TIAA-CREF FUNDS – Managed Allocation Fund

TIAA-CREF FUNDS

MANAGED ALLOCATION FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2020

SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES—100.0%a
FIXED INCOME—39.2%
	32,193,874	TIAA-CREF Core Plus Bond Fund	$	357,030,059
		TOTAL FIXED INCOME		357,030,059
INTERNATIONAL EQUITY—18.0%
	2,564,586	TIAA-CREF Emerging Markets Equity Fund		31,877,806
	3,056,835	TIAA-CREF International Equity Fund		35,275,875
	2,118,444	TIAA-CREF International Opportunities Fund		34,424,715
	5,757,929	TIAA-CREF Quant International Equity Fund		41,226,769
	2,182,677	TIAA-CREF Quant International Small-Cap Equity Fund		21,324,755
		TOTAL INTERNATIONAL EQUITY		164,129,920
U.S. EQUITY—42.8%
	2,463,947	Nuveen Dividend Value Fund		30,010,869
	5,230,573	TIAA-CREF Growth & Income Fund		84,055,310
	2,676,128	TIAA-CREF Large-Cap Growth Fund		78,490,848
	4,129,961	TIAA-CREF Large-Cap Value Fund		68,887,750
	3,614,322	TIAA-CREF Quant Large-Cap Growth Fund		68,563,685
	3,467,803	TIAA-CREF Quant Large-Cap Value Fund		30,065,854
	1,090,996	TIAA-CREF Quant Small-Cap Equity Fund		15,917,638
	1,120,892	TIAA-CREF Quant Small/Mid-Cap Equity Fund		12,957,513
		TOTAL U.S. EQUITY		388,949,467
		TOTAL AFFILIATED INVESTMENT COMPANIES		910,109,446
		(Cost $713,611,734)
		TOTAL INVESTMENTS—100.0%		910,109,446
		(Cost $713,611,734)
		OTHER ASSETS & LIABILITIES, NET—(0.0)%		(140,590	)
		NET ASSETS—100.0%	$	909,968,856
a	The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds and Class R6 of the affiliated Nuveen Funds.

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

Organization and significant accounting policies

Part F of Form N-PORT was prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and in conformity with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“Commission”) related to interim filings. Part F of Form N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report. For a full set of financial statement notes, please refer to the most recently filed annual or semiannual report.

Valuation of investments

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

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

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

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

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

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

As of August 31, 2020, all of the investments in the Fund were valued based on Level 1 inputs.

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A12453-D (10/20)