAA-CREF International Equity Fund		13,599,430
	1,263,120	TIAA-CREF International Opportunities Fund		11,633,333
		TOTAL INTERNATIONAL EQUITY		48,289,915

SHORT-TERM FIXED INCOME - 0.0%
	6,594	TIAA-CREF Money Market Fund		6,594
		TOTAL SHORT-TERM FIXED INCOME		6,594

U.S. EQUITY - 64.0%
	1,981,558	TIAA-CREF Enhanced Large-Cap Growth Index Fund		20,192,074
	2,204,502	TIAA-CREF Enhanced Large-Cap Value Index Fund		18,760,312
	1,597,064	TIAA-CREF Growth & Income Fund		16,976,793
	1,436,456	TIAA-CREF Large-Cap Growth Fund		20,627,502
	1,297,408	TIAA-CREF Large-Cap Value Fund		19,305,426
	57,818	TIAA-CREF Mid-Cap Growth Fund		1,007,183
	52,750	TIAA-CREF Mid-Cap Value Fund		1,015,435
	547,978	TIAA-CREF Small-Cap Equity Fund		7,885,398
		TOTAL U.S. EQUITY		105,770,123

		TOTAL TIAA-CREF FUNDS		164,752,124
		(Cost $180,703,625)

		TOTAL INVESTMENTS - 99.7%		164,752,124
		(Cost $180,703,625)
		OTHER ASSETS & LIABILITIES, NET - 0.3%		486,309
		NET ASSETS - 100.0%	$	165,238,433

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

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2060 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2060 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 29, 2016

SHARES		SECURITY	VALUE

TIAA-CREF FUNDS - 100.0%(a)

FIXED INCOME - 5.2%
	6,836	TIAA-CREF Bond Plus Fund	$	70,548
	11,791	TIAA-CREF Emerging Markets Debt Fund		106,354
	43,068	TIAA-CREF High-Yield Fund		372,966
		TOTAL FIXED INCOME		549,868

INTERNATIONAL EQUITY - 29.6%
	67,581	TIAA-CREF Emerging Markets Equity Fund		530,512
	128,524	TIAA-CREF Enhanced International Equity Index Fund		809,698
	22,740	TIAA-CREF Global Natural Resources Fund		144,174
	91,039	TIAA-CREF International Equity Fund		876,709
	81,392	TIAA-CREF International Opportunities Fund		749,621
		TOTAL INTERNATIONAL EQUITY		3,110,714

SHORT-TERM FIXED INCOME - 0.0%
	100	TIAA-CREF Money Market Fund		100
		TOTAL SHORT-TERM FIXED INCOME		100

U.S. EQUITY - 65.2%
	128,507	TIAA-CREF Enhanced Large-Cap Growth Index Fund		1,309,490
	142,961	TIAA-CREF Enhanced Large-Cap Value Index Fund		1,216,599
	103,571	TIAA-CREF Growth & Income Fund		1,100,961
	93,151	TIAA-CREF Large-Cap Growth Fund		1,337,648
	84,016	TIAA-CREF Large-Cap Value Fund		1,250,152
	3,766	TIAA-CREF Mid-Cap Growth Fund		65,597
	3,435	TIAA-CREF Mid-Cap Value Fund		66,126
	35,529	TIAA-CREF Small-Cap Equity Fund		511,266
		TOTAL U.S. EQUITY		6,857,839

		TOTAL TIAA-CREF FUNDS		10,518,521
		(Cost $12,194,338)

		TOTAL INVESTMENTS - 100.0%		10,518,521
		(Cost $12,194,338)
		OTHER ASSETS & LIABILITIES, NET - 0.0%		4,420
		NET ASSETS - 100.0%	$	10,522,941

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

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

Note 1—organization and significant accounting policies

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

Each Fund is a “fund of funds” that diversifies its assets by investing in Institutional Class shares of other funds of the Trust and potentially other investment pools or investment products. The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors Inc. (“Advisors”), a wholly owned indirect subsidiary of TIAA, is registered with the Commission as an investment adviser and provides investment management services for the Funds. The Funds offer up to five share classes, although any one Fund may not necessarily offer all five classes. The Funds may offer Institutional, Advisor, Premier, Retirement and Retail Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class. On December 4, 2015, certain Funds made an additional share class (Advisor) available for sale pursuant to an amendment to the Trust’s registration statement filed with the Commission.

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.

New accounting pronouncement: In May 2015, the Financial Accounting Standards Board issued Accounting Standards Update No. 2015-07, Fair Value Measurement (Topic 820) Disclosures in Certain Entities That Calculate Net Asset Value per Share (the “ASU”). The ASU removes the requirement to categorize all investments for which the fair value is measured using the net asset value per share practical expedient from the fair value hierarchy. The ASU also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the net asset value per share practical expedient. The ASU is effective for public business entities for fiscal years beginning after December 15, 2015, and for interim periods within those fiscal years. The Funds expect to adopt the ASU for the May 31, 2016 annual report. Management is currently evaluating the impact of the ASU’s adoption on the Funds’ financial statements and notes disclosures.

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.

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

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 February 29, 2016, there were no transfers between levels by the Funds.

As of February 29, 2016, 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 February 29, 2016
Lifecycle Retirement Income
TIAA-CREF Bond	$	92,158,556	$	14,107,403	$	12,878,699	$	907,745		$	1,915,286	$	91,380,644
TIAA-CREF Bond Plus		40,601,702		6,087,194		4,223,677		373,765			943,432		41,039,435
TIAA-CREF Emerging Markets Debt		3,659,464		1,003,344		591,972		(49,131	)		146,838		3,742,622
TIAA-CREF Emerging Markets Equity		9,320,689		3,071,342		586,664		(112,983	)		92,067		9,159,853
TIAA-CREF Enhanced International Equity Index		11,790,552		3,363,342		647,276		(63,231	)		364,214		11,995,736
TIAA-CREF Enhanced Large-Cap Growth Index		19,001,844		4,561,123		2,026,291		1,758,709			205,186		18,771,204
TIAA-CREF Enhanced Large-Cap Value Index		17,617,079		4,580,015		1,270,687		1,069,975			413,908		17,391,243
TIAA-CREF Global Natural Resources		2,225,445		861,683		351,966		(89,366	)		52,563		2,123,862
TIAA-CREF Growth & Income		16,574,010		4,094,285		1,565,495		1,092,052			141,432		16,328,960
TIAA-CREF High-Yield		11,094,473		4,695,902		1,058,398		(90,295	)		508,634		13,142,130
TIAA-CREF Inflation-Linked Bond		36,914,332		5,262,089		4,556,800		(150,743	)		125,274		37,332,294
TIAA-CREF International Equity		14,018,827		4,876,114		1,677,132		(99,230	)		182,811		14,275,940
TIAA-CREF International Opportunities		11,107,686		3,222,755		867,672		(44,653	)		139,535		11,160,551
TIAA-CREF Large-Cap Growth		20,185,979		4,971,782		3,192,794		877,890			72,675		19,865,900
TIAA-CREF Large-Cap Value		18,692,241		5,749,037		1,935,748		869,421			265,411		18,570,148
TIAA-CREF Mid-Cap Growth		405,229		205,712		208,484		61,829			677		321,898
TIAA-CREF Mid-Cap Value		277,711		374,228		226,956		9,999			4,873		340,300
TIAA-CREF Money Market		27,890		11		—		—			17		27,901
TIAA-CREF Short-Term Bond		37,078,757		5,281,586		4,910,445		(16,219	)		467,845		37,195,081
TIAA-CREF Small-Cap Equity		8,099,674		2,359,380		1,085,850		503,130			60,632		7,585,602
	$	370,852,140	$	78,728,327	$	43,863,006	$	6,808,664		$	6,103,310	$	371,751,304

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 February 29, 2016
Lifecycle 2010 Fund
TIAA-CREF Bond	$	265,262,445	$	29,015,112	$	40,078,368	$	2,527,547		$	5,296,250	$	248,587,248
TIAA-CREF Bond Plus		121,332,218		13,381,137		14,765,019		1,132,261			2,712,653		115,835,361
TIAA-CREF Emerging Markets Debt		10,968,801		1,519,803		923,967		(82,253	)		420,758		10,610,867
TIAA-CREF Emerging Markets Equity		30,865,194		7,525,256		2,015,433		(485,764	)		283,932		28,018,019
TIAA-CREF Enhanced International Equity Index		40,021,293		7,311,408		1,773,870		(98,703	)		1,146,264		37,529,020
TIAA-CREF Enhanced Large-Cap Growth Index		64,630,985		12,757,148		9,385,456		5,919,044			651,721		59,222,941
TIAA-CREF Enhanced Large-Cap Value Index		60,200,504		11,601,380		5,665,473		3,516,747			1,313,264		54,780,304
TIAA-CREF Global Natural Resources		7,537,604		2,226,901		1,117,831		(427,371	)		164,560		6,663,203
TIAA-CREF Growth & Income		56,149,311		9,610,008		6,012,757		3,804,958			457,838		50,879,818
TIAA-CREF High-Yield		33,144,838		10,115,193		1,707,331		(155,774	)		1,457,885		36,967,732
TIAA-CREF Inflation-Linked Bond		89,135,764		10,587,765		12,115,758		(374,846	)		289,470		86,918,164
TIAA-CREF International Equity		46,438,137		12,338,289		5,355,499		(294,949	)		568,253		44,082,104
TIAA-CREF International Opportunities		37,474,392		7,938,935		3,119,440		(123,861	)		440,697		34,870,433
TIAA-CREF Large-Cap Growth		68,366,735		13,052,344		12,665,470		2,502,103			228,414		62,188,379
TIAA-CREF Large-Cap Value		62,571,976		15,929,386		7,656,416		3,199,445			836,401		58,284,112
TIAA-CREF Mid-Cap Growth		1,756,423		756,636		803,437		203,230			2,798		1,365,049
TIAA-CREF Mid-Cap Value		1,364,554		640,405		228,630		106,673			20,806		1,413,258
TIAA-CREF Money Market		58,956		14		—		—			36		58,970
TIAA-CREF Short-Term Bond		88,009,424		11,392,429		12,154,649		(87,544	)		1,089,906		86,652,634
TIAA-CREF Small-Cap Equity		27,129,424		6,864,786		4,583,077		1,774,631			190,654		23,740,024
	$	1,112,418,978	$	184,564,335	$	142,127,881	$	22,555,574		$	17,572,560	$	1,048,667,640
Lifecycle 2015 Fund
TIAA-CREF Bond	$	412,338,205	$	38,519,133	$	65,176,331	$	4,567,079		$	8,127,250	$	376,994,204
TIAA-CREF Bond Plus		196,311,153		19,855,368		26,236,663		2,367,522			4,343,662		183,306,009
TIAA-CREF Emerging Markets Debt		17,749,195		2,556,545		2,002,506		(9,571	)		672,536		16,764,361
TIAA-CREF Emerging Markets Equity		54,389,698		11,433,152		2,804,046		94,013			494,446		48,378,062
TIAA-CREF Enhanced International Equity Index		71,975,909		11,778,955		2,949,061		145,372			2,041,109		66,426,380
TIAA-CREF Enhanced Large-Cap Growth Index		116,980,270		20,329,125		16,602,450		14,199,055			1,167,843		104,855,772
TIAA-CREF Enhanced Large-Cap Value Index		109,110,135		19,428,174		11,045,978		9,162,991			2,356,462		97,061,547
TIAA-CREF Global Natural Resources		13,605,586		3,729,671		1,941,394		56,550			296,584		11,825,916
TIAA-CREF Growth & Income		101,441,617		15,492,359		11,391,067		9,949,430			814,601		89,823,857
TIAA-CREF High-Yield		53,575,625		16,218,594		3,785,255		(15,458	)		2,334,105		58,659,679
TIAA-CREF Inflation-Linked Bond		108,221,736		11,688,481		14,694,963		205,445			349,677		104,354,032
TIAA-CREF International Equity		82,109,139		20,085,123		9,073,176		1,096,232			996,972		76,694,616
TIAA-CREF International Opportunities		67,597,194		12,686,696		5,437,970		154,382			787,518		61,655,401
TIAA-CREF Large-Cap Growth		122,117,644		20,475,524		21,253,747		11,555,831			407,100		109,531,548
TIAA-CREF Large-Cap Value		112,856,441		25,679,153		13,382,820		9,360,434			1,485,696		102,548,091
TIAA-CREF Mid-Cap Growth		3,770,884		1,160,127		1,239,979		262,233			6,163		2,940,832
TIAA-CREF Mid-Cap Value		2,996,481		1,430,207		582,675		384,608			44,574		3,058,066
TIAA-CREF Money Market		143,145		21		—		—			88		143,165
TIAA-CREF Short-Term Bond		106,486,716		13,299,250		14,999,282		70,557			1,314,818		104,066,522
TIAA-CREF Small-Cap Equity		48,906,733		10,548,946		7,519,924		4,625,413			340,283		41,800,504
	$	1,802,683,506	$	276,394,604	$	232,119,287	$	68,232,118		$	28,381,487	$	1,660,888,564

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 February 29, 2016
Lifecycle 2020 Fund
TIAA-CREF Bond	$	534,722,578	$	80,319,171	$	76,330,607	$	6,429,336		$	11,006,330	$	527,099,665
TIAA-CREF Bond Plus		308,519,103		44,489,796		37,284,537		3,961,591			7,060,585		304,982,240
TIAA-CREF Emerging Markets Debt		27,964,271		5,728,518		3,276,517		(1,967	)		1,095,602		27,926,436
TIAA-CREF Emerging Markets Equity		95,740,526		24,354,507		3,112,474		118,133			917,076		90,307,327
TIAA-CREF Enhanced International Equity Index		130,432,937		28,158,379		4,019,428		310,330			3,887,911		127,414,435
TIAA-CREF Enhanced Large-Cap Growth Index		213,812,288		38,703,741		19,336,238		24,860,127			2,237,380		202,839,172
TIAA-CREF Enhanced Large-Cap Value Index		199,396,180		38,250,487		11,314,046		15,348,761			4,519,430		187,368,463
TIAA-CREF Global Natural Resources		25,454,093		6,818,325		2,890,373		68,143			560,662		22,684,914
TIAA-CREF Growth & Income		183,959,289		31,922,382		13,638,873		16,583,087			1,528,834		172,263,977
TIAA-CREF High-Yield		85,087,339		29,030,673		4,711,983		3,020			3,802,500		97,421,573
TIAA-CREF Inflation-Linked Bond		113,129,291		18,692,922		12,870,065		218,115			390,609		118,113,070
TIAA-CREF International Equity		147,976,574		39,761,808		12,354,838		2,327,618			1,871,693		144,760,334
TIAA-CREF International Opportunities		123,699,326		25,174,894		5,656,787		156,880			1,499,336		118,214,560
TIAA-CREF Large-Cap Growth		221,990,838		38,154,718		26,873,958		18,149,800			777,507		210,554,273
TIAA-CREF Large-Cap Value		205,909,168		49,260,876		14,946,489		15,610,804			2,845,776		197,526,452
TIAA-CREF Mid-Cap Growth		8,230,434		2,072,932		1,602,709		647,089			14,586		6,930,491
TIAA-CREF Mid-Cap Value		6,863,750		2,703,404		590,021		750,411			104,574		7,140,843
TIAA-CREF Money Market		191,587		28		—		—			118		191,615
TIAA-CREF Short-Term Bond		110,821,427		20,941,330		13,177,806		129,124			1,435,758		117,810,588
TIAA-CREF Small-Cap Equity		89,175,577		20,130,145		9,734,357		8,275,277			648,321		80,295,159
	$	2,833,076,576	$	544,669,036	$	273,722,106	$	113,945,679		$	46,204,588	$	2,761,845,587
Lifecycle 2025 Fund
TIAA-CREF Bond	$	402,203,093	$	72,610,324	$	40,953,232	$	5,123,399		$	8,393,978	$	425,183,653
TIAA-CREF Bond Plus		311,426,146		46,075,726		34,961,390		4,324,637			7,207,187		311,577,199
TIAA-CREF Emerging Markets Debt		28,399,394		6,423,166		3,824,442		4,707			1,119,261		28,463,034
TIAA-CREF Emerging Markets Equity		107,865,171		26,726,123		1,464,679		79,163			1,047,258		102,769,092
TIAA-CREF Enhanced International Equity Index		150,219,236		32,255,471		2,408,855		217,633			4,545,830		148,374,095
TIAA-CREF Enhanced Large-Cap Growth Index		248,030,325		44,055,705		19,025,935		28,274,528			2,625,201		237,399,934
TIAA-CREF Enhanced Large-Cap Value Index		230,896,463		44,608,995		9,811,821		17,077,114			5,306,984		220,061,665
TIAA-CREF Global Natural Resources		28,877,061		8,125,102		2,800,201		97,455			660,499		26,455,930
TIAA-CREF Growth & Income		211,947,764		35,803,218		12,132,483		18,250,576			1,777,014		200,660,579
TIAA-CREF High-Yield		114,698,447		25,402,835		24,577,669		(1,043,059	)		4,943,663		99,561,174
TIAA-CREF Inflation-Linked Bond		56,961,365		13,365,044		5,959,646		33,652			207,898		63,975,760
TIAA-CREF International Equity		168,613,876		43,071,086		10,320,608		2,009,144			2,153,382		166,247,011
TIAA-CREF International Opportunities		142,448,000		28,155,391		3,822,735		58,700			1,751,269		137,654,367
TIAA-CREF Large-Cap Growth		256,483,664		42,283,588		26,730,534		20,034,138			908,742		245,480,674
TIAA-CREF Large-Cap Value		238,407,070		54,751,597		13,676,212		17,234,146			3,317,883		229,739,167
TIAA-CREF Mid-Cap Growth		10,620,443		2,391,891		1,384,242		837,615			19,514		9,264,862
TIAA-CREF Mid-Cap Value		9,086,194		3,229,615		394,174		944,141			139,561		9,496,605
TIAA-CREF Money Market		187,740		27		—		—			116		187,767
TIAA-CREF Short-Term Bond		55,262,883		14,694,150		5,747,517		7,186			750,502		63,810,823
TIAA-CREF Small-Cap Equity		103,028,644		22,501,386		9,489,185		9,553,889			757,933		93,488,315
	$	2,875,662,979	$	566,530,440	$	229,485,560	$	123,118,764		$	47,633,675	$	2,819,851,706

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 February 29, 2016
Lifecycle 2030 Fund
TIAA-CREF Bond	$	278,803,848	$	80,588,998	$	29,808,401	$	3,552,531		$	5,889,401	$	323,674,861
TIAA-CREF Bond Plus		273,315,980		46,798,482		34,547,465		3,774,379			6,371,981		275,863,213
TIAA-CREF Emerging Markets Debt		27,505,981		6,041,293		3,752,654		(22,459	)		1,084,674		27,318,096
TIAA-CREF Emerging Markets Equity		115,938,476		27,267,543		1,758,234		54,980			1,121,250		108,968,274
TIAA-CREF Enhanced International Equity Index		163,369,243		33,378,341		1,707,798		157,963			4,962,188		160,419,866
TIAA-CREF Enhanced Large-Cap Growth Index		271,097,633		45,248,110		20,031,009		30,795,786			2,871,341		257,023,774
TIAA-CREF Enhanced Large-Cap Value Index		252,154,045		45,688,836		8,897,480		18,090,245			5,803,437		238,905,578
TIAA-CREF Global Natural Resources		31,105,884		8,703,956		2,815,042		79,877			718,151		28,542,769
TIAA-CREF Growth & Income		230,578,349		36,495,824		11,786,658		19,368,673			1,933,686		216,900,436
TIAA-CREF High-Yield		138,933,852		31,951,384		55,709,346		(4,747,144	)		5,862,292		95,923,286
TIAA-CREF Inflation-Linked Bond		—		7,138,013		203,699		689			15,535		6,987,339
TIAA-CREF International Equity		181,710,483		41,054,609		7,455,409		1,601,661			2,319,099		177,456,924
TIAA-CREF International Opportunities		154,910,155		28,479,293		3,235,674		5,762			1,907,234		148,369,048
TIAA-CREF Large-Cap Growth		280,417,488		42,293,796		28,582,049		22,283,984			988,708		264,992,743
TIAA-CREF Large-Cap Value		258,982,398		53,716,061		10,633,368		17,812,086			3,616,241		247,780,446
TIAA-CREF Mid-Cap Growth		12,389,998		2,851,882		1,294,383		1,050,032			23,336		11,140,642
TIAA-CREF Mid-Cap Value		10,872,601		3,447,527		279,722		1,110,322			167,174		11,108,398
TIAA-CREF Money Market		180,563		26		—		—			111		180,589
TIAA-CREF Short-Term Bond		—		7,229,870		248,116		481			35,873		6,970,047
TIAA-CREF Small-Cap Equity		112,296,960		21,799,021		8,485,185		10,377,780			825,883		101,021,490
	$	2,794,563,937	$	570,172,865	$	231,231,692	$	125,347,628		$	46,517,595	$	2,709,547,819
Lifecycle 2035 Fund
TIAA-CREF Bond	$	165,275,071	$	51,517,631	$	19,523,270	$	2,248,133		$	3,566,849	$	193,702,181
TIAA-CREF Bond Plus		165,549,162		54,659,539		13,983,436		2,383,554			3,999,326		200,306,945
TIAA-CREF Emerging Markets Debt		27,718,476		6,172,693		4,172,956		(39,307	)		1,084,717		27,221,664
TIAA-CREF Emerging Markets Equity		127,684,152		28,509,092		2,006,521		(831	)		1,225,513		118,580,720
TIAA-CREF Enhanced International Equity Index		181,937,422		37,046,991		3,502,593		256,015			5,501,142		177,084,338
TIAA-CREF Enhanced Large-Cap Growth Index		302,614,535		48,697,238		22,839,991		34,521,722			3,192,476		284,630,869
TIAA-CREF Enhanced Large-Cap Value Index		281,487,942		48,468,805		9,522,929		20,191,677			6,448,002		264,703,596
TIAA-CREF Global Natural Resources		34,652,178		9,009,719		2,705,438		62,083			799,893		31,536,500
TIAA-CREF Growth & Income		256,640,974		38,515,516		12,720,319		21,475,490			2,143,865		239,879,328
TIAA-CREF High-Yield		139,912,465		36,800,747		61,681,627		(5,107,638	)		5,904,757		95,563,671
TIAA-CREF International Equity		201,084,905		43,446,860		8,349,430		1,725,771			2,553,213		194,485,095
TIAA-CREF International Opportunities		172,493,361		30,006,293		3,340,044		85,248			2,117,821		163,856,856
TIAA-CREF Large-Cap Growth		312,385,193		43,124,078		30,112,577		23,984,261			1,098,800		292,984,840
TIAA-CREF Large-Cap Value		289,145,928		56,751,912		11,459,032		19,700,509			4,018,463		273,904,936
TIAA-CREF Mid-Cap Growth		14,788,989		3,047,184		1,425,285		1,259,959			27,852		13,065,981
TIAA-CREF Mid-Cap Value		13,054,738		3,982,621		262,271		1,263,382			198,427		13,306,701
TIAA-CREF Money Market		186,513		27		—		—			115		186,540
TIAA-CREF Small-Cap Equity		126,219,741		21,924,114		9,199,626		11,686,341			916,574		111,666,474
	$	2,812,831,745	$	561,681,060	$	216,807,345	$	135,696,369		$	44,797,805	$	2,696,667,235

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 February 29, 2016
Lifecycle 2040 Fund
TIAA-CREF Bond	$	—	$	35,715,064	$	700,260	$	264,663		$	276,255	$	34,880,765
TIAA-CREF Bond Plus		144,516,234		76,252,219		27,684,727		1,644,386			3,411,050		188,168,523
TIAA-CREF Emerging Markets Debt		35,604,055		9,366,110		7,493,205		(93,720	)		1,387,642		34,280,890
TIAA-CREF Emerging Markets Equity		179,224,473		36,673,382		4,365,165		(51,119	)		1,694,991		162,031,303
TIAA-CREF Enhanced International Equity Index		256,907,123		46,820,935		4,795,153		455,763			7,717,959		245,008,195
TIAA-CREF Enhanced Large-Cap Growth Index		427,634,756		61,128,049		32,353,663		49,219,338			4,485,668		394,603,467
TIAA-CREF Enhanced Large-Cap Value Index		398,086,271		58,727,928		10,900,987		27,839,820			9,069,595		367,368,002
TIAA-CREF Global Natural Resources		48,881,827		11,926,651		3,833,695		(26,036	)		1,119,308		43,626,587
TIAA-CREF Growth & Income		361,934,494		49,160,449		19,065,186		30,570,497			3,010,984		332,466,111
TIAA-CREF High-Yield		180,489,214		47,482,451		82,759,037		(6,758,963	)		7,545,775		120,362,907
TIAA-CREF International Equity		282,662,286		52,065,034		9,481,043		1,907,889			3,549,425		267,102,497
TIAA-CREF International Opportunities		243,268,242		38,400,485		5,568,177		59,413			2,961,696		226,618,765
TIAA-CREF Large-Cap Growth		440,553,498		47,341,869		36,942,969		31,453,748			1,540,496		405,460,309
TIAA-CREF Large-Cap Value		407,131,367		70,881,496		14,071,581		26,944,738			5,620,202		378,778,545
TIAA-CREF Mid-Cap Growth		22,154,064		4,227,793		2,273,571		1,933,555			41,174		19,148,302
TIAA-CREF Mid-Cap Value		19,313,666		6,142,842		785,451		1,972,950			293,087		19,508,245
TIAA-CREF Money Market		273,442		3		—		—			169		273,445
TIAA-CREF Small-Cap Equity		178,242,496		28,023,059		13,419,475		16,865,373			1,285,983		154,576,750
	$	3,626,877,508	$	680,335,819	$	276,493,345	$	184,202,295		$	55,011,459	$	3,394,263,608
Lifecycle 2045 Fund
TIAA-CREF Bond Plus	$	54,014,492	$	18,437,980	$	8,933,192	$	484,702		$	1,281,412	$	61,605,195
TIAA-CREF Emerging Markets Debt		13,174,386		4,380,942		2,281,958		(214,148	)		539,148		14,046,762
TIAA-CREF Emerging Markets Equity		66,975,719		22,003,190		2,145,208		(522,821	)		676,378		67,691,539
TIAA-CREF Enhanced International Equity Index		96,243,829		29,681,724		1,847,540		(300,096	)		3,082,890		102,783,992
TIAA-CREF Enhanced Large-Cap Growth Index		158,868,063		40,594,864		9,476,959		14,788,254			1,794,047		165,297,827
TIAA-CREF Enhanced Large-Cap Value Index		147,665,030		41,087,962		3,959,990		9,207,530			3,628,645		153,702,062
TIAA-CREF Global Natural Resources		18,066,490		7,219,673		1,832,904		(919,373	)		448,015		18,297,077
TIAA-CREF Growth & Income		134,351,959		31,646,119		3,275,878		9,142,963			1,167,687		139,009,547
TIAA-CREF High-Yield		67,077,366		23,277,547		31,533,922		(4,954,158	)		2,938,711		49,135,975
TIAA-CREF International Equity		105,277,576		31,983,413		2,916,262		(295,012	)		1,418,371		111,573,147
TIAA-CREF International Opportunities		89,784,779		26,777,844		1,872,346		(126,832	)		1,183,431		95,107,052
TIAA-CREF Large-Cap Growth		163,397,760		34,587,403		10,369,312		5,671,677			615,387		169,335,985
TIAA-CREF Large-Cap Value		151,278,305		46,191,068		5,696,867		8,070,887			2,247,330		158,392,584
TIAA-CREF Mid-Cap Growth		8,323,026		2,672,380		898,941		559,503			16,432		8,130,641
TIAA-CREF Mid-Cap Value		7,162,694		3,322,496		210,211		680,499			117,561		8,235,870
TIAA-CREF Money Market		81,020		20		—		—			50		81,040
TIAA-CREF Small-Cap Equity		66,164,818		16,668,124		2,870,471		4,351,892			514,070		64,629,951
	$	1,347,907,312	$	380,532,749	$	90,121,961	$	45,625,467		$	21,669,565	$	1,387,056,246

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 February 29, 2016
Lifecycle 2050 Fund
TIAA-CREF Bond Plus	$	31,694,189	$	10,183,474	$	14,295,156	$	(56,730	)	$	730,605	$	26,425,757
TIAA-CREF Emerging Markets Debt		7,686,306		2,880,959		1,432,448		(137,638	)		317,750		8,416,267
TIAA-CREF Emerging Markets Equity		39,174,542		14,448,377		1,383,223		(315,886	)		400,500		40,969,311
TIAA-CREF Enhanced International Equity Index		56,554,031		19,444,517		1,061,273		(154,597	)		1,825,899		62,341,725
TIAA-CREF Enhanced Large-Cap Growth Index		92,777,333		27,814,079		5,670,956		8,803,649			1,062,942		100,341,156
TIAA-CREF Enhanced Large-Cap Value Index		86,194,279		28,191,982		2,779,931		5,437,665			2,148,466		93,244,745
TIAA-CREF Global Natural Resources		10,529,338		4,351,963		772,426		(383,455	)		265,035		11,096,815
TIAA-CREF Growth & Income		78,423,220		22,071,038		2,040,050		5,419,810			688,316		84,379,308
TIAA-CREF High-Yield		39,193,456		13,902,216		18,032,410		(2,865,657	)		1,733,944		29,345,874
TIAA-CREF International Equity		61,676,912		21,438,310		2,131,909		(168,497	)		839,477		67,554,634
TIAA-CREF International Opportunities		52,322,322		18,173,268		1,229,764		(100,037	)		700,438		57,689,498
TIAA-CREF Large-Cap Growth		95,513,657		24,293,203		6,323,050		3,368,430			364,504		102,604,529
TIAA-CREF Large-Cap Value		88,184,265		31,082,550		3,574,000		4,831,281			1,332,145		95,989,407
TIAA-CREF Mid-Cap Growth		4,821,272		1,876,884		560,196		322,085			9,734		4,974,395
TIAA-CREF Mid-Cap Value		4,180,971		2,163,746		132,408		403,891			69,536		5,017,017
TIAA-CREF Money Market		41,882		17		—		—			26		41,899
TIAA-CREF Small-Cap Equity		38,621,332		11,506,607		1,851,808		2,590,805			304,394		39,207,328
	$	787,589,307	$	253,823,190	$	63,271,008	$	26,995,119		$	12,793,711	$	829,639,665
Lifecycle 2055 Fund
TIAA-CREF Bond Plus	$	5,688,437	$	2,923,884	$	5,177,492	$	(71,228	)	$	133,573	$	3,214,662
TIAA-CREF Emerging Markets Debt		1,380,326		868,127		453,082		(34,853	)		60,292		1,665,354
TIAA-CREF Emerging Markets Equity		7,029,644		4,379,875		1,065,240		(210,652	)		74,541		8,247,309
TIAA-CREF Enhanced International Equity Index		10,218,870		6,240,389		1,514,632		(188,665	)		340,824		12,572,455
TIAA-CREF Enhanced Large-Cap Growth Index		16,643,779		9,306,107		3,105,070		1,705,393			198,588		20,192,074
TIAA-CREF Enhanced Large-Cap Value Index		15,462,422		9,268,229		2,596,192		924,785			400,685		18,760,312
TIAA-CREF Global Natural Resources		1,879,087		1,245,475		329,138		(123,933	)		49,759		2,237,388
TIAA-CREF Growth & Income		14,030,132		7,830,050		2,294,846		1,000,535			130,550		16,976,793
TIAA-CREF High-Yield		7,069,044		4,075,621		4,273,412		(600,580	)		329,073		5,805,476
TIAA-CREF International Equity		11,073,649		6,980,439		1,947,929		(125,357	)		156,921		13,599,430
TIAA-CREF International Opportunities		9,396,288		5,930,709		1,520,291		(80,064	)		130,212		11,633,333
TIAA-CREF Large-Cap Growth		17,062,381		8,713,759		3,161,873		665,416			68,019		20,627,502
TIAA-CREF Large-Cap Value		15,835,067		9,754,750		2,667,972		854,374			248,828		19,305,426
TIAA-CREF Mid-Cap Growth		875,505		525,728		178,140		59,298			1,834		1,007,183
TIAA-CREF Mid-Cap Value		753,708		616,861		132,382		71,786			13,056		1,015,435
TIAA-CREF Money Market		6,591		3		—		—			4		6,594
TIAA-CREF Small-Cap Equity		6,923,839		3,800,356		1,163,923		460,448			56,690		7,885,398
	$	141,328,769	$	82,460,362	$	31,581,614	$	4,306,703		$	2,393,449	$	164,752,124

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 February 29, 2016
Lifecycle 2060 Fund
TIAA-CREF Bond Plus	$	449,483	$	181,319	$	542,783	$	(11,293	)	$	9,453	$	70,548
TIAA-CREF Emerging Markets Debt		112,388		48,938		44,451		(4,247	)		4,539		106,354
TIAA-CREF Emerging Markets Equity		564,891		228,173		103,657		(27,312	)		5,665		530,512
TIAA-CREF Enhanced International Equity Index		816,321		329,505		159,984		(27,062	)		25,967		809,698
TIAA-CREF Enhanced Large-Cap Growth Index		1,355,454		498,593		337,941		96,748			15,084		1,309,490
TIAA-CREF Enhanced Large-Cap Value Index		1,262,541		482,275		267,994		28,907			30,499		1,216,599
TIAA-CREF Global Natural Resources		154,991		77,353		45,042		(17,885	)		3,715		144,174
TIAA-CREF Growth & Income		1,145,214		393,163		239,654		57,290			9,822		1,100,961
TIAA-CREF High-Yield		570,950		243,988		361,862		(48,822	)		24,080		372,966
TIAA-CREF International Equity		893,198		364,016		190,257		(19,289	)		11,945		876,709
TIAA-CREF International Opportunities		764,702		284,473		138,174		(8,132	)		9,915		749,621
TIAA-CREF Large-Cap Growth		1,398,843		437,399		349,218		34,368			5,173		1,337,648
TIAA-CREF Large-Cap Value		1,290,790		512,888		273,696		31,462			18,892		1,250,152
TIAA-CREF Mid-Cap Growth		71,547		26,901		16,617		2,695			139		65,597
TIAA-CREF Mid-Cap Value		61,259		35,579		13,736		3,706			995		66,126
TIAA-CREF Money Market		100		—		—		—			—		100
TIAA-CREF Small-Cap Equity		560,263		212,786		135,709		19,957			4,314		511,266
	$	11,472,935	$	4,357,349	$	3,220,775	$	111,091		$	180,197	$	10,518,521

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

Note 4—investments

Net unrealized appreciation (depreciation): At February 29, 2016, 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	$	371,505,456	$	8,456,932	$	(8,211,084	)	$	245,848
Lifecycle 2010		1,001,424,193		69,348,413		(22,104,966	)		47,243,447
Lifecycle 2015		1,764,823,242		5,232,147		(109,166,825	)		(103,934,678	)
Lifecycle 2020		2,930,850,765		12,028,205		(181,033,383	)		(169,005,178	)
Lifecycle 2025		2,995,273,924		18,386,428		(193,808,646	)		(175,422,218	)
Lifecycle 2030		2,872,002,806		25,057,461		(187,512,448	)		(162,454,987	)
Lifecycle 2035		2,856,420,913		30,191,619		(189,945,297	)		(159,753,678	)
Lifecycle 2040		3,587,016,329		51,859,735		(244,612,456	)		(192,752,721	)
Lifecycle 2045		1,455,831,323		15,654,814		(84,429,891	)		(68,775,077	)
Lifecycle 2050		877,864,965		7,819,822		(56,045,122	)		(48,225,300	)
Lifecycle 2055		180,703,625		31,451		(15,982,952	)		(15,951,501	)
Lifecycle 2060		12,194,338		—		(1,675,817	)		(1,675,817	)

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

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX RETIREMENT INCOME FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 29, 2016

SHARES	SECURITY	VALUE

TIAA-CREF FUNDS - 99.9%(a)

FIXED INCOME - 40.1%
2,201,305	TIAA-CREF Bond Index Fund	$	23,994,229
	TOTAL FIXED INCOME		23,994,229

INFLATION-PROTECTED ASSETS - 10.1%
527,959	TIAA-CREF Inflation-Linked Bond Fund		6,008,174
	TOTAL INFLATION-PROTECTED ASSETS		6,008,174

INTERNATIONAL EQUITY - 11.8%
206,269	TIAA-CREF Emerging Markets Equity Index Fund		1,580,018
358,115	TIAA-CREF International Equity Index Fund		5,497,071
	TOTAL INTERNATIONAL EQUITY		7,077,089

SHORT-TERM FIXED INCOME - 10.0%
597,913	TIAA-CREF Short-Term Bond Index Fund		5,979,125
	TOTAL SHORT-TERM FIXED INCOME		5,979,125

U.S. EQUITY - 27.9%
1,172,613	TIAA-CREF Equity Index Fund		16,674,554
	TOTAL U.S. EQUITY		16,674,554

	TOTAL TIAA-CREF FUNDS		59,733,171
	(Cost $57,212,256)

	TOTAL INVESTMENTS - 99.9%		59,733,171
	(Cost $57,212,256)
	OTHER ASSETS & LIABILITIES, NET - 0.1%		84,213
	NET ASSETS - 100.0%	$	59,817,384

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

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2010 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2010 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 29, 2016

SHARES	SECURITY	VALUE

TIAA-CREF FUNDS - 99.9%(a)

FIXED INCOME - 39.2%
7,453,384	TIAA-CREF Bond Index Fund	$	81,241,885
	TOTAL FIXED INCOME		81,241,885

INFLATION-PROTECTED ASSETS - 8.3%
1,508,672	TIAA-CREF Inflation-Linked Bond Fund		17,168,685
	TOTAL INFLATION-PROTECTED ASSETS		17,168,685

INTERNATIONAL EQUITY - 13.2%
798,405	TIAA-CREF Emerging Markets Equity Index Fund		6,115,785
1,384,628	TIAA-CREF International Equity Index Fund		21,254,047
	TOTAL INTERNATIONAL EQUITY		27,369,832

SHORT-TERM FIXED INCOME - 8.3%
1,710,876	TIAA-CREF Short-Term Bond Index Fund		17,108,755
	TOTAL SHORT-TERM FIXED INCOME		17,108,755

U.S. EQUITY - 30.9%
4,502,516	TIAA-CREF Equity Index Fund		64,025,778
	TOTAL U.S. EQUITY		64,025,778

	TOTAL TIAA-CREF FUNDS		206,914,935
	(Cost $190,810,462)

	TOTAL INVESTMENTS - 99.9%		206,914,935
	(Cost $190,810,462)
	OTHER ASSETS & LIABILITIES, NET - 0.1%		208,610
	NET ASSETS - 100.0%	$	207,123,545

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

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2015 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2015 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 29, 2016

SHARES	SECURITY	VALUE

TIAA-CREF FUNDS - 99.9%(a)

FIXED INCOME - 38.2%
12,867,446	TIAA-CREF Bond Index Fund	$	140,255,161
	TOTAL FIXED INCOME		140,255,161

INFLATION-PROTECTED ASSETS - 6.3%
2,025,630	TIAA-CREF Inflation-Linked Bond Fund		23,051,669
	TOTAL INFLATION-PROTECTED ASSETS		23,051,669

INTERNATIONAL EQUITY - 14.7%
1,573,749	TIAA-CREF Emerging Markets Equity Index Fund		12,054,920
2,729,324	TIAA-CREF International Equity Index Fund		41,895,122
	TOTAL INTERNATIONAL EQUITY		53,950,042

SHORT-TERM FIXED INCOME - 6.3%
2,297,495	TIAA-CREF Short-Term Bond Index Fund		22,974,953
	TOTAL SHORT-TERM FIXED INCOME		22,974,953

U.S. EQUITY - 34.4%
8,876,276	TIAA-CREF Equity Index Fund		126,220,652
	TOTAL U.S. EQUITY		126,220,652

	TOTAL TIAA-CREF FUNDS		366,452,477
	(Cost $336,864,422)

	TOTAL INVESTMENTS - 99.9%		366,452,477
	(Cost $336,864,422)
	OTHER ASSETS & LIABILITIES, NET - 0.1%		464,488
	NET ASSETS - 100.0%	$	366,916,965

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

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2020 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2020 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 29, 2016

SHARES	SECURITY	VALUE

TIAA-CREF FUNDS - 99.8%(a)

FIXED INCOME - 34.6%
20,380,128	TIAA-CREF Bond Index Fund	$	222,143,397
	TOTAL FIXED INCOME		222,143,397

INFLATION-PROTECTED ASSETS - 4.3%
2,411,068	TIAA-CREF Inflation-Linked Bond Fund		27,437,948
	TOTAL INFLATION-PROTECTED ASSETS		27,437,948

INTERNATIONAL EQUITY – 16.9%
3,174,062	TIAA-CREF Emerging Markets Equity Index Fund		24,313,315
5,505,693	TIAA-CREF International Equity Index Fund		84,512,382
	TOTAL INTERNATIONAL EQUITY		108,825,697

SHORT-TERM FIXED INCOME - 4.3%
2,734,210	TIAA-CREF Short-Term Bond Index Fund		27,342,096
	TOTAL SHORT-TERM FIXED INCOME		27,342,096

U.S. EQUITY - 39.7%
17,931,101	TIAA-CREF Equity Index Fund		254,980,253
	TOTAL U.S. EQUITY		254,980,253

	TOTAL TIAA-CREF FUNDS		640,729,391
	(Cost $604,872,821)

	TOTAL INVESTMENTS - 99.8%		640,729,391
	(Cost $604,872,821)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		1,141,094
	NET ASSETS - 100.0%	$	641,870,485

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

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2025 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2025 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 29, 2016

SHARES	SECURITY	VALUE

TIAA-CREF FUNDS - 99.9%(a)

FIXED INCOME - 30.6%
18,121,208	TIAA-CREF Bond Index Fund	$	197,521,167
	TOTAL FIXED INCOME		197,521,167

INFLATION-PROTECTED ASSETS - 2.3%
1,286,800	TIAA-CREF Inflation-Linked Bond Fund		14,643,787
	TOTAL INFLATION-PROTECTED ASSETS		14,643,787

INTERNATIONAL EQUITY - 19.4%
3,645,930	TIAA-CREF Emerging Markets Equity Index Fund		27,927,827
6,322,788	TIAA-CREF International Equity Index Fund		97,054,798
	TOTAL INTERNATIONAL EQUITY		124,982,625

SHORT-TERM FIXED INCOME - 2.3%
1,459,607	TIAA-CREF Short-Term Bond Index Fund		14,596,075
	TOTAL SHORT-TERM FIXED INCOME		14,596,075

U.S. EQUITY - 45.3%
20,556,880	TIAA-CREF Equity Index Fund		292,318,826
	TOTAL U.S. EQUITY		292,318,826

	TOTAL TIAA-CREF FUNDS		644,062,480
	(Cost $608,954,635)

	TOTAL INVESTMENTS - 99.9%		644,062,480
	(Cost $608,954,635)
	OTHER ASSETS & LIABILITIES, NET - 0.1%		954,023
	NET ASSETS - 100.0%	$	645,016,503

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

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2030 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2030 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 29, 2016

SHARES	SECURITY	VALUE

TIAA-CREF FUNDS - 99.9%(a)

FIXED INCOME - 26.6%
16,432,094	TIAA-CREF Bond Index Fund	$	179,109,827
	TOTAL FIXED INCOME		179,109,827

INFLATION-PROTECTED ASSETS - 0.3%
154,413	TIAA-CREF Inflation-Linked Bond Fund		1,757,218
	TOTAL INFLATION-PROTECTED ASSETS		1,757,218

INTERNATIONAL EQUITY - 21.8%
4,272,267	TIAA-CREF Emerging Markets Equity Index Fund		32,725,564
7,409,253	TIAA-CREF International Equity Index Fund		113,732,038
	TOTAL INTERNATIONAL EQUITY		146,457,602

SHORT-TERM FIXED INCOME - 0.3%
175,196	TIAA-CREF Short-Term Bond Index Fund		1,751,962
	TOTAL SHORT-TERM FIXED INCOME		1,751,962

U.S. EQUITY – 50.9%
24,095,128	TIAA-CREF Equity Index Fund		342,632,727
	TOTAL U.S. EQUITY		342,632,727

	TOTAL TIAA-CREF FUNDS		671,709,336
	(Cost $633,435,766)

	TOTAL INVESTMENTS - 99.9%		671,709,336
	(Cost $633,435,766)
	OTHER ASSETS & LIABILITIES, NET - 0.1%		809,864
	NET ASSETS - 100.0%	$	672,519,200

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

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2035 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2035 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 29, 2016

SHARES	SECURITY	VALUE

TIAA-CREF FUNDS - 99.8%(a)

FIXED INCOME - 19.1%
11,162,088	TIAA-CREF Bond Index Fund	$	121,666,763
	TOTAL FIXED INCOME		121,666,763

INTERNATIONAL EQUITY - 24.2%
4,484,433	TIAA-CREF Emerging Markets Equity Index Fund		34,350,755
7,777,534	TIAA-CREF International Equity Index Fund		119,385,151
	TOTAL INTERNATIONAL EQUITY		153,735,906

U.S. EQUITY - 56.5%
25,300,460	TIAA-CREF Equity Index Fund		359,772,547
	TOTAL U.S. EQUITY		359,772,547

	TOTAL TIAA-CREF FUNDS		635,175,216
	(Cost $596,737,109)

	TOTAL INVESTMENTS - 99.8%		635,175,216
	(Cost $596,737,109)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		1,046,867
	NET ASSETS - 100.0%	$	636,222,083

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

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2040 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2040 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 29, 2016

SHARES	SECURITY	VALUE

TIAA-CREF FUNDS - 99.9%(a)

FIXED INCOME - 11.1%
7,416,606	TIAA-CREF Bond Index Fund	$	80,841,003
	TOTAL FIXED INCOME		80,841,003

INTERNATIONAL EQUITY - 26.6%
5,647,292	TIAA-CREF Emerging Markets Equity Index Fund		43,258,256
9,794,225	TIAA-CREF International Equity Index Fund		150,341,350
	TOTAL INTERNATIONAL EQUITY		193,599,606

U.S. EQUITY - 62.2%
31,857,340	TIAA-CREF Equity Index Fund		453,011,372
	TOTAL U.S. EQUITY		453,011,372

	TOTAL TIAA-CREF FUNDS		727,451,981
	(Cost $677,061,711)

	TOTAL INVESTMENTS - 99.9%		727,451,981
	(Cost $677,061,711)
	OTHER ASSETS & LIABILITIES, NET - 0.1%		572,204
	NET ASSETS - 100.0%	$	728,024,185

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

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2045 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2045 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 29, 2016

SHARES	SECURITY	VALUE

TIAA-CREF FUNDS - 99.9%(a)

FIXED INCOME - 9.0%
3,158,359	TIAA-CREF Bond Index Fund	$	34,426,111
	TOTAL FIXED INCOME		34,426,111

INTERNATIONAL EQUITY - 27.3%
3,058,758	TIAA-CREF Emerging Markets Equity Index Fund		23,430,090
5,302,766	TIAA-CREF International Equity Index Fund		81,397,456
	TOTAL INTERNATIONAL EQUITY		104,827,546

U.S. EQUITY - 63.6%
17,183,657	TIAA-CREF Equity Index Fund		244,351,608
	TOTAL U.S. EQUITY		244,351,608

	TOTAL TIAA-CREF FUNDS		383,605,265
	(Cost $376,063,332)

	TOTAL INVESTMENTS - 99.9%		383,605,265
	(Cost $376,063,332)
	OTHER ASSETS & LIABILITIES, NET - 0.1%		500,454
	NET ASSETS - 100.0%	$	384,105,719

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

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2050 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2050 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 29, 2016

SHARES	SECURITY	VALUE

TIAA-CREF FUNDS - 99.8%(a)

FIXED INCOME - 7.7%
1,848,975	TIAA-CREF Bond Index Fund	$	20,153,825
	TOTAL FIXED INCOME		20,153,825

INTERNATIONAL EQUITY - 27.6%
2,110,619	TIAA-CREF Emerging Markets Equity Index Fund		16,167,339
3,659,200	TIAA-CREF International Equity Index Fund		56,168,713
	TOTAL INTERNATIONAL EQUITY		72,336,052

U.S. EQUITY - 64.5%
11,862,643	TIAA-CREF Equity Index Fund		168,686,790
	TOTAL U.S. EQUITY		168,686,790

	TOTAL TIAA-CREF FUNDS		261,176,667
	(Cost $257,739,531)

	TOTAL INVESTMENTS - 99.8%		261,176,667
	(Cost $257,739,531)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		510,131
	NET ASSETS - 100.0%	$	261,686,798

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

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2055 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2055 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 29, 2016

SHARES	SECURITY	VALUE

TIAA-CREF FUNDS - 99.8%(a)

FIXED INCOME - 6.4%
328,402	TIAA-CREF Bond Index Fund	$	3,579,580
	TOTAL FIXED INCOME		3,579,580

INTERNATIONAL EQUITY - 28.1%
454,718	TIAA-CREF Emerging Markets Equity Index Fund		3,483,141
788,159	TIAA-CREF International Equity Index Fund		12,098,239
	TOTAL INTERNATIONAL EQUITY		15,581,380

U.S. EQUITY - 65.3%
2,549,284	TIAA-CREF Equity Index Fund		36,250,816
	TOTAL U.S. EQUITY		36,250,816

	TOTAL TIAA-CREF FUNDS		55,411,776
	(Cost $55,180,811)

	TOTAL INVESTMENTS - 99.8%		55,411,776
	(Cost $55,180,811)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		139,343
	NET ASSETS - 100.0%	$	55,551,119

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

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2060 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2060 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 29, 2016

SHARES	SECURITY	VALUE

TIAA-CREF FUNDS - 99.8%(a)

FIXED INCOME - 5.2%
48,100	TIAA-CREF Bond Index Fund	$	524,292
	TOTAL FIXED INCOME		524,292

INTERNATIONAL EQUITY - 28.2%
83,102	TIAA-CREF Emerging Markets Equity Index Fund		636,563
144,233	TIAA-CREF International Equity Index Fund		2,213,984
	TOTAL INTERNATIONAL EQUITY		2,850,547

U.S. EQUITY - 66.4%
471,373	TIAA-CREF Equity Index Fund		6,702,928
	TOTAL U.S. EQUITY		6,702,928

	TOTAL TIAA-CREF FUNDS		10,077,767
	(Cost $11,128,023)

	TOTAL INVESTMENTS - 99.8%		10,077,767
	(Cost $11,128,023)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		24,407
	NET ASSETS - 100.0%	$	10,102,174

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

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

Note 1—organization and significant accounting policies

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

Each Fund is a “fund of funds” that diversifies its assets by investing in Institutional Class shares of other funds of the Trust and potentially other investment pools or investment products. The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors Inc. (“Advisors”), a wholly owned indirect subsidiary of TIAA, is registered with the Commission as an investment adviser and provides investment management services for the Funds. The Funds offer Institutional, Advisor, 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. On December 4, 2015, certain Funds made an additional share class (Advisor) available for sale pursuant to an amendment to the Trust’s registration statement filed with the Commission.

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 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.

Note 2—valuation of investments

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

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

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

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

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

Transfers between levels are recognized at the end of the reporting period. For the period ended February 29, 2016, there were no transfers between levels by the Funds.

As of February 29, 2016, all of the investments in the Funds were valued based on Level 1 inputs.

Note 3—affiliates

Issue	Value at May 31, 2015		Purchases cost		Sales proceeds		Realized gain (loss)^a			Dividend income		Value at February 29, 2016
Lifecycle Index Retirement Income Fund
TIAA-CREF Bond Index	$	23,538,355	$	11,274,927	$	10,814,376	$	(31,238	)	$	422,707	$	23,994,229
TIAA-CREF Emerging Markets Equity Index		1,280,745		1,021,762		289,668		(67,411	)		34,202		1,580,018
TIAA-CREF Equity Index		13,249,909		7,996,953		2,813,949		95,227			311,892		16,674,554
TIAA-CREF Inflation-Linked Bond		4,733,065		2,547,572		1,239,423		(44,208	)		18,502		6,008,174
TIAA-CREF Short-Term Bond Index		—		6,927,047		936,037		(3,096	)		20,102		5,979,125
TIAA-CREF International Equity Index		4,252,414		3,113,242		769,943		(79,336	)		154,358		5,497,071
	$	47,054,488	$	32,881,503	$	16,863,396	$	(130,062	)	$	961,763	$	59,733,171
Lifecycle Index 2010 Fund
TIAA-CREF Bond Index	$	87,913,710	$	20,794,546	$	27,411,888	$	(17,932	)	$	1,462,888	$	81,241,885
TIAA-CREF Emerging Markets Equity Index		5,780,066		2,971,650		844,142		(202,984	)		138,512		6,115,785
TIAA-CREF Equity Index		59,468,910		20,446,453		8,591,011		549,375			1,265,887		64,025,778
TIAA-CREF Inflation-Linked Bond		14,900,125		4,479,001		2,108,422		(130,420	)		55,018		17,168,685
TIAA-CREF Short-Term Bond Index		—		18,390,750		1,250,855		(2,570	)		57,682		17,108,755
TIAA-CREF International Equity Index		19,232,104		8,550,778		2,077,272		(214,596	)		626,612		21,254,047
	$	187,294,915	$	75,633,178	$	42,283,590	$	(19,127	)	$	3,606,599	$	206,914,935
Lifecycle Index 2015 Fund
TIAA-CREF Bond Index	$	149,848,729	$	30,684,051	$	40,167,162	$	(161,776	)	$	2,496,083	$	140,255,161
TIAA-CREF Emerging Markets Equity Index		11,711,932		5,216,952		1,333,366		(284,228	)		272,100		12,054,920
TIAA-CREF Equity Index		120,391,640		34,259,256		14,064,184		1,375,519			2,481,554		126,220,652
TIAA-CREF Inflation-Linked Bond		20,233,907		5,737,759		2,779,484		(234,890	)		73,224		23,051,669
TIAA-CREF Short-Term Bond Index		—		24,473,812		1,456,861		(2,739	)		77,283		22,974,953
TIAA-CREF International Equity Index		38,969,408		14,875,291		3,159,449		(220,069	)		1,229,860		41,895,122
	$	341,155,616	$	115,247,121	$	62,960,506	$	471,817		$	6,630,104	$	366,452,477
Lifecycle Index 2020 Fund
TIAA-CREF Bond Index	$	210,926,497	$	60,019,697	$	48,817,128	$	(344,813	)	$	3,717,714	$	222,143,397
TIAA-CREF Emerging Markets Equity Index		22,121,864		10,990,981		1,889,163		(526,703	)		538,722		24,313,315
TIAA-CREF Equity Index		227,415,832		75,227,612		19,205,478		2,352,524			4,923,371		254,980,253
TIAA-CREF Inflation-Linked Bond		22,103,475		8,045,150		2,578,777		(263,157	)		84,831		27,437,948
TIAA-CREF Short-Term Bond Index		—		28,819,343		1,432,306		(2,555	)		89,136		27,342,096
TIAA-CREF International Equity Index		73,479,642		31,998,386		3,677,902		(363,767	)		2,437,183		84,512,382
	$	556,047,310	$	215,101,169	$	77,600,754	$	851,529		$	11,790,957	$	640,729,391

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

Issue	Value at May 31, 2015		Purchases cost		Sales proceeds		Realized gain (loss)^a			Dividend income			Value at February 29, 2016
Lifecycle Index 2025 Fund
TIAA-CREF Bond Index	$	177,819,801	$	49,936,833	$	30,301,635	$	(166,407	)	$	3,231,042		$	197,521,167
TIAA-CREF Emerging Markets Equity Index		25,064,096		11,901,041		1,159,378		(269,681	)		622,035			27,927,827
TIAA-CREF Equity Index		258,431,516		79,451,323		12,750,040		3,067,512			5,684,036			292,318,826
TIAA-CREF Inflation-Linked Bond		11,013,110		4,651,006		963,807		(101,501	)		44,699			14,643,787
TIAA-CREF Short-Term Bond Index		—		15,148,833		530,616		(676	)		46,882			14,596,075
TIAA-CREF International Equity Index		83,258,784		35,613,149		1,973,563		(179,407	)		2,814,068			97,054,798
	$	555,587,307	$	196,702,185	$	47,679,039	$	2,349,840		$	12,442,762		$	644,062,480
Lifecycle Index 2030 Fund
TIAA-CREF Bond Index	$	151,635,949	$	45,663,800	$	18,290,830	$	(37,165	)	$	2,853,548		$	179,109,827
TIAA-CREF Emerging Markets Equity Index		29,563,063		13,303,851		829,381		(240,936	)		730,399			32,725,564
TIAA-CREF Equity Index		304,305,967		89,283,778		12,096,934		3,711,876			6,668,293			342,632,727
TIAA-CREF Inflation-Linked Bond		—		1,750,768		7,670		(103	)		3,581			1,757,218
TIAA-CREF Short-Term Bond Index		—		1,756,549		4,756		22			3,855			1,751,962
TIAA-CREF International Equity Index		98,150,767		40,771,122		1,818,629		(187,568	)		3,299,037			113,732,038
	$	583,655,746	$	192,529,868	$	33,048,200	$	3,246,126		$	13,558,713		$	671,709,336
Lifecycle Index 2035 Fund
TIAA-CREF Bond Index	$	98,861,355	$	34,026,285	$	11,323,261	$	(681	)	$	1,923,058		$	121,666,763
TIAA-CREF Emerging Markets Equity Index		30,908,365		14,148,004		779,517		(285,272	)		781,497			34,350,755
TIAA-CREF Equity Index		317,806,845		93,328,276		9,794,186		3,953,845			7,130,673			359,772,547
TIAA-CREF International Equity Index		102,603,196		42,607,008		935,757		(88,366	)		3,527,423			119,385,151
	$	550,179,761	$	184,109,573	$	22,832,721	$	3,579,526		$	13,362,651		$	635,175,216
Lifecycle Index 2040 Fund
TIAA-CREF Bond Index	$	63,934,195	$	23,303,088	$	6,484,876	$	37,779		$	1,265,836		$	80,841,003
TIAA-CREF Emerging Markets Equity Index		39,423,423		17,060,181		502,016		(185,445	)		999,226			43,258,256
TIAA-CREF Equity Index		404,023,770		110,410,098		8,079,721		5,206,231			9,106,449			453,011,372
TIAA-CREF International Equity Index		130,860,435		51,814,966		538,794		(122,653	)		4,505,177			150,341,350
	$	638,241,823	$	202,588,333	$	15,605,407	$	4,935,912		$	15,876,688		$	727,451,981
Lifecycle Index 2045 Fund
TIAA-CREF Bond Index	$	31,383,152	$	12,100,081	$	9,069,425	$	(70,773	)	$	614,795		$	34,426,111
TIAA-CREF Emerging Markets Equity Index		19,439,089		11,256,840		751,772		(273,991	)		522,120			23,430,090
TIAA-CREF Equity Index		197,702,671		79,073,796		4,619,549		2,573,043			4,770,394			244,351,608
TIAA-CREF International Equity Index		64,523,003		34,633,546		1,210,475		(234,272	)		2,362,516			81,397,456
	$	313,047,915	$	137,064,263	$	15,651,221	$	1,994,007		$	8,269,825		$	383,605,265
Lifecycle Index 2050 Fund
TIAA-CREF Bond Index	$	20,697,309	$	8,356,599	$	8,896,573	$	(59,949	)	$	406,624		$	20,153,825
TIAA-CREF Emerging Markets Equity Index		12,815,587		7,904,850		187,269		(80,108	)		353,756			16,167,339
TIAA-CREF Equity Index		130,839,226		59,010,838		2,409,157		1,823,015			3,228,065			168,686,790
TIAA-CREF International Equity Index		42,538,415		25,184,936		390,459		(88,424	)		1,597,567			56,168,713
	$	206,890,537	$	100,457,223	$	11,883,458	$	1,594,534		$	5,586,012		$	261,176,667
Lifecycle Index 2055 Fund
TIAA-CREF Bond Index	$	4,941,017	$	2,412,876	$	3,759,676	$	(18,052	)	$	87,318		$	3,579,580
TIAA-CREF Emerging Markets Equity Index		3,059,841		2,147,651		787,973		(198,245	)		71,241			3,483,141
TIAA-CREF Equity Index		31,194,534		17,293,601		8,311,440		199,976			651,129			36,250,816
TIAA-CREF International Equity Index		10,156,407		6,905,840		2,562,994		(227,432	)		322,295			12,098,239
	$	49,351,799	$	28,759,968	$	15,422,083	$	(243,753	)	$	1,131,983		$	55,411,776
Lifecycle Index 2060 Fund
TIAA-CREF Bond Index	$	1,075,600	$	165,541	$	712,859	$	81,262		$	(61,594	)	$	524,292
TIAA-CREF Emerging Markets Equity Index		658,474		219,393		49,802		(11,101	)		14,366			636,563
TIAA-CREF Equity Index		6,766,318		1,246,179		516,820		(9,144	)		211,630			6,702,928
TIAA-CREF International Equity Index		2,188,453		623,100		121,739		(13,950	)		63,320			2,213,984
	$	10,688,845	$	2,254,213	$	1,401,220	$	47,067		$	227,722		$	10,077,767

a	Includes realized gain distributions received.

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

Note 4—investments

Fund	Book cost		Gross unrealized appreciation		Gross unrealized (depreciation)			Net unrealized appreciation (depreciation)
Lifecycle Index Retirement Income	$	57,212,256	$	3,302,651	$	(781,736	)	$	2,520,915
Lifecycle Index 2010		190,810,462		18,675,140		(2,570,667	)		16,104,473
Lifecycle Index 2015		336,864,422		35,100,421		(5,512,366	)		29,588,055
Lifecycle Index 2020		604,872,821		49,506,388		(13,649,818	)		35,856,570
Lifecycle Index 2025		608,954,635		51,810,089		(16,702,244	)		35,107,845
Lifecycle Index 2030		633,435,766		58,499,729		(20,226,159	)		38,273,570
Lifecycle Index 2035		596,737,109		60,349,621		(21,911,514	)		38,438,107
Lifecycle Index 2040		677,061,711		78,320,486		(27,930,216	)		50,390,270
Lifecycle Index 2045		376,063,332		23,702,162		(16,160,229	)		7,541,933
Lifecycle Index 2050		257,739,531		14,600,774		(11,163,638	)		3,437,136
Lifecycle Index 2055		55,180,811		2,561,416		(2,330,451	)		230,965
Lifecycle Index 2060		11,128,023		5,524		(1,055,780	)		(1,050,256	)

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Income Fund

TIAA-CREF LIFESTYLE FUNDS

LIFESTYLE INCOME FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 29, 2016

SHARES		SECURITY	VALUE

TIAA-CREF FUNDS - 98.6%(a)

FIXED INCOME - 39.5%
	878,097	TIAA-CREF Bond Fund	$	9,079,519
	952,282	TIAA-CREF Bond Plus Fund		9,827,555
	86,658	TIAA-CREF High-Yield Fund		750,456
		TOTAL FIXED INCOME		19,657,530

INTERNATIONAL EQUITY - 6.5%
	77,472	TIAA-CREF Emerging Markets Equity Fund		608,154
	101,335	TIAA-CREF Enhanced International Equity Index Fund		638,409
	22,358	TIAA-CREF Global Natural Resources Fund		141,753
	114,948	TIAA-CREF International Equity Fund		1,106,954
	80,155	TIAA-CREF International Opportunities Fund		738,225
		TOTAL INTERNATIONAL EQUITY		3,233,495

SHORT-TERM FIXED INCOME - 39.5%
	2,995	TIAA-CREF Money Market Fund		2,995
	1,903,747	TIAA-CREF Short-Term Bond Fund		19,627,633
		TOTAL SHORT-TERM FIXED INCOME		19,630,628

U.S. EQUITY - 13.1%
	57,074	TIAA-CREF Enhanced Large-Cap Growth Index Fund		581,581
	62,960	TIAA-CREF Enhanced Large-Cap Value Index Fund		535,787
	134,878	TIAA-CREF Growth & Income Fund		1,433,757
	121,339	TIAA-CREF Large-Cap Growth Fund		1,742,435
	109,707	TIAA-CREF Large-Cap Value Fund		1,632,436
	3,048	TIAA-CREF Mid-Cap Growth Fund		53,100
	2,801	TIAA-CREF Mid-Cap Value Fund		53,913
	34,719	TIAA-CREF Small-Cap Equity Fund		499,606
		TOTAL U.S. EQUITY		6,532,615

		TOTAL TIAA-CREF FUNDS		49,054,268
		(Cost $50,064,004)

		TOTAL INVESTMENTS - 98.6%		49,054,268
		(Cost $50,064,004)
		OTHER ASSETS & LIABILITIES, NET - 1.4%		684,537
		NET ASSETS - 100.0%	$	49,738,805

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

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Conservative Fund

TIAA-CREF LIFESTYLE FUNDS

LIFESTYLE CONSERVATIVE FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 29, 2016

SHARES		SECURITY	VALUE

TIAA-CREF FUNDS - 100.0%(a)

FIXED INCOME - 40.2%
	1,010,452	TIAA-CREF Bond Fund	$	10,448,076
	3,581,167	TIAA-CREF Bond Plus Fund		36,957,643
	217,263	TIAA-CREF High-Yield Fund		1,881,494
		TOTAL FIXED INCOME		49,287,213

INTERNATIONAL EQUITY - 13.1%
	385,420	TIAA-CREF Emerging Markets Equity Fund		3,025,550
	502,308	TIAA-CREF Enhanced International Equity Index Fund		3,164,542
	110,717	TIAA-CREF Global Natural Resources Fund		701,943
	571,747	TIAA-CREF International Equity Fund		5,505,923
	398,109	TIAA-CREF International Opportunities Fund		3,666,586
		TOTAL INTERNATIONAL EQUITY		16,064,544

SHORT-TERM FIXED INCOME - 20.0%
	4,724	TIAA-CREF Money Market Fund		4,724
	2,383,338	TIAA-CREF Short-Term Bond Fund		24,572,217
		TOTAL SHORT-TERM FIXED INCOME		24,576,941

U.S. EQUITY - 26.7%
	286,094	TIAA-CREF Enhanced Large-Cap Growth Index Fund		2,915,294
	315,629	TIAA-CREF Enhanced Large-Cap Value Index Fund		2,686,002
	675,915	TIAA-CREF Growth & Income Fund		7,184,980
	609,219	TIAA-CREF Large-Cap Growth Fund		8,748,384
	549,834	TIAA-CREF Large-Cap Value Fund		8,181,529
	15,289	TIAA-CREF Mid-Cap Growth Fund		266,331
	14,058	TIAA-CREF Mid-Cap Value Fund		270,610
	173,956	TIAA-CREF Small-Cap Equity Fund		2,503,229
		TOTAL U.S. EQUITY		32,756,359

		TOTAL TIAA-CREF FUNDS		122,685,057
		(Cost $127,945,875)

		TOTAL INVESTMENTS - 100.0%		122,685,057
		(Cost $127,945,875)
		OTHER ASSETS & LIABILITIES, NET - 0.0%		48,036
		NET ASSETS - 100.0%	$	122,733,093

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

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Moderate Fund

TIAA-CREF LIFESTYLE FUNDS

LIFESTYLE MODERATE FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 29, 2016

SHARES		SECURITY	VALUE

TIAA-CREF FUNDS - 99.5%(a)

FIXED INCOME - 40.0%
	6,122,754	TIAA-CREF Bond Plus Fund	$	63,186,818
	289,721	TIAA-CREF High-Yield Fund		2,508,988
		TOTAL FIXED INCOME		65,695,806

INTERNATIONAL EQUITY - 19.0%
	709,485	TIAA-CREF Emerging Markets Equity Fund		5,569,459
	1,008,704	TIAA-CREF Enhanced International Equity Index Fund		6,354,832
	223,240	TIAA-CREF Global Natural Resources Fund		1,415,342
	1,096,153	TIAA-CREF International Equity Fund		10,555,954
	800,187	TIAA-CREF International Opportunities Fund		7,369,718
		TOTAL INTERNATIONAL EQUITY		31,265,305

SHORT-TERM FIXED INCOME - 0.0%
	6,348	TIAA-CREF Money Market Fund		6,348
		TOTAL SHORT-TERM FIXED INCOME		6,348

U.S. EQUITY - 40.5%
	596,574	TIAA-CREF Enhanced Large-Cap Growth Index Fund		6,079,085
	661,010	TIAA-CREF Enhanced Large-Cap Value Index Fund		5,625,192
	1,351,162	TIAA-CREF Growth & Income Fund		14,362,855
	1,216,877	TIAA-CREF Large-Cap Growth Fund		17,474,350
	1,098,446	TIAA-CREF Large-Cap Value Fund		16,344,881
	44,722	TIAA-CREF Mid-Cap Growth Fund		779,053
	40,946	TIAA-CREF Mid-Cap Value Fund		788,209
	347,918	TIAA-CREF Small-Cap Equity Fund		5,006,536
		TOTAL U.S. EQUITY		66,460,161

		TOTAL TIAA-CREF FUNDS		163,427,620
		(Cost $174,390,144)

		TOTAL INVESTMENTS - 99.5%		163,427,620
		(Cost $174,390,144)
		OTHER ASSETS & LIABILITIES, NET - 0.5%		869,658
		NET ASSETS - 100.0%	$	164,297,278

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

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Growth Fund

TIAA-CREF LIFESTYLE FUNDS

LIFESTYLE GROWTH FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 29, 2016

SHARES		SECURITY	VALUE

TIAA-CREF FUNDS - 99.9%(a)

FIXED INCOME - 20.1%
	1,313,840	TIAA-CREF Bond Plus Fund	$	13,558,826
	129,310	TIAA-CREF High-Yield Fund		1,119,827
		TOTAL FIXED INCOME		14,678,653

INTERNATIONAL EQUITY - 25.1%
	402,817	TIAA-CREF Emerging Markets Equity Fund		3,162,110
	598,363	TIAA-CREF Enhanced International Equity Index Fund		3,769,687
	132,251	TIAA-CREF Global Natural Resources Fund		838,473
	635,898	TIAA-CREF International Equity Fund		6,123,697
	474,724	TIAA-CREF International Opportunities Fund		4,372,209
		TOTAL INTERNATIONAL EQUITY		18,266,176

SHORT-TERM FIXED INCOME - 0.0%
	3,307	TIAA-CREF Money Market Fund		3,307
		TOTAL SHORT-TERM FIXED INCOME		3,307

U.S. EQUITY - 54.7%
	361,974	TIAA-CREF Enhanced Large-Cap Growth Index Fund		3,688,511
	401,243	TIAA-CREF Enhanced Large-Cap Value Index Fund		3,414,579
	803,827	TIAA-CREF Growth & Income Fund		8,544,677
	725,302	TIAA-CREF Large-Cap Growth Fund		10,415,337
	655,838	TIAA-CREF Large-Cap Value Fund		9,758,865
	30,978	TIAA-CREF Mid-Cap Growth Fund		539,640
	28,257	TIAA-CREF Mid-Cap Value Fund		543,945
	206,826	TIAA-CREF Small-Cap Equity Fund		2,976,222
		TOTAL U.S. EQUITY		39,881,776

		TOTAL TIAA-CREF FUNDS		72,829,912
		(Cost $77,212,003)

		TOTAL INVESTMENTS - 99.9%		72,829,912
		(Cost $77,212,003)
		OTHER ASSETS & LIABILITIES, NET - 0.1%		91,537
		NET ASSETS - 100.0%	$	72,921,449

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

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Aggressive Growth Fund

TIAA-CREF LIFESTYLE FUNDS

LIFESTYLE AGGRESSIVE GROWTH FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 29, 2016

SHARES		SECURITY	VALUE

TIAA-CREF FUNDS - 99.8%(a)

INTERNATIONAL EQUITY - 31.0%
	265,579	TIAA-CREF Emerging Markets Equity Fund	$	2,084,796
	406,340	TIAA-CREF Enhanced International Equity Index Fund		2,559,943
	88,905	TIAA-CREF Global Natural Resources Fund		563,657
	424,991	TIAA-CREF International Equity Fund		4,092,664
	321,583	TIAA-CREF International Opportunities Fund		2,961,776
		TOTAL INTERNATIONAL EQUITY		12,262,836

SHORT-TERM FIXED INCOME - 0.0%
	4,050	TIAA-CREF Money Market Fund		4,050
		TOTAL SHORT-TERM FIXED INCOME		4,050

U.S. EQUITY - 68.8%
	248,911	TIAA-CREF Enhanced Large-Cap Growth Index Fund		2,536,406
	276,163	TIAA-CREF Enhanced Large-Cap Value Index Fund		2,350,147
	546,923	TIAA-CREF Growth & Income Fund		5,813,790
	492,420	TIAA-CREF Large-Cap Growth Fund		7,071,146
	444,984	TIAA-CREF Large-Cap Value Fund		6,621,355
	22,761	TIAA-CREF Mid-Cap Growth Fund		396,505
	20,752	TIAA-CREF Mid-Cap Value Fund		399,478
	140,701	TIAA-CREF Small-Cap Equity Fund		2,024,685
		TOTAL U.S. EQUITY		27,213,512

		TOTAL TIAA-CREF FUNDS		39,480,398
		(Cost $40,245,873)

		TOTAL INVESTMENTS - 99.8%		39,480,398
		(Cost $40,245,873)
		OTHER ASSETS & LIABILITIES, NET - 0.2%		79,195
		NET ASSETS - 100.0%	$	39,559,593

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

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, Advisor, Premier, Retirement and Retail Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class. On December 4, 2015, certain Funds made an additional share class (Advisor) available for sale pursuant to an amendment to the Trust’s registration statement filed with the Commission.

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

Note 2—valuation of investments

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

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

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

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

Transfers between levels are recognized at the end of the reporting period. For the period ended February 29, 2016, there were no transfers between levels by the Funds.

As of February 29, 2016, all of the investments in the Funds were valued based on Level 1 inputs.

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

Note 3—affiliates

	Value at		Purchase		Sales		Realized			Dividend		Value at
Issue	May 31, 2015		cost		proceeds		gain (loss)			income		February 29, 2016
Lifestyle Income Fund
TIAA-CREF Bond	$	10,536,070	$	1,891,787	$	3,129,874	$	69,264		$	205,499	$	9,079,519
TIAA-CREF Bond Plus		11,035,052		2,021,942		2,866,721		64,803			242,662		9,827,555
TIAA-CREF Emerging Markets Equity		700,071		283,182		189,390		(23,783	)		5,868		608,154
TIAA-CREF Enhanced International Equity Index		708,588		258,850		191,109		(13,447	)		18,510		638,409
TIAA-CREF Enhanced Large-Cap Growth Index		671,160		218,188		227,650		57,086			6,123		581,581
TIAA-CREF Enhanced Large-Cap Value Index		617,951		225,137		200,292		24,652			12,274		535,787
TIAA-CREF Global Natural Resources		165,574		80,280		61,795		(11,705	)		3,354		141,753
TIAA-CREF Growth & Income		1,655,285		514,744		502,566		106,305			13,278		1,433,757
TIAA-CREF High-Yield		565,614		405,510		144,891		(10,219	)		25,269		750,456
TIAA-CREF International Equity		1,223,092		548,448		429,692		(19,506	)		13,689		1,106,954
TIAA-CREF International Opportunities		827,472		331,136		260,553		(8,965	)		8,818		738,225
TIAA-CREF Large-Cap Growth		2,012,844		601,437		705,101		125,655			6,162		1,742,435
TIAA-CREF Large-Cap Value		1,866,212		701,582		593,086		69,705			22,565		1,632,436
TIAA-CREF Mid-Cap Growth		70,314		39,838		44,017		856			106		53,100
TIAA-CREF Mid-Cap Value		54,659		47,686		34,693		2,008			742		53,913
TIAA-CREF Money Market		2,993		2		—		—			2		2,995
TIAA-CREF Short-Term Bond		22,176,351		3,709,913		6,109,894		(31,468	)		264,854		19,627,633
TIAA-CREF Small-Cap Equity		611,134		228,554		225,664		36,203			3,851		499,606
	$	55,500,436	$	12,108,216	$	15,916,988	$	437,444		$	853,626	$	49,054,268
Lifestyle Conservative Fund
TIAA-CREF Bond	$	10,281,719	$	3,364,990	$	2,968,104	$	83,640		$	224,891	$	10,448,076
TIAA-CREF Bond Plus		34,166,169		10,680,142		6,647,078		284,127			844,372		36,957,643
TIAA-CREF Emerging Markets Equity		2,868,128		1,448,527		449,998		(69,428	)		29,770		3,025,550
TIAA-CREF Enhanced International Equity Index		2,905,381		1,404,925		498,132		(41,477	)		94,258		3,164,542
TIAA-CREF Enhanced Large-Cap Growth Index		2,751,095		1,195,569		624,315		271,089			31,139		2,915,294
TIAA-CREF Enhanced Large-Cap Value Index		2,535,443		1,191,670		522,309		146,351			62,512		2,686,002
TIAA-CREF Global Natural Resources		679,681		378,319		162,538		(30,623	)		17,037		701,943
TIAA-CREF Growth & Income		6,788,855		2,895,631		1,337,043		455,386			61,830		7,184,980
TIAA-CREF High-Yield		1,165,973		1,060,531		167,969		(12,023	)		58,870		1,881,494
TIAA-CREF International Equity		5,034,350		2,616,888		1,040,706		(84,392	)		69,346		5,505,923
TIAA-CREF International Opportunities		3,392,743		1,675,685		653,813		(33,400	)		44,826		3,666,586
TIAA-CREF Large-Cap Growth		8,246,311		3,353,445		1,986,119		344,207			31,270		8,748,384
TIAA-CREF Large-Cap Value		7,648,592		3,847,507		1,655,490		356,350			114,269		8,181,529
TIAA-CREF Mid-Cap Growth		285,197		173,691		128,110		9,954			539		266,331
TIAA-CREF Mid-Cap Value		226,064		190,293		80,042		16,709			3,857		270,610
TIAA-CREF Money Market		4,722		2		—		—			2		4,724
TIAA-CREF Short-Term Bond		22,765,641		7,272,498		5,300,968		(28,940	)		306,635		24,572,217
TIAA-CREF Small-Cap Equity		2,509,500		1,124,948		559,857		142,616			19,532		2,503,229
	$	114,255,564	$	43,875,261	$	24,782,591	$	1,810,146		$	2,014,955	$	122,685,057

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		February 29, 2016
Lifestyle Moderate Fund
TIAA-CREF Bond Plus	$	58,693,339	$	17,415,336	$	10,794,499	$	442,328		$	1,427,184	$	63,186,818
TIAA-CREF Emerging Markets Equity		5,246,545		2,337,317		464,704		(85,173	)		54,407		5,569,459
TIAA-CREF Enhanced International Equity Index		5,757,794		2,317,658		423,640		(39,690	)		187,470		6,354,832
TIAA-CREF Enhanced Large-Cap Growth Index		5,681,368		2,073,453		807,525		560,440			64,704		6,079,085
TIAA-CREF Enhanced Large-Cap Value Index		5,252,833		2,085,278		610,299		328,010			130,173		5,625,192
TIAA-CREF Global Natural Resources		1,354,249		683,708		233,033		(66,948	)		34,058		1,415,342
TIAA-CREF Growth & Income		13,467,074		4,874,092		1,600,290		907,305			120,075		14,362,855
TIAA-CREF High-Yield		1,546,792		1,383,864		188,498		(14,263	)		76,833		2,508,988
TIAA-CREF International Equity		9,541,996		4,211,604		1,078,163		(111,163	)		132,381		10,555,954
TIAA-CREF International Opportunities		6,728,451		2,735,305		603,111		(41,331	)		89,303		7,369,718
TIAA-CREF Large-Cap Growth		16,374,656		5,336,317		2,408,635		605,454			62,407		17,474,350
TIAA-CREF Large-Cap Value		15,171,643		6,413,408		1,882,029		739,430			228,556		16,344,881
TIAA-CREF Mid-Cap Growth		774,729		347,983		156,222		49,131			1,572		779,053
TIAA-CREF Mid-Cap Value		671,942		395,517		86,368		62,507			11,165		788,209
TIAA-CREF Money Market		6,346		2		—		—			2		6,348
TIAA-CREF Small-Cap Equity		4,911,169		1,875,487		623,657		337,921			38,984		5,006,536
	$	151,180,926	$	54,486,329	$	21,960,673	$	3,673,958		$	2,659,274	$	163,427,620
Lifestyle Growth Fund
TIAA-CREF Bond Plus	$	14,839,300	$	4,643,921	$	5,404,669	$	31,578		$	341,486	$	13,558,826
TIAA-CREF Emerging Markets Equity		3,471,457		1,359,492		693,073		(131,014	)		31,981		3,162,110
TIAA-CREF Enhanced International Equity Index		3,965,121		1,417,880		775,247		(77,131	)		114,879		3,769,687
TIAA-CREF Enhanced Large-Cap Growth Index		3,997,822		1,203,447		968,637		354,682			40,547		3,688,511
TIAA-CREF Enhanced Large-Cap Value Index		3,700,328		1,289,725		864,937		177,460			81,761		3,414,579
TIAA-CREF Global Natural Resources		933,035		421,737		259,198		(63,419	)		20,805		838,473
TIAA-CREF Growth & Income		9,287,264		2,881,281		2,142,246		518,540			79,401		8,544,677
TIAA-CREF High-Yield		803,201		657,045		226,811		(16,324	)		37,470		1,119,827
TIAA-CREF International Equity		6,406,922		2,558,225		1,500,806		(119,427	)		78,842		6,123,697
TIAA-CREF International Opportunities		4,646,442		1,659,143		969,198		(53,865	)		55,285		4,372,209
TIAA-CREF Large-Cap Growth		11,297,237		3,213,599		3,000,322		439,761			38,320		10,415,337
TIAA-CREF Large-Cap Value		10,473,631		3,981,064		2,563,701		377,905			140,021		9,758,865
TIAA-CREF Mid-Cap Growth		617,340		211,644		153,934		33,781			1,113		539,640
TIAA-CREF Mid-Cap Value		539,559		287,436		140,177		37,671			7,955		543,945
TIAA-CREF Money Market		3,306		1		—		—			1		3,307
TIAA-CREF Small-Cap Equity		3,399,638		1,161,383		870,467		172,929			23,967		2,976,222
	$	78,381,603	$	26,947,023	$	20,533,423	$	1,683,127		$	1,093,834	$	72,829,912

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		February 29, 2016
Lifestyle Aggressive Growth Fund
TIAA-CREF Emerging Markets Equity	$	2,963,104	$	800,016	$	951,962	$	(104,363	)	$	22,161	$	2,084,796
TIAA-CREF Enhanced International Equity Index		3,466,391		893,041		1,167,225		(70,268	)		81,886		2,559,943
TIAA-CREF Enhanced Large-Cap Growth Index		3,520,366		758,641		1,320,821		264,746			29,226		2,536,406
TIAA-CREF Enhanced Large-Cap Value Index		3,273,584		662,484		1,037,341		112,090			58,926		2,350,147
TIAA-CREF Global Natural Resources		818,455		280,672		334,337		(49,364	)		14,787		563,657
TIAA-CREF Growth & Income		8,120,155		1,598,388		2,774,884		391,185			61,080		5,813,790
TIAA-CREF International Equity		5,611,073		1,449,127		1,956,268		(87,708	)		55,445		4,092,664
TIAA-CREF International Opportunities		4,053,797		1,013,147		1,379,198		(48,031	)		39,344		2,961,776
TIAA-CREF Large-Cap Growth		9,893,858		1,707,956		3,686,488		443,685			27,304		7,071,146
TIAA-CREF Large-Cap Value		9,120,254		2,063,203		2,925,670		284,657			99,899		6,621,355
TIAA-CREF Mid-Cap Growth		584,714		138,877		216,986		20,137			857		396,505
TIAA-CREF Mid-Cap Value		511,717		159,534		155,282		29,375			6,093		399,478
TIAA-CREF Money Market		4,048		2		—		—			2		4,050
TIAA-CREF Small-Cap Equity		2,999,842		553,971		1,001,151		101,418			17,093		2,024,685
	$	54,941,358	$	12,079,059	$	18,907,613	$	1,287,559		$	514,103	$	39,480,398

Note 4—investments

Fund	Book cost		Gross unrealized appreciation		Gross unrealized (depreciation)			Net unrealized appreciation (depreciation)
Lifestyle Income	$	50,064,004	$	81,086	$	(1,090,822	)	$	(1,009,736	)
Lifestyle Conservative		127,945,875		248,994		(5,509,812	)		(5,260,818	)
Lifestyle Moderate		174,390,144		249,884		(11,212,408	)		(10,962,524	)
Lifestyle Growth		77,212,003		465,692		(4,847,783	)		(4,382,091	)
Lifestyle Aggressive Growth		40,245,873		1,040,151		(1,805,626	)		(765,475	)

TIAA-CREF Funds – Managed Allocation Fund

TIAA-CREF FUNDS

MANAGED ALLOCATION FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 29, 2016

SHARES		SECURITY	VALUE

TIAA-CREF FUNDS - 99.9%(a)

FIXED INCOME - 40.1%
	26,531,305	TIAA-CREF Bond Plus Fund	$	273,803,071
	1,251,652	TIAA-CREF High-Yield Fund		10,839,309
		TOTAL FIXED INCOME		284,642,380

INTERNATIONAL EQUITY - 19.1%
	3,071,973	TIAA-CREF Emerging Markets Equity Fund		24,114,984
	5,444,740	TIAA-CREF Enhanced International Equity Index Fund		34,301,862
	962,514	TIAA-CREF Global Natural Resources Fund		6,102,338
	4,039,374	TIAA-CREF International Equity Fund		38,899,175
	3,438,695	TIAA-CREF International Opportunities Fund		31,670,379
		TOTAL INTERNATIONAL EQUITY		135,088,738

SHORT-TERM FIXED INCOME - 0.0%
	73,562	TIAA-CREF Money Market Fund		73,562
		TOTAL SHORT-TERM FIXED INCOME		73,562

U.S. EQUITY - 40.7%
	5,394,486	TIAA-CREF Enhanced Large-Cap Growth Index Fund		54,969,815
	5,980,602	TIAA-CREF Enhanced Large-Cap Value Index Fund		50,894,924
	4,385,019	TIAA-CREF Growth & Income Fund		46,612,748
	3,958,243	TIAA-CREF Large-Cap Growth Fund		56,840,365
	3,582,225	TIAA-CREF Large-Cap Value Fund		53,303,513
	114,045	TIAA-CREF Mid-Cap Growth Fund		1,986,656
	105,750	TIAA-CREF Mid-Cap Value Fund		2,035,680
	1,505,570	TIAA-CREF Small-Cap Equity Fund		21,665,151
		TOTAL U.S. EQUITY		288,308,852

		TOTAL TIAA-CREF FUNDS		708,113,532
		(Cost $696,828,404)

		TOTAL INVESTMENTS - 99.9%		708,113,532
		(Cost $696,828,404)
		OTHER ASSETS & LIABILITIES, NET - 0.1%		853,145
		NET ASSETS - 100.0%	$	708,966,677

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

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

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

New accounting pronouncement: In May 2015, the Financial Accounting Standards Board issued Accounting Standards Update No. 2015-07, Fair Value Measurement (Topic 820) Disclosures in Certain Entities That Calculate Net Asset Value per Share (the “ASU”). The ASU removes the requirement to categorize all investments for which the fair value is measured using the net asset value per share practical expedient from the fair value hierarchy. The ASU also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the net asset value per share practical expedient. The ASU is effective for public business entities for fiscal years beginning after December 15, 2015, and for interim periods within those fiscal years. The Fund expects to adopt the ASU for the May 31, 2016 annual report. Management is currently evaluating the impact of the ASU’s adoption on the Fund’s financial statements and notes disclosures and do not anticipate that the adoption of this update will have a material impact on the Fund’s financial statements and notes disclosures.

Note 2—valuation of investments

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

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

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

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

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

Transfers between levels are recognized at the end of the reporting period. For the period ended February 29, 2016, there were no transfers between levels by the Fund.

As of February 29, 2016, all of the investments in the Fund 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 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 February 29, 2016
TIAA CREF Managed Allocation Fund
TIAA-CREF Bond Plus	$	304,014,809	$	27,479,838	$	47,415,733	$	2,388,052		$	6,681,724	$	273,803,071
TIAA-CREF Emerging Markets Equity		27,192,393		5,541,953		1,177,121		24,594			—		24,114,984
TIAA-CREF Enhanced International Equity Index		37,321,504		5,940,288		1,404,234		934,383			—		34,301,862
TIAA-CREF Enhanced Large-Cap Growth Index		61,026,641		9,150,803		6,820,019		6,683,649			—		54,969,815
TIAA-CREF Enhanced Large-Cap Value Index		57,004,112		9,055,260		4,364,078		4,519,685			—		50,894,924
TIAA-CREF Global Natural Resources		7,118,834		1,662,047		808,053		(7,885	)		—		6,102,338
TIAA-CREF Growth & Income		52,517,958		7,187,729		4,838,694		3,709,688			269,530		46,612,748
TIAA-CREF High-Yield		7,966,678		4,566,754		598,090		(55,816	)		355,580		10,839,309
TIAA-CREF International Equity		41,836,665		8,743,179		3,200,095		137,836			—		38,899,175
TIAA-CREF International Opportunities		35,059,811		6,407,959		2,849,934		278,055			—		31,670,379
TIAA-CREF Large-Cap Growth		63,272,842		8,945,842		9,081,880		3,783,371			—		56,840,365
TIAA-CREF Large-Cap Value		58,958,824		11,865,336		5,597,742		3,607,865			—		53,303,513
TIAA-CREF Mid-Cap Growth		2,423,962		456,252		376,185		142,261			—		1,986,656
TIAA-CREF Mid-Cap Value		2,018,102		891,398		337,809		186,998			—		2,035,680
TIAA-CREF Money Market		73,544		18		—		—			45		73,562
TIAA-CREF Small-Cap Equity		25,445,414		5,286,985		3,722,012		1,896,304			—		21,665,151
	$	783,252,093	$	113,181,641	$	92,591,679	$	28,229,040		$	7,306,879	$	708,113,532

Note 4-investments

Net unrealized appreciation (depreciation): At February 29, 2016, the cost of portfolio investments for federal income tax purposes was $696,828,404. Net unrealized appreciation (depreciation) of portfolio investments for federal income tax purposes was $11,285,128, consisting of gross unrealized appreciation of $37,009,135, and gross unrealized depreciation of $(25,724,007).

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

Dated: April 13, 2016	By:	/s/Robert G. Leary
		Robert G. Leary
		Principal Executive Officer and President

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Dated: April 13, 2016	By:	/s/Robert G. Leary
		Robert G. Leary
		Principal Executive Officer and President
		(principal executive officer)

Dated: April 13, 2016	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