N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number   File No. 811-09301

TIAA-CREF FUNDS

(Exact name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Terry H. Lin, Esq.

c/o TIAA

730 Third Avenue

New York, New York 10017-3206

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: August 31, 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)
August 31, 2016
SHARES			SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%(a)
DIRECT REAL ESTATE - 0.2%
	101,305	(b)	TIAA-CREF Real Property Fund LP	$	1,020,137
			TOTAL DIRECT REAL ESTATE		1,020,137
FIXED INCOME - 39.9%
	9,968,288		TIAA-CREF Bond Fund		106,660,677
	4,261,192		TIAA-CREF Bond Plus Fund		45,765,201
	406,759		TIAA-CREF Emerging Markets Debt Fund		4,157,072
	1,026,404		TIAA-CREF High-Yield Fund		9,894,532
			TOTAL FIXED INCOME		166,477,482
INFLATION-PROTECTED ASSETS - 10.0%
	3,568,663		TIAA-CREF Inflation-Linked Bond Fund		41,574,922
			TOTAL INFLATION-PROTECTED ASSETS		41,574,922
INTERNATIONAL EQUITY - 12.4%
	990,965		TIAA-CREF Emerging Markets Equity Fund		9,463,716
	1,896,671		TIAA-CREF Enhanced International Equity Index Fund		13,105,995
	299,771		TIAA-CREF Global Natural Resources Fund		2,278,257
	1,360,206		TIAA-CREF International Equity Fund		14,404,585
	1,222,656		TIAA-CREF International Opportunities Fund		12,446,639
			TOTAL INTERNATIONAL EQUITY		51,699,192
SHORT-TERM FIXED INCOME - 10.0%
	27,950		TIAA-CREF Money Market Fund		27,950
	4,009,337		TIAA-CREF Short-Term Bond Fund		41,616,916
			TOTAL SHORT-TERM FIXED INCOME		41,644,866
U.S. EQUITY - 27.4%
	1,868,995		TIAA-CREF Enhanced Large-Cap Growth Index Fund		21,213,089
	2,160,649		TIAA-CREF Enhanced Large-Cap Value Index Fund		21,131,143
	1,516,045		TIAA-CREF Growth & Income Fund		18,207,697
	1,354,339		TIAA-CREF Large-Cap Growth Fund		21,466,267
	1,216,048		TIAA-CREF Large-Cap Value Fund		21,451,090
	42,624		TIAA-CREF Mid-Cap Growth Fund		853,762
	49,003		TIAA-CREF Mid-Cap Value Fund		1,107,957
	515,412		TIAA-CREF Small-Cap Equity Fund		8,777,469
			TOTAL U.S. EQUITY		114,208,474
			TOTAL AFFILIATED INVESTMENT COMPANIES		416,625,073
			(Cost $386,309,155)
			TOTAL INVESTMENTS - 99.9%		416,625,073
			(Cost $386,309,155)
			OTHER ASSETS & LIABILITIES, NET - 0.1%		535,256
			NET ASSETS - 100.0%	$	417,160,329

(a)	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds.
(b)	Indicates a security that has been deemed illiquid.

1

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2010 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2010 FUND
SCHEDULE OF INVESTMENTS (unaudited)
August 31, 2016
SHARES			SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%(a)
DIRECT REAL ESTATE - 0.3%
	278,226	(b)	TIAA-CREF Real Property Fund LP	$	2,801,739
			TOTAL DIRECT REAL ESTATE		2,801,739
FIXED INCOME - 39.1%
	26,306,782		TIAA-CREF Bond Fund		281,482,562
	11,602,163		TIAA-CREF Bond Plus Fund		124,607,228
	1,109,353		TIAA-CREF Emerging Markets Debt Fund		11,337,587
	2,798,107		TIAA-CREF High-Yield Fund		26,973,748
			TOTAL FIXED INCOME		444,401,125
INFLATION-PROTECTED ASSETS - 8.4%
	8,212,341		TIAA-CREF Inflation-Linked Bond Fund		95,673,775
			TOTAL INFLATION-PROTECTED ASSETS		95,673,775
INTERNATIONAL EQUITY - 13.6%
	2,936,240		TIAA-CREF Emerging Markets Equity Fund		28,041,088
	5,684,443		TIAA-CREF Enhanced International Equity Index Fund		39,279,500
	907,022		TIAA-CREF Global Natural Resources Fund		6,893,368
	4,036,808		TIAA-CREF International Equity Fund		42,749,791
	3,653,453		TIAA-CREF International Opportunities Fund		37,192,156
			TOTAL INTERNATIONAL EQUITY		154,155,903
SHORT-TERM FIXED INCOME - 8.4%
	58,970		TIAA-CREF Money Market Fund		58,970
	9,227,310		TIAA-CREF Short-Term Bond Fund		95,779,479
			TOTAL SHORT-TERM FIXED INCOME		95,838,449
U.S. EQUITY - 30.1%
	5,583,249		TIAA-CREF Enhanced Large-Cap Growth Index Fund		63,369,879
	6,456,147		TIAA-CREF Enhanced Large-Cap Value Index Fund		63,141,119
	4,529,594		TIAA-CREF Growth & Income Fund		54,400,420
	4,046,689		TIAA-CREF Large-Cap Growth Fund		64,140,017
	3,633,844		TIAA-CREF Large-Cap Value Fund		64,101,007
	135,822		TIAA-CREF Mid-Cap Growth Fund		2,720,510
	154,030		TIAA-CREF Mid-Cap Value Fund		3,482,627
	1,539,916		TIAA-CREF Small-Cap Equity Fund		26,224,776
			TOTAL U.S. EQUITY		341,580,355
			TOTAL AFFILIATED INVESTMENT COMPANIES		1,134,451,346
			(Cost $998,856,239)
			TOTAL INVESTMENTS - 99.9%		1,134,451,346
			(Cost $998,856,239)
			OTHER ASSETS & LIABILITIES, NET - 0.1%		1,444,673
			NET ASSETS - 100.0%	$	1,135,896,019

(a)	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds.
(b)	Indicates a security that has been deemed illiquid.

2

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2015 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2015 FUND
SCHEDULE OF INVESTMENTS (unaudited)
August 31, 2016
SHARES			SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%(a)
DIRECT REAL ESTATE - 0.3%
	444,519	(b)	TIAA-CREF Real Property Fund LP	$	4,476,310
			TOTAL DIRECT REAL ESTATE		4,476,310
FIXED INCOME - 38.1%
	40,331,066		TIAA-CREF Bond Fund		431,542,402
	18,527,661		TIAA-CREF Bond Plus Fund		198,987,075
	1,765,903		TIAA-CREF Emerging Markets Debt Fund		18,047,529
	4,460,967		TIAA-CREF High-Yield Fund		43,003,717
			TOTAL FIXED INCOME		691,580,723
INFLATION-PROTECTED ASSETS - 6.4%
	10,008,040		TIAA-CREF Inflation-Linked Bond Fund		116,593,667
			TOTAL INFLATION-PROTECTED ASSETS		116,593,667
INTERNATIONAL EQUITY - 15.1%
	5,179,328		TIAA-CREF Emerging Markets Equity Fund		49,462,587
	10,097,631		TIAA-CREF Enhanced International Equity Index Fund		69,774,629
	1,622,105		TIAA-CREF Global Natural Resources Fund		12,327,996
	7,126,896		TIAA-CREF International Equity Fund		75,473,830
	6,498,416		TIAA-CREF International Opportunities Fund		66,153,876
			TOTAL INTERNATIONAL EQUITY		273,192,918
SHORT-TERM FIXED INCOME - 6.4%
	143,165		TIAA-CREF Money Market Fund		143,165
	11,241,806		TIAA-CREF Short-Term Bond Fund		116,689,949
			TOTAL SHORT-TERM FIXED INCOME		116,833,114
U.S. EQUITY - 33.6%
	9,952,431		TIAA-CREF Enhanced Large-Cap Growth Index Fund		112,960,097
	11,517,680		TIAA-CREF Enhanced Large-Cap Value Index Fund		112,642,912
	8,059,879		TIAA-CREF Growth & Income Fund		96,799,150
	7,187,825		TIAA-CREF Large-Cap Growth Fund		113,927,025
	6,457,325		TIAA-CREF Large-Cap Value Fund		113,907,209
	256,665		TIAA-CREF Mid-Cap Growth Fund		5,141,002
	287,497		TIAA-CREF Mid-Cap Value Fund		6,500,305
	2,735,457		TIAA-CREF Small-Cap Equity Fund		46,584,833
			TOTAL U.S. EQUITY		608,462,533
			TOTAL AFFILIATED INVESTMENT COMPANIES		1,811,139,265
			(Cost $1,786,738,044)
			TOTAL INVESTMENTS - 99.9%		1,811,139,265
			(Cost $1,786,738,044)
			OTHER ASSETS & LIABILITIES, NET - 0.1%		2,383,662
			NET ASSETS - 100.0%	$	1,813,522,927

(a)	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds.
(b)	Indicates a security that has been deemed illiquid.

3

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2020 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2020 FUND
SCHEDULE OF INVESTMENTS (unaudited)
August 31, 2016
SHARES			SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 100.0%(a)
DIRECT REAL ESTATE - 0.3%
	770,023	(b)	TIAA-CREF Real Property Fund LP	$	7,754,128
			TOTAL DIRECT REAL ESTATE		7,754,128
FIXED INCOME - 34.8%
	60,397,920		TIAA-CREF Bond Fund		646,257,741
	32,201,833		TIAA-CREF Bond Plus Fund		345,847,690
	3,072,658		TIAA-CREF Emerging Markets Debt Fund		31,402,567
	7,750,557		TIAA-CREF High-Yield Fund		74,715,369
			TOTAL FIXED INCOME		1,098,223,367
INFLATION-PROTECTED ASSETS - 4.4%
	12,024,200		TIAA-CREF Inflation-Linked Bond Fund		140,081,925
			TOTAL INFLATION-PROTECTED ASSETS		140,081,925
INTERNATIONAL EQUITY - 17.3%
	10,284,462		TIAA-CREF Emerging Markets Equity Fund		98,216,612
	20,204,200		TIAA-CREF Enhanced International Equity Index Fund		139,611,023
	3,274,650		TIAA-CREF Global Natural Resources Fund		24,887,338
	14,138,567		TIAA-CREF International Equity Fund		149,727,423
	13,018,626		TIAA-CREF International Opportunities Fund		132,529,615
			TOTAL INTERNATIONAL EQUITY		544,972,011
SHORT-TERM FIXED INCOME - 4.5%
	191,615		TIAA-CREF Money Market Fund		191,615
	13,507,969		TIAA-CREF Short-Term Bond Fund		140,212,719
			TOTAL SHORT-TERM FIXED INCOME		140,404,334
U.S. EQUITY - 38.7%
	19,960,732		TIAA-CREF Enhanced Large-Cap Growth Index Fund		226,554,309
	23,099,169		TIAA-CREF Enhanced Large-Cap Value Index Fund		225,909,869
	16,128,400		TIAA-CREF Growth & Income Fund		193,702,078
	14,425,986		TIAA-CREF Large-Cap Growth Fund		228,651,875
	12,966,959		TIAA-CREF Large-Cap Value Fund		228,737,160
	551,286		TIAA-CREF Mid-Cap Growth Fund		11,042,249
	608,729		TIAA-CREF Mid-Cap Value Fund		13,763,374
	5,481,543		TIAA-CREF Small-Cap Equity Fund		93,350,669
			TOTAL U.S. EQUITY		1,221,711,583
			TOTAL AFFILIATED INVESTMENT COMPANIES		3,153,147,348
			(Cost $3,083,855,962)
			TOTAL INVESTMENTS - 100.0%		3,153,147,348
			(Cost $3,083,855,962)
			OTHER ASSETS & LIABILITIES, NET - 0.0%		1,116,843
			NET ASSETS - 100.0%	$	3,154,264,191

(a)	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds.
(b)	Indicates a security that has been deemed illiquid.

4

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2025 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2025 FUND
SCHEDULE OF INVESTMENTS (unaudited)
August 31, 2016
SHARES			SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%(a)
DIRECT REAL ESTATE - 0.3%
	802,475	(b)	TIAA-CREF Real Property Fund LP	$	8,080,924
			TOTAL DIRECT REAL ESTATE		8,080,924
FIXED INCOME - 30.7%
	50,667,802		TIAA-CREF Bond Fund		542,145,486
	33,539,621		TIAA-CREF Bond Plus Fund		360,215,526
	3,196,731		TIAA-CREF Emerging Markets Debt Fund		32,670,595
	8,082,556		TIAA-CREF High-Yield Fund		77,915,837
			TOTAL FIXED INCOME		1,012,947,444
INFLATION-PROTECTED ASSETS - 2.4%
	6,913,376		TIAA-CREF Inflation-Linked Bond Fund		80,540,835
			TOTAL INFLATION-PROTECTED ASSETS		80,540,835
INTERNATIONAL EQUITY - 19.7%
	12,198,293		TIAA-CREF Emerging Markets Equity Fund		116,493,696
	24,133,027		TIAA-CREF Enhanced International Equity Index Fund		166,759,216
	3,937,796		TIAA-CREF Global Natural Resources Fund		29,927,252
	16,714,978		TIAA-CREF International Equity Fund		177,011,618
	15,518,915		TIAA-CREF International Opportunities Fund		157,982,557
			TOTAL INTERNATIONAL EQUITY		648,174,339
SHORT-TERM FIXED INCOME - 2.5%
	187,767		TIAA-CREF Money Market Fund		187,767
	7,763,694		TIAA-CREF Short-Term Bond Fund		80,587,148
			TOTAL SHORT-TERM FIXED INCOME		80,774,915
U.S. EQUITY - 44.3%
	23,836,526		TIAA-CREF Enhanced Large-Cap Growth Index Fund		270,544,572
	27,596,878		TIAA-CREF Enhanced Large-Cap Value Index Fund		269,897,464
	19,262,522		TIAA-CREF Growth & Income Fund		231,342,884
	17,210,477		TIAA-CREF Large-Cap Growth Fund		272,786,056
	15,492,513		TIAA-CREF Large-Cap Value Fund		273,287,924
	692,902		TIAA-CREF Mid-Cap Growth Fund		13,878,824
	758,093		TIAA-CREF Mid-Cap Value Fund		17,140,476
	6,564,093		TIAA-CREF Small-Cap Equity Fund		111,786,500
			TOTAL U.S. EQUITY		1,460,664,700
			TOTAL AFFILIATED INVESTMENT COMPANIES		3,291,183,157
			(Cost $3,193,656,753)
			TOTAL INVESTMENTS - 99.9%		3,291,183,157
			(Cost $3,193,656,753)
			OTHER ASSETS & LIABILITIES, NET - 0.1%		3,988,341
			NET ASSETS - 100.0%	$	3,295,171,498

(a)	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds.
(b)	Indicates a security that has been deemed illiquid.

5

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2030 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2030 FUND
SCHEDULE OF INVESTMENTS (unaudited)
August 31, 2016
SHARES			SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%(a)
DIRECT REAL ESTATE - 0.2%
	772,976	(b)	TIAA-CREF Real Property Fund LP	$	7,783,869
			TOTAL DIRECT REAL ESTATE		7,783,869
FIXED INCOME - 26.7%
	39,357,158		TIAA-CREF Bond Fund		421,121,591
	30,077,270		TIAA-CREF Bond Plus Fund		323,029,876
	3,089,900		TIAA-CREF Emerging Markets Debt Fund		31,578,776
	7,817,284		TIAA-CREF High-Yield Fund		75,358,617
			TOTAL FIXED INCOME		851,088,860
INFLATION-PROTECTED ASSETS - 0.5%
	1,236,739		TIAA-CREF Inflation-Linked Bond Fund		14,408,015
			TOTAL INFLATION-PROTECTED ASSETS		14,408,015
INTERNATIONAL EQUITY - 22.1%
	13,171,265		TIAA-CREF Emerging Markets Equity Fund		125,785,585
	26,235,291		TIAA-CREF Enhanced International Equity Index Fund		181,285,860
	4,304,323		TIAA-CREF Global Natural Resources Fund		32,712,854
	18,084,076		TIAA-CREF International Equity Fund		191,510,363
	16,897,086		TIAA-CREF International Opportunities Fund		172,012,340
			TOTAL INTERNATIONAL EQUITY		703,307,002
SHORT-TERM FIXED INCOME - 0.5%
	180,589		TIAA-CREF Money Market Fund		180,589
	1,390,037		TIAA-CREF Short-Term Bond Fund		14,428,578
			TOTAL SHORT-TERM FIXED INCOME		14,609,167
U.S. EQUITY - 49.9%
	25,963,088		TIAA-CREF Enhanced Large-Cap Growth Index Fund		294,681,046
	30,049,681		TIAA-CREF Enhanced Large-Cap Value Index Fund		293,885,885
	20,942,642		TIAA-CREF Growth & Income Fund		251,521,130
	18,704,528		TIAA-CREF Large-Cap Growth Fund		296,466,763
	16,818,744		TIAA-CREF Large-Cap Value Fund		296,682,648
	782,824		TIAA-CREF Mid-Cap Growth Fund		15,679,972
	851,006		TIAA-CREF Mid-Cap Value Fund		19,241,253
	7,130,732		TIAA-CREF Small-Cap Equity Fund		121,436,367
			TOTAL U.S. EQUITY		1,589,595,064
			TOTAL AFFILIATED INVESTMENT COMPANIES		3,180,791,977
			(Cost $3,058,158,493)
			TOTAL INVESTMENTS - 99.9%		3,180,791,977
			(Cost $3,058,158,493)
			OTHER ASSETS & LIABILITIES, NET - 0.1%		2,988,879
			NET ASSETS - 100.0%	$	3,183,780,856

(a)	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds.
(b)	Indicates a security that has been deemed illiquid.

6

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2035 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2035 FUND
SCHEDULE OF INVESTMENTS (unaudited)
August 31, 2016
SHARES			SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%(a)
DIRECT REAL ESTATE - 0.3%
	776,664	(b)	TIAA-CREF Real Property Fund LP	$	7,821,008
			TOTAL DIRECT REAL ESTATE		7,821,008
FIXED INCOME - 19.6%
	25,923,370		TIAA-CREF Bond Fund		277,380,056
	22,590,999		TIAA-CREF Bond Plus Fund		242,627,331
	3,084,833		TIAA-CREF Emerging Markets Debt Fund		31,526,995
	7,800,291		TIAA-CREF High-Yield Fund		75,194,806
			TOTAL FIXED INCOME		626,729,188
INTERNATIONAL EQUITY - 24.5%
	14,630,664		TIAA-CREF Emerging Markets Equity Fund		139,722,841
	29,260,659		TIAA-CREF Enhanced International Equity Index Fund		202,191,157
	4,829,881		TIAA-CREF Global Natural Resources Fund		36,707,094
	20,087,414		TIAA-CREF International Equity Fund		212,725,717
	18,868,611		TIAA-CREF International Opportunities Fund		192,082,457
			TOTAL INTERNATIONAL EQUITY		783,429,266
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 - 55.5%
	29,017,369		TIAA-CREF Enhanced Large-Cap Growth Index Fund		329,347,142
	33,575,171		TIAA-CREF Enhanced Large-Cap Value Index Fund		328,365,170
	23,380,237		TIAA-CREF Growth & Income Fund		280,796,648
	20,873,589		TIAA-CREF Large-Cap Growth Fund		330,846,389
	18,778,629		TIAA-CREF Large-Cap Value Fund		331,255,024
	902,034		TIAA-CREF Mid-Cap Growth Fund		18,067,744
	972,910		TIAA-CREF Mid-Cap Value Fund		21,997,487
	7,957,686		TIAA-CREF Small-Cap Equity Fund		135,519,394
			TOTAL U.S. EQUITY		1,776,194,998
			TOTAL AFFILIATED INVESTMENT COMPANIES		3,194,361,000
			(Cost $3,043,408,084)
			TOTAL INVESTMENTS - 99.9%		3,194,361,000
			(Cost $3,043,408,084)
			OTHER ASSETS & LIABILITIES, NET - 0.1%		4,413,510
			NET ASSETS - 100.0%	$	3,198,774,510

(a)	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds.
(b)	Indicates a security that has been deemed illiquid.

7

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2040 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2040 FUND
SCHEDULE OF INVESTMENTS (unaudited)
August 31, 2016
SHARES			SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%(a)
DIRECT REAL ESTATE - 0.3%
	972,964	(b)	TIAA-CREF Real Property Fund LP	$	9,797,749
			TOTAL DIRECT REAL ESTATE		9,797,749
FIXED INCOME - 11.6%
	6,636,160		TIAA-CREF Bond Fund		71,006,910
	24,206,828		TIAA-CREF Bond Plus Fund		259,981,336
	3,818,551		TIAA-CREF Emerging Markets Debt Fund		39,025,586
	9,671,968		TIAA-CREF High-Yield Fund		93,237,774
			TOTAL FIXED INCOME		463,251,606
INTERNATIONAL EQUITY - 26.9%
	20,070,583		TIAA-CREF Emerging Markets Equity Fund		191,674,065
	40,310,746		TIAA-CREF Enhanced International Equity Index Fund		278,547,254
	6,681,991		TIAA-CREF Global Natural Resources Fund		50,783,134
	27,538,216		TIAA-CREF International Equity Fund		291,629,708
	25,975,375		TIAA-CREF International Opportunities Fund		264,429,315
			TOTAL INTERNATIONAL EQUITY		1,077,063,476
SHORT-TERM FIXED INCOME - 0.0%
	273,445		TIAA-CREF Money Market Fund		273,445
			TOTAL SHORT-TERM FIXED INCOME		273,445
U.S. EQUITY - 61.1%
	39,965,851		TIAA-CREF Enhanced Large-Cap Growth Index Fund		453,612,412
	46,260,127		TIAA-CREF Enhanced Large-Cap Value Index Fund		452,424,041
	32,193,899		TIAA-CREF Growth & Income Fund		386,648,727
	28,740,260		TIAA-CREF Large-Cap Growth Fund		455,533,120
	25,850,475		TIAA-CREF Large-Cap Value Fund		456,002,373
	1,270,691		TIAA-CREF Mid-Cap Growth Fund		25,451,937
	1,364,859		TIAA-CREF Mid-Cap Value Fund		30,859,468
	10,967,268		TIAA-CREF Small-Cap Equity Fund		186,772,582
			TOTAL U.S. EQUITY		2,447,304,660
			TOTAL AFFILIATED INVESTMENT COMPANIES		3,997,690,936
			(Cost $3,773,720,335)
			TOTAL INVESTMENTS - 99.9%		3,997,690,936
			(Cost $3,773,720,335)
			OTHER ASSETS & LIABILITIES, NET - 0.1%		5,085,988
			NET ASSETS - 100.0%	$	4,002,776,924

(a)	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds.
(b)	Indicates a security that has been deemed illiquid.

8

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2045 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2045 FUND
SCHEDULE OF INVESTMENTS (unaudited)
August 31, 2016
SHARES			SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%(a)
DIRECT REAL ESTATE - 0.3%
	423,556	(b)	TIAA-CREF Real Property Fund LP	$	4,265,204
			TOTAL DIRECT REAL ESTATE		4,265,204
FIXED INCOME - 8.8%
	9,037,471		TIAA-CREF Bond Plus Fund		97,062,438
	1,664,438		TIAA-CREF Emerging Markets Debt Fund		17,010,553
	4,218,173		TIAA-CREF High-Yield Fund		40,663,191
			TOTAL FIXED INCOME		154,736,182
INTERNATIONAL EQUITY - 27.7%
	9,054,531		TIAA-CREF Emerging Markets Equity Fund		86,470,770
	18,249,472		TIAA-CREF Enhanced International Equity Index Fund		126,103,849
	3,027,943		TIAA-CREF Global Natural Resources Fund		23,012,366
	12,439,237		TIAA-CREF International Equity Fund		131,731,525
	11,729,799		TIAA-CREF International Opportunities Fund		119,409,350
			TOTAL INTERNATIONAL EQUITY		486,727,860
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 - 63.1%
	18,101,741		TIAA-CREF Enhanced Large-Cap Growth Index Fund		205,454,762
	20,956,813		TIAA-CREF Enhanced Large-Cap Value Index Fund		204,957,627
	14,572,339		TIAA-CREF Growth & Income Fund		175,013,790
	13,003,221		TIAA-CREF Large-Cap Growth Fund		206,101,060
	11,680,045		TIAA-CREF Large-Cap Value Fund		206,035,994
	578,527		TIAA-CREF Mid-Cap Growth Fund		11,587,891
	621,386		TIAA-CREF Mid-Cap Value Fund		14,049,537
	4,954,704		TIAA-CREF Small-Cap Equity Fund		84,378,616
			TOTAL U.S. EQUITY		1,107,579,277
			TOTAL AFFILIATED INVESTMENT COMPANIES		1,753,389,563
			(Cost $1,626,326,295)
			TOTAL INVESTMENTS - 99.9%		1,753,389,563
			(Cost $1,626,326,295)
			OTHER ASSETS & LIABILITIES, NET - 0.1%		2,652,974
			NET ASSETS - 100.0%	$	1,756,042,537

(a)	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds.
(b)	Indicates a security that has been deemed illiquid.

9

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2050 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2050 FUND
SCHEDULE OF INVESTMENTS (unaudited)
August 31, 2016
SHARES			SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.8%(a)
DIRECT REAL ESTATE - 0.2%
	258,022	(b)	TIAA-CREF Real Property Fund LP	$	2,598,284
			TOTAL DIRECT REAL ESTATE		2,598,284
FIXED INCOME - 7.6%
	4,301,604		TIAA-CREF Bond Plus Fund		46,199,224
	1,014,465		TIAA-CREF Emerging Markets Debt Fund		10,367,834
	2,565,634		TIAA-CREF High-Yield Fund		24,732,710
			TOTAL FIXED INCOME		81,299,768
INTERNATIONAL EQUITY - 28.1%
	5,606,942		TIAA-CREF Emerging Markets Equity Fund		53,546,299
	11,316,900		TIAA-CREF Enhanced International Equity Index Fund		78,199,778
	1,879,717		TIAA-CREF Global Natural Resources Fund		14,285,853
	7,711,862		TIAA-CREF International Equity Fund		81,668,614
	7,273,792		TIAA-CREF International Opportunities Fund		74,047,202
			TOTAL INTERNATIONAL EQUITY		301,747,746
SHORT-TERM FIXED INCOME - 0.0%
	41,908		TIAA-CREF Money Market Fund		41,908
			TOTAL SHORT-TERM FIXED INCOME		41,908
U.S. EQUITY - 63.9%
	11,230,137		TIAA-CREF Enhanced Large-Cap Growth Index Fund		127,462,053
	13,005,792		TIAA-CREF Enhanced Large-Cap Value Index Fund		127,196,650
	9,039,014		TIAA-CREF Growth & Income Fund		108,558,562
	8,063,385		TIAA-CREF Large-Cap Growth Fund		127,804,651
	7,243,018		TIAA-CREF Large-Cap Value Fund		127,766,842
	360,420		TIAA-CREF Mid-Cap Growth Fund		7,219,204
	386,078		TIAA-CREF Mid-Cap Value Fund		8,729,213
	3,067,573		TIAA-CREF Small-Cap Equity Fund		52,240,767
			TOTAL U.S. EQUITY		686,977,942
			TOTAL AFFILIATED INVESTMENT COMPANIES		1,072,665,648
			(Cost $1,002,187,474)
			TOTAL INVESTMENTS - 99.8%		1,072,665,648
			(Cost $1,002,187,474)
			OTHER ASSETS & LIABILITIES, NET - 0.2%		1,768,435
			NET ASSETS - 100.0%	$	1,074,434,083

(a)	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds.
(b)	Indicates a security that has been deemed illiquid.

10

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2055 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2055 FUND
SCHEDULE OF INVESTMENTS (unaudited)
August 31, 2016
SHARES			SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.8%(a)
DIRECT REAL ESTATE - 0.2%
	55,907	(b)	TIAA-CREF Real Property Fund LP	$	562,983
			TOTAL DIRECT REAL ESTATE		562,983
FIXED INCOME - 6.3%
	675,831		TIAA-CREF Bond Plus Fund		7,258,421
	221,105		TIAA-CREF Emerging Markets Debt Fund		2,259,696
	559,710		TIAA-CREF High-Yield Fund		5,395,601
			TOTAL FIXED INCOME		14,913,718
INTERNATIONAL EQUITY - 28.5%
	1,244,162		TIAA-CREF Emerging Markets Equity Fund		11,881,749
	2,514,506		TIAA-CREF Enhanced International Equity Index Fund		17,375,239
	419,312		TIAA-CREF Global Natural Resources Fund		3,186,768
	1,712,944		TIAA-CREF International Equity Fund		18,140,072
	1,617,188		TIAA-CREF International Opportunities Fund		16,462,979
			TOTAL INTERNATIONAL EQUITY		67,046,807
SHORT-TERM FIXED INCOME - 0.0%
	6,605		TIAA-CREF Money Market Fund		6,605
			TOTAL SHORT-TERM FIXED INCOME		6,605
U.S. EQUITY - 64.8%
	2,497,880		TIAA-CREF Enhanced Large-Cap Growth Index Fund		28,350,942
	2,892,413		TIAA-CREF Enhanced Large-Cap Value Index Fund		28,287,797
	2,009,177		TIAA-CREF Growth & Income Fund		24,130,211
	1,791,862		TIAA-CREF Large-Cap Growth Fund		28,401,011
	1,609,780		TIAA-CREF Large-Cap Value Fund		28,396,520
	80,351		TIAA-CREF Mid-Cap Growth Fund		1,609,428
	85,972		TIAA-CREF Mid-Cap Value Fund		1,943,829
	681,466		TIAA-CREF Small-Cap Equity Fund		11,605,364
			TOTAL U.S. EQUITY		152,725,102
			TOTAL AFFILIATED INVESTMENT COMPANIES		235,255,215
			(Cost $226,356,904)
			TOTAL INVESTMENTS - 99.8%		235,255,215
			(Cost $226,356,904)
			OTHER ASSETS & LIABILITIES, NET - 0.2%		349,326
			NET ASSETS - 100.0%	$	235,604,541

(a)	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds.
(b)	Indicates a security that has been deemed illiquid.

11

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2060 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2060 FUND
SCHEDULE OF INVESTMENTS (unaudited)
August 31, 2016
SHARES			SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 100.0%(a)
DIRECT REAL ESTATE - 0.2%
	3,363	(b)	TIAA-CREF Real Property Fund LP	$	33,868
			TOTAL DIRECT REAL ESTATE		33,868
FIXED INCOME - 5.1%
	25,858		TIAA-CREF Bond Plus Fund		277,717
	13,788		TIAA-CREF Emerging Markets Debt Fund		140,917
	34,912		TIAA-CREF High-Yield Fund		336,549
			TOTAL FIXED INCOME		755,183
INTERNATIONAL EQUITY - 28.9%
	79,108		TIAA-CREF Emerging Markets Equity Fund		755,478
	159,848		TIAA-CREF Enhanced International Equity Index Fund		1,104,548
	26,658		TIAA-CREF Global Natural Resources Fund		202,600
	108,836		TIAA-CREF International Equity Fund		1,152,571
	102,865		TIAA-CREF International Opportunities Fund		1,047,167
			TOTAL INTERNATIONAL EQUITY		4,262,364
SHORT-TERM FIXED INCOME - 0.0%
	100		TIAA-CREF Money Market Fund		100
			TOTAL SHORT-TERM FIXED INCOME		100
U.S. EQUITY - 65.8%
	159,002		TIAA-CREF Enhanced Large-Cap Growth Index Fund		1,804,675
	184,147		TIAA-CREF Enhanced Large-Cap Value Index Fund		1,800,958
	127,824		TIAA-CREF Growth & Income Fund		1,535,167
	113,995		TIAA-CREF Large-Cap Growth Fund		1,806,826
	102,414		TIAA-CREF Large-Cap Value Fund		1,806,580
	5,130		TIAA-CREF Mid-Cap Growth Fund		102,753
	5,483		TIAA-CREF Mid-Cap Value Fund		123,980
	43,342		TIAA-CREF Small-Cap Equity Fund		738,111
			TOTAL U.S. EQUITY		9,719,050
			TOTAL AFFILIATED INVESTMENT COMPANIES		14,770,565
			(Cost $14,688,347)
			TOTAL INVESTMENTS - 100.0%		14,770,565
			(Cost $14,688,347)
			OTHER ASSETS & LIABILITIES, NET - (0.0)%		(9,661	)
			NET ASSETS - 100.0%	$	14,760,904

(a)	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds.
(b)	Indicates a security that has been deemed illiquid.

12

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

Note 1—organization and significant accounting policies

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

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. 

Note 2—valuation of investments

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

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

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

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

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

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

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

Investments in unregistered limited partnerships: These investments are measured at fair value as of the valuation date using the net asset value per share practical expedient and are not categorized within the fair value hierarchy.

Transfers between levels are recognized at the end of the reporting period. For the period ended August 31, 2016, there were no transfers between levels by the Funds.

13

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

The following table summarizes the market value of the Funds’ investments as of August 31, 2016, based on the inputs used to value them:

Fund	Level 1		Level 2		Level 3		Fair Value using Practical Expedient (a)		Total
Lifecycle Retirement Income Fund
Registered investment companies	$	415,604,936	$	—	$	—	$	—	$	415,604,936
TIAA-CREF Real Property Fund LP		—		—		—		1,020,137		1,020,137
Total	$	415,604,936	$	—	$	—	$	1,020,137	$	416,625,073
Lifecycle 2010 Fund
Registered investment companies	$	1,131,649,607	$	—	$	—	$	—	$	1,131,649,607
TIAA-CREF Real Property Fund LP		—		—		—		2,801,739		2,801,739
Total	$	1,131,649,607	$	—	$	—	$	2,801,739	$	1,134,451,346
Lifecycle 2015 Fund
Registered investment companies	$	1,806,662,955	$	—	$	—	$	—	$	1,806,662,955
TIAA-CREF Real Property Fund LP		—		—		—		4,476,310		4,476,310
Total	$	1,806,662,955	$	—	$	—	$	4,476,310	$	1,811,139,265
Lifecycle 2020 Fund
Registered investment companies	$	3,145,393,220	$	—	$	—	$	—	$	3,145,393,220
TIAA-CREF Real Property Fund LP		—		—		—		7,754,128		7,754,128
Total	$	3,145,393,220	$	—	$	—	$	7,754,128	$	3,153,147,348
Lifecycle 2025 Fund
Registered investment companies	$	3,283,102,233	$	—	$	—	$	—	$	3,283,102,233
TIAA-CREF Real Property Fund LP		—		—		—		8,080,924		8,080,924
Total	$	3,283,102,233	$	—	$	—	$	8,080,924	$	3,291,183,157
Lifecycle 2030 Fund
Registered investment companies	$	3,173,008,108	$	—	$	—	$	—	$	3,173,008,108
TIAA-CREF Real Property Fund LP		—		—		—		7,783,869		7,783,869
Total	$	3,173,008,108	$	—	$	—	$	7,783,869	$	3,180,791,977
Lifecycle 2035 Fund
Registered investment companies	$	3,186,539,992	$	—	$	—	$	—	$	3,186,539,992
TIAA-CREF Real Property Fund LP		—		—		—		7,821,008		7,821,008
Total	$	3,186,539,992	$	—	$	—	$	7,821,008	$	3,194,361,000
Lifecycle 2040 Fund
Registered investment companies	$	3,987,893,187	$	—	$	—	$	—	$	3,987,893,187
TIAA-CREF Real Property Fund LP		—		—		—		9,797,749		9,797,749
Total	$	3,987,893,187	$	—	$	—	$	9,797,749	$	3,997,690,936
Lifecycle 2045 Fund
Registered investment companies	$	1,749,124,359	$	—	$	—	$	—	$	1,749,124,359
TIAA-CREF Real Property Fund LP		—		—		—		4,265,204		4,265,204
Total	$	1,749,124,359	$	—	$	—	$	4,265,204	$	1,753,389,563
Lifecycle 2050 Fund
Registered investment companies	$	1,070,067,364	$	—	$	—			$	1,070,067,364
TIAA-CREF Real Property Fund LP		—		—		—		2,598,284		2,598,284
Total	$	1,070,067,364	$	—	$	—	$	2,598,284	$	1,072,665,648
Lifecycle 2055 Fund
Registered investment companies	$	234,692,232	$	—	$	—			$	234,692,232
TIAA-CREF Real Property Fund LP		—		—		—		562,983		562,983
Total	$	234,692,232	$	—	$	—	$	562,983	$	235,255,215
Lifecycle 2060 Fund
Registered investment companies	$	14,736,697	$	—	$	—	$	—	$	14,736,697
TIAA-CREF Real Property Fund LP		—		—		—		33,868		33,868
Total	$	14,736,697	$	—	$	—	$	33,868	$	14,770,565

(a)  In accordance with ASC 820, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the schedules of investments.

14

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

Note 3—investment adviser and 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 and the TIAA-CREF Real Property Fund LP. Information regarding transactions with affiliated companies is as follows:

Issue	Value at May 31, 2016		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2016
Lifecycle Retirement Income Fund
TIAA-CREF Bond	$	98,853,644	$	7,195,628	$	1,369,003	$	2,172		$	699,737	$	106,660,677
TIAA-CREF Bond Plus		43,498,213		1,938,652		584,712		(3,001	)		342,632		45,765,201
TIAA-CREF Emerging Markets Debt		3,956,958		102,576		172,896		(725	)		60,410		4,157,072
TIAA-CREF Emerging Markets Equity		8,665,114		541,754		716,992		(123,689	)		—		9,463,716
TIAA-CREF Enhanced International Equity Index		12,773,201		667,858		423,702		(19,349	)		—		13,105,995
TIAA-CREF Enhanced Large-Cap Growth Index		19,865,585		1,088,977		522,074		(32,663	)		—		21,213,089
TIAA-CREF Enhanced Large-Cap Value Index		19,059,727		1,549,760		319,261		(6,637	)		—		21,131,143
TIAA-CREF Global Natural Resources		2,401,177		123,620		394,898		(104,457	)		—		2,278,257
TIAA-CREF Growth & Income		17,561,975		680,485		575,333		(8,761	)		61,711		18,207,697
TIAA-CREF High-Yield		11,871,555		169,928		2,573,221		(200,902	)		172,366		9,894,532
TIAA-CREF Inflation-Linked Bond		39,458,747		2,241,973		675,288		104			—		41,574,922
TIAA-CREF International Equity		15,123,136		1,299,423		2,180,228		(112,639	)		—		14,404,585
TIAA-CREF International Opportunities		11,809,637		1,107,140		564,154		(11,229	)		—		12,446,639
TIAA-CREF Large-Cap Growth		21,142,253		878,868		915,935		(6,001	)		—		21,466,267
TIAA-CREF Large-Cap Value		20,329,472		902,580		936,491		(42,216	)		—		21,451,090
TIAA-CREF Mid-Cap Growth		927,828		28,679		136,000		(7,378	)		—		853,762
TIAA-CREF Mid-Cap Value		978,407		129,779		45,660		(1,782	)		—		1,107,957
TIAA-CREF Money Market		27,929		21		—		—			21		27,950
TIAA-CREF Real Property Fund LP		—		1,013,046		—		—			—		1,020,137
TIAA-CREF Short-Term Bond		39,504,069		2,557,464		596,550		(2,396	)		198,360		41,616,916
TIAA-CREF Small-Cap Equity		8,373,987		290,530		481,983		(24,651	)		—		8,777,469
	$	396,182,614	$	24,508,741	$	14,184,381	$	(706,200	)	$	1,535,237	$	416,625,073
Lifecycle 2010 Fund
TIAA-CREF Bond	$	265,160,510	$	17,807,156	$	6,797,602	$	50,156		$	1,866,340	$	281,482,562
TIAA-CREF Bond Plus		120,650,562		3,815,598		2,386,213		18,069			944,106		124,607,228
TIAA-CREF Emerging Markets Debt		10,965,127		323,841		699,106		(6,230	)		167,746		11,337,587
TIAA-CREF Emerging Markets Equity		26,167,411		1,453,360		2,517,027		(341,534	)		—		28,041,088
TIAA-CREF Enhanced International Equity Index		39,090,264		1,370,030		1,441,241		(127,978	)		—		39,279,500
TIAA-CREF Enhanced Large-Cap Growth Index		61,164,659		1,439,270		1,636,467		30,498			—		63,369,879
TIAA-CREF Enhanced Large-Cap Value Index		58,648,827		3,081,489		1,154,303		18,655			—		63,141,119
TIAA-CREF Global Natural Resources		7,333,405		301,838		1,190,006		(313,130	)		—		6,893,368
TIAA-CREF Growth & Income		53,771,171		1,156,585		2,169,880		76,254			188,428		54,400,420
TIAA-CREF High-Yield		32,949,334		377,366		7,531,378		(419,255	)		475,476		26,973,748
TIAA-CREF Inflation-Linked Bond		91,439,259		4,562,504		1,607,675		6,664			—		95,673,775
TIAA-CREF International Equity		45,598,666		3,103,507		6,382,189		(57,739	)		—		42,749,791
TIAA-CREF International Opportunities		36,137,062		2,862,946		2,088,445		(124,382	)		—		37,192,156
TIAA-CREF Large-Cap Growth		64,568,080		1,991,973		3,494,878		122,812			—		64,140,017
TIAA-CREF Large-Cap Value		62,178,355		2,113,857		3,685,684		243,097			—		64,101,007
TIAA-CREF Mid-Cap Growth		3,018,440		37,261		444,617		8,712			—		2,720,510
TIAA-CREF Mid-Cap Value		3,164,059		306,184		133,143		(1,193	)		—		3,482,627
TIAA-CREF Money Market		58,970		—		—		—			46		58,970
TIAA-CREF Real Property Fund LP		—		2,782,263		—		—			—		2,801,739
TIAA-CREF Short-Term Bond		91,537,031		5,318,129		1,428,964		(4,260	)		458,988		95,779,479
TIAA-CREF Small-Cap Equity		25,612,568		481,466		1,671,559		30,293			—		26,224,776
	$	1,099,213,760	$	54,686,623	$	48,460,377	$	(790,491	)	$	4,101,130	$	1,134,451,346

15

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

Issue	Value at May 31, 2016		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2016
Lifecycle 2015 Fund
TIAA-CREF Bond	$	404,396,208	$	28,841,370	$	9,788,592	$	175,944		$	2,847,799	$	431,542,402
TIAA-CREF Bond Plus		191,900,432		7,195,824		4,127,470		91,564			1,502,177		198,987,075
TIAA-CREF Emerging Markets Debt		17,475,792		720,605		1,342,461		43,365			266,091		18,047,529
TIAA-CREF Emerging Markets Equity		45,799,688		1,840,772		3,323,841		116,737			—		49,462,587
TIAA-CREF Enhanced International Equity Index		69,211,377		2,111,129		2,021,949		77,968			—		69,774,629
TIAA-CREF Enhanced Large-Cap Growth Index		108,836,814		2,597,789		2,761,354		440,796			—		112,960,097
TIAA-CREF Enhanced Large-Cap Value Index		104,471,225		5,205,535		1,615,873		313,619			—		112,642,912
TIAA-CREF Global Natural Resources		13,002,310		329,532		1,811,056		173,749			—		12,327,996
TIAA-CREF Growth & Income		95,225,675		2,233,698		3,580,515		916,011			333,515		96,799,150
TIAA-CREF High-Yield		52,373,829		967,775		12,218,559		(248,477	)		756,563		43,003,717
TIAA-CREF Inflation-Linked Bond		110,635,787		6,129,964		1,714,551		54,325			—		116,593,667
TIAA-CREF International Equity		79,456,592		5,117,047		9,890,689		580,428			—		75,473,830
TIAA-CREF International Opportunities		63,893,225		4,374,334		2,632,487		148,764			—		66,153,876
TIAA-CREF Large-Cap Growth		114,205,838		2,523,985		4,723,370		1,452,440			—		113,927,025
TIAA-CREF Large-Cap Value		110,112,680		4,559,716		6,984,695		1,555,753			—		113,907,209
TIAA-CREF Mid-Cap Growth		5,635,748		16,142		717,083		38,458			—		5,141,002
TIAA-CREF Mid-Cap Value		5,936,923		496,485		202,195		34,768			—		6,500,305
TIAA-CREF Money Market		143,165		—		—		—			111		143,165
TIAA-CREF Real Property Fund LP		—		4,445,194		—		—			—		4,476,310
TIAA-CREF Short-Term Bond		110,751,814		6,955,873		1,444,097		6,749			556,329		116,689,949
TIAA-CREF Small-Cap Equity		45,343,588		895,729		2,856,806		300,238			—		46,584,833
	$	1,748,808,710	$	87,558,498	$	73,757,643	$	6,273,199		$	6,262,585	$	1,811,139,265
Lifecycle 2020 Fund
TIAA-CREF Bond	$	587,689,841	$	55,124,675	$	8,370,553	$	139,574		$	4,195,116	$	646,257,741
TIAA-CREF Bond Plus		327,980,305		15,755,409		4,787,764		128,097			2,590,151		345,847,690
TIAA-CREF Emerging Markets Debt		29,796,731		1,582,804		2,034,108		102,535			457,619		31,402,567
TIAA-CREF Emerging Markets Equity		88,691,511		5,654,841		6,210,822		461,517			—		98,216,612
TIAA-CREF Enhanced International Equity Index		136,317,741		4,741,892		2,427,296		130,588			—		139,611,023
TIAA-CREF Enhanced Large-Cap Growth Index		215,411,553		7,407,249		4,790,980		919,602			—		226,554,309
TIAA-CREF Enhanced Large-Cap Value Index		206,828,175		12,232,581		2,287,550		497,687			—		225,909,869
TIAA-CREF Global Natural Resources		25,561,070		847,986		3,127,272		390,964			—		24,887,338
TIAA-CREF Growth & Income		187,324,563		5,802,316		5,249,052		1,418,225			658,712		193,702,078
TIAA-CREF High-Yield		89,540,623		1,941,488		20,017,570		(2,753	)		1,306,662		74,715,369
TIAA-CREF Inflation-Linked Bond		129,580,963		10,356,949		1,662,043		56,183			—		140,081,925
TIAA-CREF International Equity		153,837,856		10,113,177		15,867,744		1,275,177			—		149,727,423
TIAA-CREF International Opportunities		126,057,036		10,371,555		5,000,998		330,337			—		132,529,615
TIAA-CREF Large-Cap Growth		224,869,274		7,369,291		7,409,367		2,461,832			—		228,651,875
TIAA-CREF Large-Cap Value		216,422,866		8,856,889		8,960,716		2,400,145			—		228,737,160
TIAA-CREF Mid-Cap Growth		11,780,960		294,983		1,460,630		45,376			—		11,042,249
TIAA-CREF Mid-Cap Value		12,293,336		1,155,117		253,353		49,326			—		13,763,374
TIAA-CREF Money Market		191,615		—		—		—			148		191,615
TIAA-CREF Real Property Fund LP		—		7,700,227		—		—			—		7,754,128
TIAA-CREF Short-Term Bond		129,717,610		10,857,069		861,266		5,854			659,823		140,212,719
TIAA-CREF Small-Cap Equity		89,216,033		2,558,435		4,790,962		589,099			—		93,350,669
	$	2,989,109,662	$	180,724,933	$	105,570,046	$	11,399,365		$	9,868,231	$	3,153,147,348

16

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

Issue	Value at May 31, 2016		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2016
Lifecycle 2025 Fund
TIAA-CREF Bond	$	485,791,745	$	54,265,465	$	7,686,247	$	181,221		$	3,480,913	$	542,145,486
TIAA-CREF Bond Plus		340,100,452		17,649,981		4,695,151		136,644			2,687,109		360,215,526
TIAA-CREF Emerging Markets Debt		30,953,848		1,966,350		2,384,189		127,097			479,349		32,670,595
TIAA-CREF Emerging Markets Equity		103,594,328		6,802,349		5,677,068		414,372			—		116,493,696
TIAA-CREF Enhanced International Equity Index		161,459,364		5,397,523		1,281,635		100,104			—		166,759,216
TIAA-CREF Enhanced Large-Cap Growth Index		255,718,567		8,970,777		4,299,066		902,370			—		270,544,572
TIAA-CREF Enhanced Large-Cap Value Index		245,813,214		15,618,622		2,405,769		548,556			—		269,897,464
TIAA-CREF Global Natural Resources		30,356,346		677,938		2,986,398		410,307			—		29,927,252
TIAA-CREF Growth & Income		221,616,622		7,213,602		4,359,898		1,290,368			780,723		231,342,884
TIAA-CREF High-Yield		92,840,148		1,629,834		19,911,438		(738,453	)		1,354,577		77,915,837
TIAA-CREF Inflation-Linked Bond		72,681,300		7,435,907		584,543		17,701			—		80,540,835
TIAA-CREF International Equity		179,452,421		10,656,157		14,928,328		2,043,914			—		177,011,618
TIAA-CREF International Opportunities		149,104,951		11,986,572		4,319,854		288,942			—		157,982,557
TIAA-CREF Large-Cap Growth		266,991,118		9,596,742		8,274,854		2,923,525			—		272,786,056
TIAA-CREF Large-Cap Value		256,113,199		11,964,652		9,561,133		2,762,927			—		273,287,924
TIAA-CREF Mid-Cap Growth		14,587,395		148,768		1,401,665		52,771			—		13,878,824
TIAA-CREF Mid-Cap Value		15,232,992		1,475,506		269,689		54,351			—		17,140,476
TIAA-CREF Money Market		187,767		—		—		—			145		187,767
TIAA-CREF Real Property Fund LP		—		8,024,751		—		—			—		8,080,924
TIAA-CREF Short-Term Bond		72,742,135		7,899,807		335,062		2,419			373,390		80,587,148
TIAA-CREF Small-Cap Equity		105,557,243		2,823,262		4,143,032		698,356			—		111,786,500
	$	3,100,895,155	$	192,204,565	$	99,505,019	$	12,217,492		$	9,156,206	$	3,291,183,157
Lifecycle 2030 Fund
TIAA-CREF Bond	$	372,704,851	$	47,098,702	$	6,177,365	$	205,693		$	2,676,888	$	421,121,591
TIAA-CREF Bond Plus		302,714,825		18,485,795		4,549,500		124,519			2,396,900		323,029,876
TIAA-CREF Emerging Markets Debt		29,703,298		1,985,162		2,160,287		110,092			461,697		31,578,776
TIAA-CREF Emerging Markets Equity		110,902,295		7,370,333		5,134,632		392,033			—		125,785,585
TIAA-CREF Enhanced International Equity Index		174,378,746		6,624,437		978,629		74,824			—		181,285,860
TIAA-CREF Enhanced Large-Cap Growth Index		278,299,091		9,717,437		4,309,195		972,893			—		294,681,046
TIAA-CREF Enhanced Large-Cap Value Index		267,047,746		16,615,876		1,559,497		376,360			—		293,885,885
TIAA-CREF Global Natural Resources		32,692,412		909,380		2,907,402		420,562			—		32,712,854
TIAA-CREF Growth & Income		239,568,748		7,711,290		3,177,383		1,011,481			844,147		251,521,130
TIAA-CREF High-Yield		89,336,192		1,487,430		18,692,057		(991,158	)		1,304,137		75,358,617
TIAA-CREF Inflation-Linked Bond		10,546,037		3,795,609		76,527		3,141			—		14,408,015
TIAA-CREF International Equity		191,954,632		11,854,406		14,233,169		2,545,235			—		191,510,363
TIAA-CREF International Opportunities		161,407,803		13,613,945		4,214,489		248,320			—		172,012,340
TIAA-CREF Large-Cap Growth		287,584,318		9,623,217		5,561,503		2,173,980			—		296,466,763
TIAA-CREF Large-Cap Value		276,844,555		10,719,952		6,760,054		2,152,541			—		296,682,648
TIAA-CREF Mid-Cap Growth		16,347,833		206,252		1,484,477		51,343			—		15,679,972
TIAA-CREF Mid-Cap Value		17,012,011		1,540,768		90,839		23,080			—		19,241,253
TIAA-CREF Money Market		180,589		—		—		—			140		180,589
TIAA-CREF Real Property Fund LP		—		7,729,761		—		—			—		7,783,869
TIAA-CREF Short-Term Bond		10,556,405		3,872,334		40,303		322			59,711		14,428,578
TIAA-CREF Small-Cap Equity		114,168,157		2,497,809		3,374,798		654,550			—		121,436,367
	$	2,983,950,544	$	183,459,895	$	85,482,106	$	10,549,811		$	7,743,620	$	3,180,791,977

17

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

Issue	Value at May 31, 2016		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2016
Lifecycle 2035 Fund
TIAA-CREF Bond	$	235,271,603	$	41,565,952	$	4,195,355	$	136,307		$	1,712,971	$	277,380,056
TIAA-CREF Bond Plus		224,704,985		16,279,207		3,100,447		109,348			1,786,913		242,627,331
TIAA-CREF Emerging Markets Debt		29,766,147		2,139,265		2,433,421		127,710			461,515		31,526,995
TIAA-CREF Emerging Markets Equity		122,389,038		7,573,285		4,223,730		326,469			—		139,722,841
TIAA-CREF Enhanced International Equity Index		194,042,101		7,241,855		439,389		31,952			—		202,191,157
TIAA-CREF Enhanced Large-Cap Growth Index		309,556,439		11,839,648		4,261,263		997,311			—		329,347,142
TIAA-CREF Enhanced Large-Cap Value Index		297,853,067		19,157,131		1,764,450		443,466			—		328,365,170
TIAA-CREF Global Natural Resources		36,507,128		1,037,391		3,090,617		428,764			—		36,707,094
TIAA-CREF Growth & Income		266,457,903		7,317,696		1,174,597		376,826			941,653		280,796,648
TIAA-CREF High-Yield		89,561,745		2,075,365		19,670,906		(1,051,791	)		1,305,283		75,194,806
TIAA-CREF International Equity		211,630,120		11,321,969		12,295,760		2,307,475			—		212,725,717
TIAA-CREF International Opportunities		179,768,931		13,962,422		2,990,088		193,246			—		192,082,457
TIAA-CREF Large-Cap Growth		320,878,807		10,732,226		6,031,979		2,361,256			—		330,846,389
TIAA-CREF Large-Cap Value		307,952,117		11,351,740		5,655,902		1,930,764			—		331,255,024
TIAA-CREF Mid-Cap Growth		18,663,797		260,799		1,555,852		47,664			—		18,067,744
TIAA-CREF Mid-Cap Value		19,397,835		1,761,367		43,691		10,607			—		21,997,487
TIAA-CREF Money Market		186,540		—		—		—			144		186,540
TIAA-CREF Real Property Fund LP		—		7,766,642		—		—			—		7,821,008
TIAA-CREF Small-Cap Equity		127,083,487		2,837,324		3,455,779		811,462			—		135,519,394
	$	2,991,671,790	$	176,221,284	$	76,383,226	$	9,588,836		$	6,208,479	$	3,194,361,000
Lifecycle 2040 Fund
TIAA-CREF Bond	$	53,464,563	$	16,706,835	$	275,124	$	10,785		$	418,627	$	71,006,910
TIAA-CREF Bond Plus		225,442,975		37,108,560		7,319,860		256,753			1,808,846		259,981,336
TIAA-CREF Emerging Markets Debt		37,534,954		1,970,490		3,045,469		156,942			581,566		39,025,586
TIAA-CREF Emerging Markets Equity		168,424,155		10,218,933		6,132,945		451,081			—		191,674,065
TIAA-CREF Enhanced International Equity Index		268,694,767		8,515,005		470,671		34,057			—		278,547,254
TIAA-CREF Enhanced Large-Cap Growth Index		430,334,531		13,368,375		6,974,688		1,738,400			—		453,612,412
TIAA-CREF Enhanced Large-Cap Value Index		412,964,895		22,964,876		1,654,336		469,888			—		452,424,041
TIAA-CREF Global Natural Resources		50,410,054		1,317,785		4,038,025		560,981			—		50,783,134
TIAA-CREF Growth & Income		369,005,125		8,023,265		1,666,858		548,289			1,298,734		386,648,727
TIAA-CREF High-Yield		112,821,648		1,996,000		25,609,055		(1,492,297	)		1,634,183		93,237,774
TIAA-CREF International Equity		290,671,577		13,948,124		15,681,127		3,045,071			—		291,629,708
TIAA-CREF International Opportunities		248,993,691		17,742,450		4,036,897		293,442			—		264,429,315
TIAA-CREF Large-Cap Growth		444,206,138		12,831,175		8,719,064		3,561,815			—		455,533,120
TIAA-CREF Large-Cap Value		426,765,737		12,547,022		7,509,560		2,602,726			—		456,002,373
TIAA-CREF Mid-Cap Growth		26,411,918		252,123		2,199,643		60,833			—		25,451,937
TIAA-CREF Mid-Cap Value		27,522,966		2,269,586		170,276		38,877			—		30,859,468
TIAA-CREF Money Market		273,445		—		—		—			211		273,445
TIAA-CREF Real Property Fund LP		—		9,729,642		—		—			—		9,797,749
TIAA-CREF Small-Cap Equity		175,766,614		3,693,335		5,141,691		1,295,761			—		186,772,582
	$	3,769,709,753	$	195,203,581	$	100,645,289	$	13,633,404		$	5,742,167	$	3,997,690,936

18

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

Issue	Value at May 31, 2016		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2016
Lifecycle 2045 Fund
TIAA-CREF Bond Plus	$	79,570,209	$	17,571,023	$	1,774,272	$	(6,105	)	$	653,109	$	97,062,438
TIAA-CREF Emerging Markets Debt		15,998,547		1,023,848		1,115,002		(7,932	)		249,579		17,010,553
TIAA-CREF Emerging Markets Equity		73,682,604		5,980,801		1,695,231		(332,727	)		—		86,470,770
TIAA-CREF Enhanced International Equity Index		117,643,945		7,822,351		206,555		(43,643	)		—		126,103,849
TIAA-CREF Enhanced Large-Cap Growth Index		188,298,804		12,080,905		2,424,552		(281,505	)		—		205,454,762
TIAA-CREF Enhanced Large-Cap Value Index		180,692,013		16,192,119		—		—			—		204,957,627
TIAA-CREF Global Natural Resources		22,134,982		759,164		1,252,649		(406,982	)		—		23,012,366
TIAA-CREF Growth & Income		160,754,969		9,207,930		—		—			573,328		175,013,790
TIAA-CREF High-Yield		47,983,538		1,312,215		10,369,867		(478,306	)		704,309		40,663,191
TIAA-CREF International Equity		126,842,370		8,900,613		5,344,700		(615,363	)		—		131,731,525
TIAA-CREF International Opportunities		108,788,016		10,716,133		938,979		(102,193	)		—		119,409,350
TIAA-CREF Large-Cap Growth		193,484,333		12,211,400		2,841,357		(217,939	)		—		206,101,060
TIAA-CREF Large-Cap Value		186,096,470		9,848,762		734,193		(77,043	)		—		206,035,994
TIAA-CREF Mid-Cap Growth		11,627,244		391,778		874,341		(167,823	)		—		11,587,891
TIAA-CREF Mid-Cap Value		12,061,303		1,546,688		117,425		(16,658	)		—		14,049,537
TIAA-CREF Money Market		81,040		—		—		—			63		81,040
TIAA-CREF Real Property Fund LP		—		4,235,555		—		—			—		4,265,204
TIAA-CREF Small-Cap Equity		76,807,100		3,717,572		1,691,289		(332,404	)		—		84,378,616
	$	1,602,547,487	$	123,518,857	$	31,380,412	$	(3,086,623	)	$	2,180,388	$	1,753,389,563
Lifecycle 2050 Fund
TIAA-CREF Bond Plus	$	36,177,244	$	10,149,817	$	900,564	$	1,947		$	300,384	$	46,199,224
TIAA-CREF Emerging Markets Debt		9,711,323		613,804		626,280		(6,032	)		151,339		10,367,834
TIAA-CREF Emerging Markets Equity		45,295,680		3,898,528		878,861		(174,705	)		—		53,546,299
TIAA-CREF Enhanced International Equity Index		72,413,556		5,385,894		118,872		(25,116	)		—		78,199,778
TIAA-CREF Enhanced Large-Cap Growth Index		115,835,393		8,435,309		1,413,766		(180,962	)		—		127,462,053
TIAA-CREF Enhanced Large-Cap Value Index		111,116,520		11,162,442		47,628		(5,335	)		—		127,196,650
TIAA-CREF Global Natural Resources		13,632,731		629,875		815,857		(270,953	)		—		14,285,853
TIAA-CREF Growth & Income		98,811,530		6,646,951		—		—			353,077		108,558,562
TIAA-CREF High-Yield		29,137,142		996,107		6,454,183		(302,136	)		427,396		24,732,710
TIAA-CREF International Equity		78,011,122		6,285,536		3,447,101		(401,578	)		—		81,668,614
TIAA-CREF International Opportunities		66,961,781		6,928,190		383,333		(45,576	)		—		74,047,202
TIAA-CREF Large-Cap Growth		118,939,673		8,128,950		1,265,846		(137,112	)		—		127,804,651
TIAA-CREF Large-Cap Value		114,404,232		7,039,080		338,953		(41,003	)		—		127,766,842
TIAA-CREF Mid-Cap Growth		7,143,514		321,885		519,683		(102,260	)		—		7,219,204
TIAA-CREF Mid-Cap Value		7,432,466		1,013,317		61,964		(8,288	)		—		8,729,213
TIAA-CREF Money Market		41,908		—		—		—			32		41,908
TIAA-CREF Real Property Fund LP		—		2,580,223		—		—			—		2,598,284
TIAA-CREF Small-Cap Equity		47,224,015		2,360,981		758,614		(166,245	)		—		52,240,767
	$	972,289,830	$	82,576,889	$	18,031,505	$	(1,865,354	)	$	1,232,228	$	1,072,665,648

19

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

Issue	Value at May 31, 2016		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2016
Lifecycle 2055 Fund
TIAA-CREF Bond Plus	$	5,058,455	$	2,239,464	$	148,830	$	170		$	43,657	$	7,258,421
TIAA-CREF Emerging Markets Debt		2,041,478		179,732		104,115		(1,139	)		31,911		2,259,696
TIAA-CREF Emerging Markets Equity		9,647,673		1,260,759		159,021		(25,041	)		—		11,881,749
TIAA-CREF Enhanced International Equity Index		15,450,328		1,840,156		35,220		(5,633	)		—		17,375,239
TIAA-CREF Enhanced Large-Cap Growth Index		24,624,529		3,004,782		278,868		(35,933	)		—		28,350,942
TIAA-CREF Enhanced Large-Cap Value Index		23,616,756		3,639,740		45,922		(3,554	)		—		28,287,797
TIAA-CREF Global Natural Resources		2,908,887		226,505		129,685		(39,081	)		—		3,186,768
TIAA-CREF Growth & Income		21,019,823		2,455,687		23,699		(1,175	)		75,665		24,130,211
TIAA-CREF High-Yield		6,124,291		382,083		1,336,308		(53,408	)		91,201		5,395,601
TIAA-CREF International Equity		16,606,593		1,889,308		557,108		(57,570	)		—		18,140,072
TIAA-CREF International Opportunities		14,272,832		2,218,210		153,461		(15,624	)		—		16,462,979
TIAA-CREF Large-Cap Growth		25,241,857		3,016,725		299,124		(30,480	)		—		28,401,011
TIAA-CREF Large-Cap Value		24,296,397		2,666,313		29,049		(1,434	)		—		28,396,520
TIAA-CREF Mid-Cap Growth		1,527,225		124,448		102,023		(21,659	)		—		1,609,428
TIAA-CREF Mid-Cap Value		1,579,711		288,042		—		—			—		1,943,829
TIAA-CREF Money Market		6,600		5		—		—			5		6,605
TIAA-CREF Real Property Fund LP		—		559,069		—		—			—		562,983
TIAA-CREF Small-Cap Equity		10,031,303		964,487		136,961		(28,977	)		—		11,605,364
	$	204,054,738	$	26,955,515	$	3,539,394	$	(320,538	)	$	242,439	$	235,255,215
Lifecycle 2060 Fund
TIAA-CREF Bond Plus	$	148,565	$	150,123	$	24,354	$	46		$	1,399	$	277,717
TIAA-CREF Emerging Markets Debt		121,970		29,245		19,089		(120	)		1,869		140,917
TIAA-CREF Emerging Markets Equity		583,852		159,989		58,930		(13,076	)		—		755,478
TIAA-CREF Enhanced International Equity Index		933,399		230,428		68,915		(11,300	)		—		1,104,548
TIAA-CREF Enhanced Large-Cap Growth Index		1,502,115		383,667		141,714		(12,418	)		—		1,804,675
TIAA-CREF Enhanced Large-Cap Value Index		1,441,899		405,846		113,630		(18,300	)		—		1,800,958
TIAA-CREF Global Natural Resources		175,349		43,851		27,947		(7,751	)		—		202,600
TIAA-CREF Growth & Income		1,283,470		305,409		95,941		(8,181	)		4,518		1,535,167
TIAA-CREF High-Yield		366,398		73,063		116,717		(3,752	)		5,519		336,549
TIAA-CREF International Equity		1,003,795		258,225		125,080		(5,215	)		—		1,152,571
TIAA-CREF International Opportunities		862,540		244,301		70,144		(2,437	)		—		1,047,167
TIAA-CREF Large-Cap Growth		1,539,440		369,016		128,001		(5,043	)		—		1,806,826
TIAA-CREF Large-Cap Value		1,481,557		358,738		125,688		(11,580	)		—		1,806,580
TIAA-CREF Mid-Cap Growth		93,383		19,101		13,394		(3,321	)		—		102,753
TIAA-CREF Mid-Cap Value		96,722		30,432		7,951		(852	)		—		123,980
TIAA-CREF Money Market		100		—		—		—			—		100
TIAA-CREF Real Property Fund LP		—		33,633		—		—			—		33,868
TIAA-CREF Small-Cap Equity		611,656		138,111		58,063		(9,452	)		—		738,111
	$	12,246,210	$	3,233,178	$	1,195,558	$	(112,752	)	$	13,305	$	14,770,565

20

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

Note 4—investments

TIAA-CREF Real Property Fund LP (“RPF”): The Funds invest in the RPF, which is an affiliated real estate limited partnership. The RPF is an unregistered open-end fund that intends to invest in direct real estate holdings and may invest a portion of its assets in REIT securities, mortgage related securitization and money market instruments in accordance with exemptive relief received from the Securities and Exchange Commission. The Funds are not liable for the debts of the RPF beyond the amounts the Funds have contributed. The Funds can redeem from RPF daily subject to certain approvals. Investments in the RPF are illiquid and the Funds may be unable to dispose of such investments at opportune times.

Net unrealized appreciation (depreciation): At August 31, 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	$	386,309,155	$	30,762,179	$	(446,261	)	$	30,315,918
Lifecycle 2010		998,856,239		136,021,290		(426,183	)		135,595,107
Lifecycle 2015		1,786,738,044		58,007,653		(33,606,432	)		24,401,221
Lifecycle 2020		3,083,855,962		119,555,593		(50,264,207	)		69,291,386
Lifecycle 2025		3,193,656,753		150,690,914		(53,164,510	)		97,526,404
Lifecycle 2030		3,058,158,493		176,506,896		(53,873,412	)		122,633,484
Lifecycle 2035		3,043,408,084		206,653,114		(55,700,198	)		150,952,916
Lifecycle 2040		3,773,720,335		300,211,406		(76,240,805	)		223,970,601
Lifecycle 2045		1,626,326,295		134,816,389		(7,753,121	)		127,063,268
Lifecycle 2050		1,002,187,474		75,030,524		(4,552,350	)		70,478,174
Lifecycle 2055		226,356,904		9,573,437		(675,126	)		8,898,311
Lifecycle 2060		14,688,347		156,981		(74,763	)		82,218

21

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

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX RETIREMENT INCOME FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2016

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%(a)
FIXED INCOME - 39.9%
3,176,783	TIAA-CREF Bond Index Fund	$	35,452,899
	TOTAL FIXED INCOME		35,452,899
INFLATION-PROTECTED ASSETS - 10.0%
760,200	TIAA-CREF Inflation-Linked Bond Fund		8,856,334
	TOTAL INFLATION-PROTECTED ASSETS		8,856,334
INTERNATIONAL EQUITY - 12.0%
280,505	TIAA-CREF Emerging Markets Equity Index Fund		2,633,939
471,936	TIAA-CREF International Equity Index Fund		8,051,227
	TOTAL INTERNATIONAL EQUITY		10,685,166
SHORT-TERM FIXED INCOME - 10.0%
883,613	TIAA-CREF Short-Term Bond Index Fund		8,862,635
	TOTAL SHORT-TERM FIXED INCOME		8,862,635
U.S. EQUITY - 28.0%
1,525,937	TIAA-CREF Equity Index Fund		24,842,253
	TOTAL U.S. EQUITY		24,842,253
	TOTAL AFFILIATED INVESTMENT COMPANIES		88,699,287
	(Cost $81,367,174)
	TOTAL INVESTMENTS - 99.9%		88,699,287
	(Cost $81,367,174)
	OTHER ASSETS & LIABILITIES, NET - 0.1%		97,876
	NET ASSETS - 100.0%	$	88,797,163

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

1

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2010 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2010 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2016

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.7%(a)
FIXED INCOME - 39.1%
8,630,776	TIAA-CREF Bond Index Fund	$	96,319,455
	TOTAL FIXED INCOME		96,319,455
INFLATION-PROTECTED ASSETS - 8.4%
1,780,935	TIAA-CREF Inflation-Linked Bond Fund		20,747,897
	TOTAL INFLATION-PROTECTED ASSETS		20,747,897
INTERNATIONAL EQUITY - 13.2%
851,874	TIAA-CREF Emerging Markets Equity Index Fund		7,999,100
1,434,173	TIAA-CREF International Equity Index Fund		24,466,998
	TOTAL INTERNATIONAL EQUITY		32,466,098
SHORT-TERM FIXED INCOME - 8.4%
2,070,085	TIAA-CREF Short-Term Bond Index Fund		20,762,954
	TOTAL SHORT-TERM FIXED INCOME		20,762,954
U.S. EQUITY - 30.6%
4,635,766	TIAA-CREF Equity Index Fund		75,470,275
	TOTAL U.S. EQUITY		75,470,275
	TOTAL AFFILIATED INVESTMENT COMPANIES		245,766,679
	(Cost $213,326,724)
	TOTAL INVESTMENTS - 99.7%		245,766,679
	(Cost $213,326,724)
	OTHER ASSETS & LIABILITIES, NET - 0.3%		685,041
	NET ASSETS - 100.0%	$	246,451,720

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

2

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2015 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2015 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2016

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.5%(a)
FIXED INCOME - 38.0%
14,951,149	TIAA-CREF Bond Index Fund	$	166,854,819
	TOTAL FIXED INCOME		166,854,819
INFLATION-PROTECTED ASSETS - 6.4%
2,417,477	TIAA-CREF Inflation-Linked Bond Fund		28,163,609
	TOTAL INFLATION-PROTECTED ASSETS		28,163,609
INTERNATIONAL EQUITY - 14.7%
1,685,585	TIAA-CREF Emerging Markets Equity Index Fund		15,827,641
2,836,429	TIAA-CREF International Equity Index Fund		48,389,474
	TOTAL INTERNATIONAL EQUITY		64,217,115
SHORT-TERM FIXED INCOME - 6.4%
2,810,447	TIAA-CREF Short-Term Bond Index Fund		28,188,787
	TOTAL SHORT-TERM FIXED INCOME		28,188,787
U.S. EQUITY - 34.0%
9,168,443	TIAA-CREF Equity Index Fund		149,262,246
	TOTAL U.S. EQUITY		149,262,246
	TOTAL AFFILIATED INVESTMENT COMPANIES		436,686,576
	(Cost $375,578,425)
	TOTAL INVESTMENTS - 99.5%		436,686,576
	(Cost $375,578,425)
	OTHER ASSETS & LIABILITIES, NET - 0.5%		2,416,537
	NET ASSETS - 100.0%	$	439,103,113

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

3

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2020 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2020 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2016

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.6%(a)
FIXED INCOME - 34.7%
25,417,812	TIAA-CREF Bond Index Fund	$	283,662,777
	TOTAL FIXED INCOME		283,662,777
INFLATION-PROTECTED ASSETS - 4.4%
3,103,912	TIAA-CREF Inflation-Linked Bond Fund		36,160,576
	TOTAL INFLATION-PROTECTED ASSETS		36,160,576
INTERNATIONAL EQUITY - 16.9%
3,613,831	TIAA-CREF Emerging Markets Equity Index Fund		33,933,869
6,077,395	TIAA-CREF International Equity Index Fund		103,680,365
	TOTAL INTERNATIONAL EQUITY		137,614,234
SHORT-TERM FIXED INCOME - 4.4%
3,608,938	TIAA-CREF Short-Term Bond Index Fund		36,197,645
	TOTAL SHORT-TERM FIXED INCOME		36,197,645
U.S. EQUITY - 39.2%
19,647,464	TIAA-CREF Equity Index Fund		319,860,707
	TOTAL U.S. EQUITY		319,860,707
	TOTAL AFFILIATED INVESTMENT COMPANIES		813,495,939
	(Cost $715,112,105)
	TOTAL INVESTMENTS - 99.6%		813,495,939
	(Cost $715,112,105)
	OTHER ASSETS & LIABILITIES, NET - 0.4%		3,089,801
	NET ASSETS - 100.0%	$	816,585,740

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

4

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2025 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2025 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2016

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.6%(a)
FIXED INCOME - 30.8%
23,277,779	TIAA-CREF Bond Index Fund	$	259,780,010
	TOTAL FIXED INCOME		259,780,010
INFLATION-PROTECTED ASSETS - 2.4%
1,770,943	TIAA-CREF Inflation-Linked Bond Fund		20,631,483
	TOTAL INFLATION-PROTECTED ASSETS		20,631,483
INTERNATIONAL EQUITY - 19.2%
4,268,467	TIAA-CREF Emerging Markets Equity Index Fund		40,080,907
7,169,487	TIAA-CREF International Equity Index Fund		122,311,448
	TOTAL INTERNATIONAL EQUITY		162,392,355
SHORT-TERM FIXED INCOME - 2.5%
2,058,988	TIAA-CREF Short-Term Bond Index Fund		20,651,645
	TOTAL SHORT-TERM FIXED INCOME		20,651,645
U.S. EQUITY - 44.7%
23,189,769	TIAA-CREF Equity Index Fund		377,529,435
	TOTAL U.S. EQUITY		377,529,435
	TOTAL AFFILIATED INVESTMENT COMPANIES		840,984,928
	(Cost $735,823,736)
	TOTAL INVESTMENTS - 99.6%		840,984,928
	(Cost $735,823,736)
	OTHER ASSETS & LIABILITIES, NET - 0.4%		3,117,945
	NET ASSETS - 100.0%	$	844,102,873

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

5

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2030 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2030 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2016

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.8%(a)
FIXED INCOME - 26.8%
21,342,673	TIAA-CREF Bond Index Fund	$	238,184,233
	TOTAL FIXED INCOME		238,184,233
INFLATION-PROTECTED ASSETS - 0.5%
348,949	TIAA-CREF Inflation-Linked Bond Fund		4,065,257
	TOTAL INFLATION-PROTECTED ASSETS		4,065,257
INTERNATIONAL EQUITY - 21.7%
5,042,357	TIAA-CREF Emerging Markets Equity Index Fund		47,347,734
8,488,277	TIAA-CREF International Equity Index Fund		144,810,006
	TOTAL INTERNATIONAL EQUITY		192,157,740
SHORT-TERM FIXED INCOME - 0.5%
405,596	TIAA-CREF Short-Term Bond Index Fund		4,068,125
	TOTAL SHORT-TERM FIXED INCOME		4,068,125
U.S. EQUITY - 50.3%
27,437,561	TIAA-CREF Equity Index Fund		446,683,495
	TOTAL U.S. EQUITY		446,683,495
	TOTAL AFFILIATED INVESTMENT COMPANIES		885,158,850
	(Cost $766,730,293)
	TOTAL INVESTMENTS - 99.8%		885,158,850
	(Cost $766,730,293)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		1,832,777
	NET ASSETS - 100.0%	$	886,991,627

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

6

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2035 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2035 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2016

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.8%(a)
FIXED INCOME - 19.8%
14,963,309	TIAA-CREF Bond Index Fund	$	166,990,529
	TOTAL FIXED INCOME		166,990,529
INTERNATIONAL EQUITY - 24.0%
5,332,689	TIAA-CREF Emerging Markets Equity Index Fund		50,073,954
8,954,069	TIAA-CREF International Equity Index Fund		152,756,416
	TOTAL INTERNATIONAL EQUITY		202,830,370
U.S. EQUITY - 56.0%
28,972,786	TIAA-CREF Equity Index Fund		471,676,957
	TOTAL U.S. EQUITY		471,676,957
	TOTAL AFFILIATED INVESTMENT COMPANIES		841,497,856
	(Cost $720,868,917)
	TOTAL INVESTMENTS - 99.8%		841,497,856
	(Cost $720,868,917)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		1,391,136
	NET ASSETS - 100.0%	$	842,888,992

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

7

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2040 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2040 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2016

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.8%(a)
FIXED INCOME - 11.8%
10,026,547	TIAA-CREF Bond Index Fund	$	111,896,265
	TOTAL FIXED INCOME		111,896,265
INTERNATIONAL EQUITY - 26.5%
6,576,921	TIAA-CREF Emerging Markets Equity Index Fund		61,757,293
11,047,597	TIAA-CREF International Equity Index Fund		188,472,005
	TOTAL INTERNATIONAL EQUITY		250,229,298
U.S. EQUITY - 61.5%
35,758,131	TIAA-CREF Equity Index Fund		582,142,373
	TOTAL U.S. EQUITY		582,142,373
	TOTAL AFFILIATED INVESTMENT COMPANIES		944,267,936
	(Cost $793,348,851)
	TOTAL INVESTMENTS - 99.8%		944,267,936
	(Cost $793,348,851)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		1,921,592
	NET ASSETS - 100.0%	$	946,189,528

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

8

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2045 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2045 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2016

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.7%(a)
FIXED INCOME - 9.0%
4,276,028	TIAA-CREF Bond Index Fund	$	47,720,473
	TOTAL FIXED INCOME		47,720,473
INTERNATIONAL EQUITY - 27.2%
3,788,798	TIAA-CREF Emerging Markets Equity Index Fund		35,576,814
6,358,781	TIAA-CREF International Equity Index Fund		108,480,795
	TOTAL INTERNATIONAL EQUITY		144,057,609
U.S. EQUITY - 63.5%
20,607,723	TIAA-CREF Equity Index Fund		335,493,729
	TOTAL U.S. EQUITY		335,493,729
	TOTAL AFFILIATED INVESTMENT COMPANIES		527,271,811
	(Cost $464,700,530)
	TOTAL INVESTMENTS - 99.7%		527,271,811
	(Cost $464,700,530)
	OTHER ASSETS & LIABILITIES, NET - 0.3%		1,503,012
	NET ASSETS - 100.0%	$	528,774,823

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

9

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2050 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2050 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2016

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.7%(a)
FIXED INCOME - 7.8%
2,521,032	TIAA-CREF Bond Index Fund	$	28,134,713
	TOTAL FIXED INCOME		28,134,713
INTERNATIONAL EQUITY - 27.6%
2,628,160	TIAA-CREF Emerging Markets Equity Index Fund		24,678,427
4,412,359	TIAA-CREF International Equity Index Fund		75,274,839
	TOTAL INTERNATIONAL EQUITY		99,953,266
U.S. EQUITY - 64.3%
14,295,517	TIAA-CREF Equity Index Fund		232,731,016
	TOTAL U.S. EQUITY		232,731,016
	TOTAL AFFILIATED INVESTMENT COMPANIES		360,818,995
	(Cost $319,348,412)
	TOTAL INVESTMENTS - 99.7%		360,818,995
	(Cost $319,348,412)
	OTHER ASSETS & LIABILITIES, NET - 0.3%		1,032,812
	NET ASSETS - 100.0%	$	361,851,807

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

10

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2055 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2055 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2016

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.6%(a)
FIXED INCOME - 6.5%
522,436	TIAA-CREF Bond Index Fund	$	5,830,380
	TOTAL FIXED INCOME		5,830,380
INTERNATIONAL EQUITY - 28.0%
657,307	TIAA-CREF Emerging Markets Equity Index Fund		6,172,114
1,103,085	TIAA-CREF International Equity Index Fund		18,818,622
	TOTAL INTERNATIONAL EQUITY		24,990,736
U.S. EQUITY - 65.1%
3,575,477	TIAA-CREF Equity Index Fund		58,208,763
	TOTAL U.S. EQUITY		58,208,763
	TOTAL AFFILIATED INVESTMENT COMPANIES		89,029,879
	(Cost $80,100,067)
	TOTAL INVESTMENTS - 99.6%		89,029,879
	(Cost $80,100,067)
	OTHER ASSETS & LIABILITIES, NET - 0.4%		363,392
	NET ASSETS - 100.0%	$	89,393,271

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

11

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2060 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2060 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2016

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.6%(a)
FIXED INCOME - 5.2%
60,451	TIAA-CREF Bond Index Fund	$	674,638
	TOTAL FIXED INCOME		674,638
INTERNATIONAL EQUITY - 28.4%
95,484	TIAA-CREF Emerging Markets Equity Index Fund		896,595
160,438	TIAA-CREF International Equity Index Fund		2,737,067
	TOTAL INTERNATIONAL EQUITY		3,633,662
U.S. EQUITY - 66.0%
519,268	TIAA-CREF Equity Index Fund		8,453,677
	TOTAL U.S. EQUITY		8,453,677
	TOTAL AFFILIATED INVESTMENT COMPANIES		12,761,977
	(Cost $12,349,468)
	TOTAL INVESTMENTS - 99.6%		12,761,977
	(Cost $12,349,468)
	OTHER ASSETS & LIABILITIES, NET - 0.4%		48,401
	NET ASSETS - 100.0%	$	12,810,378

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

12

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

Note 1—organization and significant accounting policies

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

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 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. 

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:

13

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

• 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.

Certain portfolio investments that are measured at fair value using the net asset value per share practical expedient are not categorized within the fair value hierarchy. As of August 31, 2016, no investments were valued utilizing the practical expedient.

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

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

Transfers between levels are recognized at the end of the reporting period. For the period ended August 31, 2016, there were no transfers between levels by the Funds.

As of August 31, 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:

14

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

Issue	Value at May 31, 2016		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at  August 31, 2016
Lifecycle Index Retirement Income Fund
TIAA-CREF Bond Index	$	29,087,829	$	6,814,937	$	989,035	$	150		$	181,016	$	35,452,899
TIAA-CREF Emerging Markets Equity Index		1,963,812		557,936		147,398		(18,507	)		—		2,633,939
TIAA-CREF Equity Index		20,539,495		4,436,730		1,107,944		5,503			—		24,842,253
TIAA-CREF Inflation-Linked Bond		7,257,466		1,711,300		219,589		(13	)		—		8,856,334
TIAA-CREF Short-Term Bond Index		6,715,631		1,804,608		221,204		(281	)		20,145		8,862,635
TIAA-CREF International Equity Index		7,265,072		1,605,017		427,998		(38,307	)		—		8,051,227
	$	72,829,305	$	16,930,528	$	3,113,168	$	(51,455	)	$	201,161	$	88,699,287
Lifecycle Index 2010 Fund
TIAA-CREF Bond Index	$	90,165,261	$	7,890,040	$	3,334,096	$	6,961		$	525,829	$	96,319,455
TIAA-CREF Emerging Markets Equity Index		6,855,666		787,520		509,980		(66,218	)		—		7,999,100
TIAA-CREF Equity Index		71,578,111		4,682,099		4,020,654		62,480			—		75,470,275
TIAA-CREF Inflation-Linked Bond		19,195,274		1,858,171		579,077		(1,878	)		—		20,747,897
TIAA-CREF Short-Term Bond Index		23,444,238		2,011,470		504,795		(350	)		50,148		20,762,954
TIAA-CREF International Equity Index		19,218,328		1,790,710		1,293,268		(117,527	)		—		24,466,998
	$	230,456,878	$	19,020,010	$	10,241,870	$	(116,532	)	$	575,977	$	245,766,679
Lifecycle Index 2015 Fund
TIAA-CREF Bond Index	$	156,310,603	$	15,129,879	$	7,369,543	$	18,915		$	912,863	$	166,854,819
TIAA-CREF Emerging Markets Equity Index		13,575,201		1,708,915		1,175,871		(176,111	)		—		15,827,641
TIAA-CREF Equity Index		141,893,007		8,659,081		7,706,082		73,139			—		149,262,246
TIAA-CREF Inflation-Linked Bond		25,966,224		2,940,202		1,115,246		(16,867	)		—		28,163,609
TIAA-CREF Short-Term Bond Index		46,422,800		3,075,004		937,513		(1,188	)		68,069		28,188,787
TIAA-CREF International Equity Index		26,000,037		3,394,591		2,464,313		(229,878	)		—		48,389,474
	$	410,167,872	$	34,907,672	$	20,768,568	$	(331,990	)	$	980,932	$	436,686,576
Lifecycle Index 2020 Fund
TIAA-CREF Bond Index	$	254,026,081	$	29,476,149	$	4,370,656	$	5,392		$	1,514,500	$	283,662,777
TIAA-CREF Emerging Markets Equity Index		27,957,067		3,642,053		1,246,854		(197,182	)		—		33,933,869
TIAA-CREF Equity Index		292,352,640		20,292,604		6,268,813		70,537			—		319,860,707
TIAA-CREF Inflation-Linked Bond		31,796,956		4,275,749		366,359		(19,417	)		—		36,160,576
TIAA-CREF Short-Term Bond Index		95,572,145		4,507,945		210,418		(313	)		85,247		36,197,645
TIAA-CREF International Equity Index		31,840,580		8,610,235		2,745,076		(322,928	)		—		103,680,365
	$	733,545,469	$	70,804,735	$	15,208,176	$	(463,911	)	$	1,599,747	$	813,495,939
Lifecycle Index 2025 Fund
TIAA-CREF Bond Index	$	230,909,631	$	29,482,614	$	4,718,150	$	8,275		$	1,376,513	$	259,780,010
TIAA-CREF Emerging Markets Equity Index		32,775,939		4,240,786		1,130,964		(202,954	)		—		40,080,907
TIAA-CREF Equity Index		342,720,953		24,940,448		5,900,275		(16,129	)		—		377,529,435
TIAA-CREF Inflation-Linked Bond		17,666,673		2,858,773		144,248		(8,781	)		—		20,631,483
TIAA-CREF Short-Term Bond Index		112,084,691		3,083,377		154,042		(180	)		47,752		20,651,645
TIAA-CREF International Equity Index		17,690,545		9,925,030		2,312,490		(284,447	)		—		122,311,448
	$	753,848,432	$	74,531,028	$	14,360,169	$	(504,216	)	$	1,424,265	$	840,984,928
Lifecycle Index 2030 Fund
TIAA-CREF Bond Index	$	210,410,156	$	26,447,105	$	2,396,524	$	12,496		$	1,253,381	$	238,184,233
TIAA-CREF Emerging Markets Equity Index		38,599,071		4,630,277		804,705		(157,777	)		—		47,347,734
TIAA-CREF Equity Index		403,215,104		27,913,060		2,949,607		(9,120	)		—		446,683,495
TIAA-CREF Inflation-Linked Bond		2,799,692		1,231,495		4,632		(12	)		—		4,065,257
TIAA-CREF Short-Term Bond Index		131,981,816		1,262,264		962		(1	)		8,331		4,068,125
TIAA-CREF International Equity Index		2,803,142		11,580,368		1,844,063		(247,940	)		—		144,810,006
	$	789,808,981	$	73,064,569	$	8,000,493	$	(402,354	)	$	1,261,712	$	885,158,850

15

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

Issue	Value at May 31, 2016		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at  August 31, 2016
Lifecycle Index 2035 Fund
TIAA-CREF Bond Index	$	145,815,985	$	20,322,346	$	1,724,534	$	6,148		$	872,062	$	166,990,529
TIAA-CREF Emerging Markets Equity Index		40,838,406		4,968,343		937,773		(229,666	)		—		50,073,954
TIAA-CREF Equity Index		426,784,921		27,294,294		1,988,185		(1,657	)		—		471,676,957
TIAA-CREF International Equity Index		139,656,798		10,806,047		968,732		(133,630	)		—		152,756,416
	$	753,096,110	$	63,391,030	$	5,619,224	$	(358,805	)	$	872,062	$	841,497,856
Lifecycle Index 2040 Fund
TIAA-CREF Bond Index	$	98,104,130	$	13,482,458	$	1,413,181	$	3,712		$	583,112	$	111,896,265
TIAA-CREF Emerging Markets Equity Index		51,352,658		4,945,325		1,008,016		(258,397	)		—		61,757,293
TIAA-CREF Equity Index		536,065,312		24,431,443		2,626,915		(33,980	)		—		582,142,373
TIAA-CREF International Equity Index		175,585,738		9,981,089		1,078,122		(155,234	)		—		188,472,005
	$	861,107,838	$	52,840,315	$	6,126,234	$	(443,899	)	$	583,112	$	944,267,936
Lifecycle Index 2045 Fund
TIAA-CREF Bond Index	$	41,758,138	$	5,802,184	$	575,407	$	4,236		$	249,197	$	47,720,473
TIAA-CREF Emerging Markets Equity Index		28,612,793		3,735,263		435,023		(96,230	)		—		35,576,814
TIAA-CREF Equity Index		297,926,175		24,030,463		212,103		(76	)		—		335,493,729
TIAA-CREF International Equity Index		97,847,738		8,572,058		233,896		(35,045	)		—		108,480,795
	$	466,144,844	$	42,139,968	$	1,456,429	$	(127,115	)	$	249,197	$	527,271,811
Lifecycle Index 2050 Fund
TIAA-CREF Bond Index	$	24,632,400	$	3,429,565	$	360,027	$	2,165		$	146,803	$	28,134,713
TIAA-CREF Emerging Markets Equity Index		19,881,810		2,359,703		97,870		(25,595	)		—		24,678,427
TIAA-CREF Equity Index		206,722,245		16,547,100		68,837		(30	)		—		232,731,016
TIAA-CREF International Equity Index		67,990,077		5,997,910		302,760		(49,817	)		—		75,274,839
	$	319,226,532	$	28,334,278	$	829,494	$	(73,277	)	$	146,803	$	360,818,995
Lifecycle Index 2055 Fund
TIAA-CREF Bond Index	$	4,785,013	$	1,057,374	$	97,458	$	422		$	29,571	$	5,830,380
TIAA-CREF Emerging Markets Equity Index		4,672,155		922,281		37,077		(6,673	)		—		6,172,114
TIAA-CREF Equity Index		48,314,715		7,787,118		205,709		(8,974	)		—		58,208,763
TIAA-CREF International Equity Index		15,977,311		2,501,985		55,486		(7,101	)		—		18,818,622
	$	73,749,194	$	12,268,758	$	395,730	$	(22,326	)	$	29,571	$	89,029,879
Lifecycle Index 2060 Fund
TIAA-CREF Bond Index	$	608,945	$	82,554	$	27,436	$	41		$	3,561	$	674,638
TIAA-CREF Emerging Markets Equity Index		746,190		90,303		33,679		(6,185	)		—		896,595
TIAA-CREF Equity Index		7,792,325		561,477		250,644		710			—		8,453,677
TIAA-CREF International Equity Index		2,551,187		223,708		96,006		(13,314	)		—		2,737,067
	$	11,698,647	$	958,042	$	407,765	$	(18,748	)	$	3,561	$	12,761,977

16

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

Note 4—investments

Net unrealized appreciation (depreciation): At August 31, 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 Index Retirement Income	$	81,367,174	$	7,332,113	$	—		$	7,332,113
Lifecycle Index 2010		213,326,724		32,439,955		—			32,439,955
Lifecycle Index 2015		375,578,425		61,108,151		—			61,108,151
Lifecycle Index 2020		715,112,105		98,383,834		—			98,383,834
Lifecycle Index 2025		735,823,736		105,161,192		—			105,161,192
Lifecycle Index 2030		766,730,293		118,440,254		(11,697	)		118,428,557
Lifecycle Index 2035		720,868,917		120,892,580		(263,641	)		120,628,939
Lifecycle Index 2040		793,348,851		151,810,836		(891,751	)		150,919,085
Lifecycle Index 2045		464,700,530		62,875,138		(303,857	)		62,571,281
Lifecycle Index 2050		319,348,412		41,645,185		(174,602	)		41,470,583
Lifecycle Index 2055		80,100,067		8,968,264		(38,452	)		8,929,812
Lifecycle Index 2060		12,349,468		609,919		(197,410	)		412,509

17

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Income Fund

TIAA-CREF FUNDS
LIFESTYLE INCOME FUND
SCHEDULE OF INVESTMENTS (unaudited)
August 31, 2016

SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 100.1%(a)
FIXED INCOME - 40.0%
	1,031,787	TIAA-CREF Bond Fund	$	11,040,121
	1,047,587	TIAA-CREF Bond Plus Fund		11,251,085
	23,077	TIAA-CREF High-Yield Fund		222,466
		TOTAL FIXED INCOME		22,513,672
INTERNATIONAL EQUITY - 6.5%
	73,074	TIAA-CREF Emerging Markets Equity Fund		697,860
	103,354	TIAA-CREF Enhanced International Equity Index Fund		714,176
	18,598	TIAA-CREF Global Natural Resources Fund		141,344
	117,455	TIAA-CREF International Equity Fund		1,243,849
	83,069	TIAA-CREF International Opportunities Fund		845,646
		TOTAL INTERNATIONAL EQUITY		3,642,875
SHORT-TERM FIXED INCOME - 40.0%
	3,000	TIAA-CREF Money Market Fund		3,000
	2,167,611	TIAA-CREF Short-Term Bond Fund		22,499,801
		TOTAL SHORT-TERM FIXED INCOME		22,502,801
U.S. EQUITY - 13.6%
	61,501	TIAA-CREF Enhanced Large-Cap Growth Index Fund		698,035
	71,199	TIAA-CREF Enhanced Large-Cap Value Index Fund		696,322
	137,435	TIAA-CREF Growth & Income Fund		1,650,591
	122,582	TIAA-CREF Large-Cap Growth Fund		1,942,922
	110,107	TIAA-CREF Large-Cap Value Fund		1,942,283
	2,502	TIAA-CREF Mid-Cap Growth Fund		50,118
	3,227	TIAA-CREF Mid-Cap Value Fund		72,956
	34,971	TIAA-CREF Small-Cap Equity Fund		595,554
		TOTAL U.S. EQUITY		7,648,781
		TOTAL AFFILIATED INVESTMENT COMPANIES		56,308,129
		(Cost $54,849,551)
		TOTAL INVESTMENTS - 100.1%		56,308,129
		(Cost $54,849,551)
		OTHER ASSETS & LIABILITIES, NET - (0.1)%		(27,747	)
		NET ASSETS - 100.0%	$	56,280,382

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

1

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Conservative Fund

TIAA-CREF FUNDS
LIFESTYLE CONSERVATIVE FUND
SCHEDULE OF INVESTMENTS (unaudited)
August 31, 2016

SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.8%(a)
FIXED INCOME - 39.9%
	1,291,319	TIAA-CREF Bond Fund	$	13,817,115
	4,013,173	TIAA-CREF Bond Plus Fund		43,101,476
	59,467	TIAA-CREF High-Yield Fund		573,264
		TOTAL FIXED INCOME		57,491,855
INTERNATIONAL EQUITY - 12.5%
	343,430	TIAA-CREF Emerging Markets Equity Fund		3,279,757
	528,068	TIAA-CREF Enhanced International Equity Index Fund		3,648,953
	104,577	TIAA-CREF Global Natural Resources Fund		794,783
	559,354	TIAA-CREF International Equity Fund		5,923,556
	424,424	TIAA-CREF International Opportunities Fund		4,320,635
		TOTAL INTERNATIONAL EQUITY		17,967,684
SHORT-TERM FIXED INCOME - 19.9%
	4,732	TIAA-CREF Money Market Fund		4,732
	2,768,276	TIAA-CREF Short-Term Bond Fund		28,734,707
		TOTAL SHORT-TERM FIXED INCOME		28,739,439
U.S. EQUITY - 27.5%
	320,285	TIAA-CREF Enhanced Large-Cap Growth Index Fund		3,635,235
	370,718	TIAA-CREF Enhanced Large-Cap Value Index Fund		3,625,617
	702,199	TIAA-CREF Growth & Income Fund		8,433,414
	626,311	TIAA-CREF Large-Cap Growth Fund		9,927,037
	562,498	TIAA-CREF Large-Cap Value Fund		9,922,469
	23,453	TIAA-CREF Mid-Cap Growth Fund		469,769
	25,970	TIAA-CREF Mid-Cap Value Fund		587,192
	178,713	TIAA-CREF Small-Cap Equity Fund		3,043,483
		TOTAL U.S. EQUITY		39,644,216
		TOTAL AFFILIATED INVESTMENT COMPANIES		143,843,194
		(Cost $139,492,853)
		TOTAL INVESTMENTS - 99.8%		143,843,194
		(Cost $139,492,853)
		OTHER ASSETS & LIABILITIES, NET - 0.2%		388,623
		NET ASSETS - 100.0%	$	144,231,817

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

2

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Moderate Fund

TIAA-CREF FUNDS
LIFESTYLE MODERATE FUND
SCHEDULE OF INVESTMENTS (unaudited)
August 31, 2016

SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 100.1%(a)
FIXED INCOME - 40.0%
	7,510,894	TIAA-CREF Bond Plus Fund	$	80,666,999
	83,698	TIAA-CREF High-Yield Fund		806,852
		TOTAL FIXED INCOME		81,473,851
INTERNATIONAL EQUITY - 18.5%
	709,704	TIAA-CREF Emerging Markets Equity Fund		6,777,675
	1,121,547	TIAA-CREF Enhanced International Equity Index Fund		7,749,892
	228,790	TIAA-CREF Global Natural Resources Fund		1,738,801
	1,159,058	TIAA-CREF International Equity Fund		12,274,424
	902,080	TIAA-CREF International Opportunities Fund		9,183,174
		TOTAL INTERNATIONAL EQUITY		37,723,966
SHORT-TERM FIXED INCOME - 0.0%
	6,360	TIAA-CREF Money Market Fund		6,360
		TOTAL SHORT-TERM FIXED INCOME		6,360
U.S. EQUITY - 41.6%
	686,164	TIAA-CREF Enhanced Large-Cap Growth Index Fund		7,787,966
	793,271	TIAA-CREF Enhanced Large-Cap Value Index Fund		7,758,190
	1,491,823	TIAA-CREF Growth & Income Fund		17,916,798
	1,332,236	TIAA-CREF Large-Cap Growth Fund		21,115,947
	1,196,059	TIAA-CREF Large-Cap Value Fund		21,098,482
	57,496	TIAA-CREF Mid-Cap Growth Fund		1,151,640
	61,925	TIAA-CREF Mid-Cap Value Fund		1,400,131
	380,159	TIAA-CREF Small-Cap Equity Fund		6,474,115
		TOTAL U.S. EQUITY		84,703,269
		TOTAL AFFILIATED INVESTMENT COMPANIES		203,907,446
		(Cost $197,099,302)
		TOTAL INVESTMENTS - 100.1%		203,907,446
		(Cost $197,099,302)
		OTHER ASSETS & LIABILITIES, NET - (0.1)%		(252,803	)
		NET ASSETS - 100.0%	$	203,654,643

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

3

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Growth Fund

TIAA-CREF FUNDS
LIFESTYLE GROWTH FUND
SCHEDULE OF INVESTMENTS (unaudited)
August 31, 2016

SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.6%(a)
FIXED INCOME - 19.9%
	1,535,016	TIAA-CREF Bond Plus Fund	$	16,486,073
	34,579	TIAA-CREF High-Yield Fund		333,343
		TOTAL FIXED INCOME		16,819,416
INTERNATIONAL EQUITY - 24.4%
	384,968	TIAA-CREF Emerging Markets Equity Fund		3,676,449
	617,465	TIAA-CREF Enhanced International Equity Index Fund		4,266,684
	127,893	TIAA-CREF Global Natural Resources Fund		971,984
	630,256	TIAA-CREF International Equity Fund		6,674,408
	496,267	TIAA-CREF International Opportunities Fund		5,051,995
		TOTAL INTERNATIONAL EQUITY		20,641,520
SHORT-TERM FIXED INCOME - 0.0%
	3,313	TIAA-CREF Money Market Fund		3,313
		TOTAL SHORT-TERM FIXED INCOME		3,313
U.S. EQUITY - 55.3%
	379,182	TIAA-CREF Enhanced Large-Cap Growth Index Fund		4,303,719
	438,668	TIAA-CREF Enhanced Large-Cap Value Index Fund		4,290,178
	821,281	TIAA-CREF Growth & Income Fund		9,863,589
	733,816	TIAA-CREF Large-Cap Growth Fund		11,630,990
	658,241	TIAA-CREF Large-Cap Value Fund		11,611,365
	33,667	TIAA-CREF Mid-Cap Growth Fund		674,352
	35,955	TIAA-CREF Mid-Cap Value Fund		812,935
	209,180	TIAA-CREF Small-Cap Equity Fund		3,562,332
		TOTAL U.S. EQUITY		46,749,460
		TOTAL AFFILIATED INVESTMENT COMPANIES		84,213,709
		(Cost $79,442,427)
		TOTAL INVESTMENTS - 99.6%		84,213,709
		(Cost $79,442,427)
		OTHER ASSETS & LIABILITIES, NET - 0.4%		311,312
		NET ASSETS - 100.0%	$	84,525,021

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

4

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Aggressive Growth Fund

TIAA-CREF FUNDS
LIFESTYLE AGGRESSIVE GROWTH FUND
SCHEDULE OF INVESTMENTS (unaudited)
August 31, 2016

SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%(a)
INTERNATIONAL EQUITY - 30.5%
	271,407	TIAA-CREF Emerging Markets Equity Fund	$	2,591,940
	440,147	TIAA-CREF Enhanced International Equity Index Fund		3,041,418
	91,964	TIAA-CREF Global Natural Resources Fund		698,928
	445,898	TIAA-CREF International Equity Fund		4,722,064
	353,773	TIAA-CREF International Opportunities Fund		3,601,414
		TOTAL INTERNATIONAL EQUITY		14,655,764
SHORT-TERM FIXED INCOME - 0.0%
	4,057	TIAA-CREF Money Market Fund		4,057
		TOTAL SHORT-TERM FIXED INCOME		4,057
U.S. EQUITY - 69.4%
	270,463	TIAA-CREF Enhanced Large-Cap Growth Index Fund		3,069,752
	313,152	TIAA-CREF Enhanced Large-Cap Value Index Fund		3,062,625
	585,068	TIAA-CREF Growth & Income Fund		7,026,672
	522,212	TIAA-CREF Large-Cap Growth Fund		8,277,068
	468,984	TIAA-CREF Large-Cap Value Fund		8,272,871
	24,941	TIAA-CREF Mid-Cap Growth Fund		499,574
	26,392	TIAA-CREF Mid-Cap Value Fund		596,726
	149,082	TIAA-CREF Small-Cap Equity Fund		2,538,858
		TOTAL U.S. EQUITY		33,344,146
		TOTAL AFFILIATED INVESTMENT COMPANIES		48,003,967
		(Cost $43,020,511)
		TOTAL INVESTMENTS - 99.9%		48,003,967
		(Cost $43,020,511)
		OTHER ASSETS & LIABILITIES, NET - 0.1%		59,440
		NET ASSETS - 100.0%	$	48,063,407

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

5

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

Note 1—organization and significant accounting policies

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

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

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.

Certain portfolio investments that are measured at fair value using the net asset value per share practical expedient are not categorized within the fair value hierarchy. As of August 31, 2016, no investments were valued utilizing the practical expedient.

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

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

Transfers between levels are recognized at the end of the reporting period. For the period ended August 31, 2016, there were no transfers between levels by the Funds.

As of August 31, 2016, all of the investments in the Funds were valued based on Level 1 inputs.

6

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

Note 3—affiliates

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

	Value at		Purchase		Sales		Realized			Dividend		Value at
Issue	May 31, 2016		cost		proceeds		gain (loss)			income		August 31, 2016
Lifestyle Income Fund
TIAA-CREF Bond	$	9,920,026	$	1,205,875	$	285,606	$	(196	)	$	71,371	$	11,040,121
TIAA-CREF Bond Plus		10,453,399		840,865		264,571		(1,896	)		83,507		11,251,085
TIAA-CREF Emerging Markets Equity		651,474		65,562		93,125		(14,629	)		—		697,860
TIAA-CREF Enhanced International Equity Index		675,445		70,286		37,210		(918	)		—		714,176
TIAA-CREF Enhanced Large-Cap Growth Index		618,099		101,768		46,845		(1,433	)		—		698,035
TIAA-CREF Enhanced Large-Cap Value Index		590,074		122,524		42,766		(2,139	)		—		696,322
TIAA-CREF Global Natural Resources		158,822		18,169		45,617		(10,370	)		—		141,344
TIAA-CREF Growth & Income		1,547,515		162,052		108,697		(1,031	)		5,480		1,650,591
TIAA-CREF High-Yield		533,571		23,534		350,919		6,356			7,014		222,466
TIAA-CREF International Equity		1,167,343		164,860		104,151		(1,895	)		—		1,243,849
TIAA-CREF International Opportunities		780,516		102,316		44,630		(1,889	)		—		845,646
TIAA-CREF Large-Cap Growth		1,858,203		169,444		117,802		(1,117	)		—		1,942,922
TIAA-CREF Large-Cap Value		1,787,638		179,418		129,673		(2,105	)		—		1,942,283
TIAA-CREF Mid-Cap Growth		55,774		7,314		14,815		(856	)		—		50,118
TIAA-CREF Mid-Cap Value		60,111		18,447		8,694		(432	)		—		72,956
TIAA-CREF Money Market		2,998		2		—		—			2		3,000
TIAA-CREF Short-Term Bond		20,885,859		1,896,166		362,681		(2,382	)		106,376		22,499,801
TIAA-CREF Small-Cap Equity		553,865		47,868		46,410		(945	)		—		595,554
	$	52,300,732	$	5,196,470	$	2,104,212	$	(37,877	)	$	273,750	$	56,308,129
Lifestyle Conservative Fund
TIAA-CREF Bond	$	11,887,322	$	1,963,470	$	274,370	$	772		$	86,666	$	13,817,115
TIAA-CREF Bond Plus		39,718,054		3,241,944		703,939		(10,627	)		318,456		43,101,476
TIAA-CREF Emerging Markets Equity		2,904,652		274,480		232,888		(44,182	)		—		3,279,757
TIAA-CREF Enhanced International Equity Index		3,424,185		276,517		76,379		(3,151	)		—		3,648,953
TIAA-CREF Enhanced Large-Cap Growth Index		3,130,415		461,809		81,888		(5,361	)		—		3,635,235
TIAA-CREF Enhanced Large-Cap Value Index		2,991,197		515,857		17,197		(898	)		—		3,625,617
TIAA-CREF Global Natural Resources		803,923		81,326		139,918		(29,542	)		—		794,783
TIAA-CREF Growth & Income		7,843,077		596,917		253,585		(2,442	)		28,065		8,433,414
TIAA-CREF High-Yield		1,352,656		47,021		866,766		5,921			17,757		573,264
TIAA-CREF International Equity		5,901,820		761,460		807,276		(46,649	)		—		5,923,556
TIAA-CREF International Opportunities		3,955,743		500,816		170,867		(3,964	)		—		4,320,635
TIAA-CREF Large-Cap Growth		9,412,141		763,397		410,451		(6,774	)		—		9,927,037
TIAA-CREF Large-Cap Value		9,051,412		651,678		312,886		(23,509	)		—		9,922,469
TIAA-CREF Mid-Cap Growth		484,052		30,435		62,901		(4,970	)		—		469,769
TIAA-CREF Mid-Cap Value		503,696		78,432		18,838		(802	)		—		587,192
TIAA-CREF Money Market		4,728		4		—		—			4		4,732
TIAA-CREF Short-Term Bond		26,452,969		2,571,766		392,143		(1,737	)		135,247		28,734,707
TIAA-CREF Small-Cap Equity		2,805,413		193,454		158,241		(12,773	)		—		3,043,483
	$	132,627,455	$	13,010,783	$	4,980,533	$	(190,688	)	$	586,195	$	143,843,194

7

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

	Value at		Purchase		Sales		Realized			Dividend		Value at
Issue	May 31, 2016		cost		proceeds		gain (loss)			income		August 31, 2016
Lifestyle Moderate Fund
TIAA-CREF Bond Plus	$	73,132,064	$	7,360,500	$	1,372,655	$	(16,257	)	$	585,792	$	80,666,999
TIAA-CREF Emerging Markets Equity		5,891,589		495,237		282,666		(54,893	)		—		6,777,675
TIAA-CREF Enhanced International Equity Index		7,277,494		497,158		78,478		(6,494	)		—		7,749,892
TIAA-CREF Enhanced Large-Cap Growth Index		6,931,329		737,160		155,357		(14,073	)		—		7,787,966
TIAA-CREF Enhanced Large-Cap Value Index		6,635,582		903,965		78,628		(5,981	)		—		7,758,190
TIAA-CREF Global Natural Resources		1,709,943		122,833		198,749		(32,025	)		—		1,738,801
TIAA-CREF Growth & Income		16,660,574		1,175,865		441,547		(11,987	)		59,000		17,916,798
TIAA-CREF High-Yield		1,917,945		77,232		1,244,552		9,507			24,952		806,852
TIAA-CREF International Equity		11,993,295		1,221,533		1,066,813		(30,917	)		—		12,274,424
TIAA-CREF International Opportunities		8,408,076		921,808		216,859		(7,304	)		—		9,183,174
TIAA-CREF Large-Cap Growth		19,994,019		1,464,233		681,374		(15,663	)		—		21,115,947
TIAA-CREF Large-Cap Value		19,227,894		1,225,555		471,561		(14,583	)		—		21,098,482
TIAA-CREF Mid-Cap Growth		1,168,121		58,157		118,893		(16,217	)		—		1,151,640
TIAA-CREF Mid-Cap Value		1,211,104		155,708		23,008		(1,308	)		—		1,400,131
TIAA-CREF Money Market		6,355		5		—		—			5		6,360
TIAA-CREF Small-Cap Equity		5,959,402		375,442		290,777		(21,870	)		—		6,474,115
	$	188,124,786	$	16,792,391	$	6,721,917	$	(240,065	)	$	669,749	$	203,907,446
Lifestyle Growth Fund
TIAA-CREF Bond Plus	$	14,800,596	$	1,958,404	$	586,282	$	(3,510	)	$	118,663	$	16,486,073
TIAA-CREF Emerging Markets Equity		3,186,366		293,887		169,343		(34,425	)		—		3,676,449
TIAA-CREF Enhanced International Equity Index		4,028,111		269,087		57,045		(3,358	)		—		4,266,684
TIAA-CREF Enhanced Large-Cap Growth Index		3,925,668		364,690		141,184		(7,170	)		—		4,303,719
TIAA-CREF Enhanced Large-Cap Value Index		3,760,568		412,346		49,547		(2,765	)		—		4,290,178
TIAA-CREF Global Natural Resources		949,413		69,136		105,095		(22,435	)		—		971,984
TIAA-CREF Growth & Income		9,247,040		512,769		182,451		(6,073	)		32,805		9,863,589
TIAA-CREF High-Yield		797,582		31,496		519,098		7,295			10,349		333,343
TIAA-CREF International Equity		6,491,415		607,044		495,842		(28,980	)		—		6,674,408
TIAA-CREF International Opportunities		4,646,789		489,224		119,684		(3,289	)		—		5,051,995
TIAA-CREF Large-Cap Growth		11,080,508		676,130		309,515		(9,108	)		—		11,630,990
TIAA-CREF Large-Cap Value		10,686,321		686,563		382,485		(29,882	)		—		11,611,365
TIAA-CREF Mid-Cap Growth		687,752		27,302		67,004		(4,193	)		—		674,352
TIAA-CREF Mid-Cap Value		711,296		82,381		13,545		(677	)		—		812,935
TIAA-CREF Money Market		3,310		3		—		—			3		3,313
TIAA-CREF Small-Cap Equity		3,305,735		141,154		120,551		(11,046	)		—		3,562,332
	$	78,308,470	$	6,621,616	$	3,318,671	$	(159,616	)	$	161,820	$	84,213,709
Lifestyle Aggressive Growth Fund
TIAA-CREF Emerging Markets Equity	$	2,286,307	$	132,611	$	87,728	$	(11,151	)	$	—	$	2,591,940
TIAA-CREF Enhanced International Equity Index		2,934,254		137,942		48,676		(1,678	)		—		3,041,418
TIAA-CREF Enhanced Large-Cap Growth Index		2,894,640		170,994		107,989		(2,592	)		—		3,069,752
TIAA-CREF Enhanced Large-Cap Value Index		2,774,873		218,168		52,527		(2,566	)		—		3,062,625
TIAA-CREF Global Natural Resources		688,359		28,322		60,407		(17,352	)		—		698,928
TIAA-CREF Growth & Income		6,739,885		202,316		121,911		(2,296	)		23,890		7,026,672
TIAA-CREF International Equity		4,662,323		266,923		251,837		(11,886	)		—		4,722,064
TIAA-CREF International Opportunities		3,388,370		272,785		83,055		(2,271	)		—		3,601,414
TIAA-CREF Large-Cap Growth		8,083,030		299,067		234,715		(5,961	)		—		8,277,068
TIAA-CREF Large-Cap Value		7,779,357		361,549		313,986		(4,071	)		—		8,272,871
TIAA-CREF Mid-Cap Growth		519,145		9,364		48,312		(2,593	)		—		499,574
TIAA-CREF Mid-Cap Value		535,881		44,608		7,855		(489	)		—		596,726
TIAA-CREF Money Market		4,054		3		—		—			3		4,057
TIAA-CREF Small-Cap Equity		2,408,504		89,100		127,778		(7,491	)		—		2,538,858
	$	45,698,982	$	2,233,752	$	1,546,776	$	(72,397	)	$	23,893	$	48,003,967

8

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

Note 4—investments

Net unrealized appreciation (depreciation): At August 31, 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)
Lifestyle Income	$	54,849,551	$	1,514,539	$	(55,961	)	$	1,458,578
Lifestyle Conservative		139,492,853		4,697,714		(347,373	)		4,350,341
Lifestyle Moderate		197,099,302		7,511,703		(703,559	)		6,808,144
Lifestyle Growth		79,442,427		5,188,282		(417,000	)		4,771,282
Lifestyle Aggressive Growth		43,020,511		5,250,601		(267,145	)		4,983,456

9

TIAA-CREF FUNDS – Managed Allocation Fund

TIAA-CREF FUNDS

MANAGED ALLOCATION FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2016

SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%(a)
FIXED INCOME - 38.9%
	27,615,076	TIAA-CREF Bond Plus Fund	$	296,585,921
	315,927	TIAA-CREF High-Yield Fund		3,045,534
		TOTAL FIXED INCOME		299,631,455
INTERNATIONAL EQUITY - 18.7%
	2,880,838	TIAA-CREF Emerging Markets Equity Fund		27,512,004
	5,290,711	TIAA-CREF Enhanced International Equity Index Fund		36,558,815
	861,601	TIAA-CREF Global Natural Resources Fund		6,548,171
	3,679,175	TIAA-CREF International Equity Fund		38,962,463
	3,401,685	TIAA-CREF International Opportunities Fund		34,629,153
		TOTAL INTERNATIONAL EQUITY		144,210,606
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 - 42.3%
	5,363,849	TIAA-CREF Enhanced Large-Cap Growth Index Fund		60,879,688
	6,207,309	TIAA-CREF Enhanced Large-Cap Value Index Fund		60,707,482
	4,220,606	TIAA-CREF Growth & Income Fund		50,689,484
	3,769,688	TIAA-CREF Large-Cap Growth Fund		59,749,562
	3,387,465	TIAA-CREF Large-Cap Value Fund		59,754,882
	148,271	TIAA-CREF Mid-Cap Growth Fund		2,969,870
	163,107	TIAA-CREF Mid-Cap Value Fund		3,687,844
	1,568,920	TIAA-CREF Small-Cap Equity Fund		26,718,714
		TOTAL U.S. EQUITY		325,157,526
		TOTAL AFFILIATED INVESTMENT COMPANIES		769,073,149
		(Cost $685,891,466)
		TOTAL INVESTMENTS - 99.9%		769,073,149
		(Cost $685,891,466)
		OTHER ASSETS & LIABILITIES, NET - 0.1%		536,085
		NET ASSETS - 100.0%	$	769,609,234

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

1

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

Note 1—organization and significant accounting policies

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

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

The accompanying schedule of investments was prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which may require the use of estimates made by management. Actual results may differ from those estimates. The Fund is an investment company and follows the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The following is a summary of the significant accounting policies consistently followed by the Fund.

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

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

Note 2—valuation of investments

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

Level 1 – quoted prices in active markets for identical securities

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

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

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

2

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

Certain portfolio investments that are measured at fair value using the net asset value per share practical expedient are not categorized within the fair value hierarchy. As of August 31, 2016, no investments were valued utilizing the practical expedient.

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

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

Transfers between levels are recognized at the end of the reporting period. For the period ended August 31, 2016, there were no transfers between levels by the Fund.

As of August 31, 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, 2016		Purchase cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at August 31, 2016
TIAA CREF Managed Allocation Fund
TIAA-CREF Bond Plus	$	291,256,378	$	14,608,944	$	15,318,167	$	(45,738	)	$	2,238,858	$	296,585,921
TIAA-CREF Emerging Markets Equity		23,411,230		1,797,501		353,191		(47,806	)		—		27,512,004
TIAA-CREF Enhanced International Equity Index		36,191,845		608,830		477,019		(12,303	)		—		36,558,815
TIAA-CREF Enhanced Large-Cap Growth Index		57,347,449		2,905,516		1,678,955		(13,547	)		—		60,879,688
TIAA-CREF Enhanced Large-Cap Value Index		55,111,340		3,937,835		804,274		(30,450	)		—		60,707,482
TIAA-CREF Global Natural Resources		6,790,143		216,650		868,666		(229,659	)		—		6,548,171
TIAA-CREF Growth & Income		49,946,845		409,130		1,168,787		(322	)		174,071		50,689,484
TIAA-CREF High-Yield		7,610,530		75,331		4,859,549		5,238			97,258		3,045,534
TIAA-CREF International Equity		40,602,962		2,293,412		4,264,231		(269,317	)		—		38,962,463
TIAA-CREF International Opportunities		33,487,934		2,037,620		1,150,600		(61,774	)		—		34,629,153
TIAA-CREF Large-Cap Growth		59,921,729		664,079		1,811,917		(584	)		—		59,749,562
TIAA-CREF Large-Cap Value		57,683,678		1,231,282		2,363,266		5,261			—		59,754,882
TIAA-CREF Mid-Cap Growth		3,204,051		67,731		416,664		(23,079	)		—		2,969,870
TIAA-CREF Mid-Cap Value		3,340,547		262,327		64,744		(2,530	)		—		3,687,844
TIAA-CREF Money Market		73,562		—		—		—			57		73,562
TIAA-CREF Small-Cap Equity		23,726,932		2,508,341		1,343,678		(33,924	)		—		26,718,714
	$	749,707,155	$	33,624,529	$	36,943,708	$	(760,534	)	$	2,510,244	$	769,073,149

Note 4—investments

Net unrealized appreciation (depreciation): At August 31, 2016, the cost of portfolio investments for federal income tax purposes was $685,891,466. Net unrealized appreciation (depreciation) of portfolio investments for federal income tax purposes was $83,181,683, consisting of gross unrealized appreciation of $90,513,206, and gross unrealized depreciation of $(7,331,523).

3

Item 2. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this quarterly reporting period.

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

Item 3. Exhibits.

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

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	TIAA-CREF FUNDS
Dated: October 12, 2016	By:	/s/ Robert G. Leary
		Robert G. Leary
		President and Principal Executive Officer

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

Dated: October 12, 2016	By:	/s/ Robert G. Leary
		Robert G. Leary
		President and Principal Executive Officer
		(principal executive officer)

Dated: October 12, 2016	By:	/s/ Glenn E. Brightman
		Glenn E. Brightman
		Principal Financial Officer, Principal Accounting
		Officer and Treasurer
		(principal financial officer)

EXHIBIT LIST

Item 3. Exhibits.

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

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

EX-99.CERT

Exhibit 3(a)

CERTIFICATION

I, Robert G. Leary, certify that:

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

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

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

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

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

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

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

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

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

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

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

Dated: October 12, 2016	By:	/s/ Robert G. Leary
		Robert G. Leary
		President and Principal Executive Officer
		(principal executive officer)

Exhibit 3(b)

CERTIFICATION

I, Glenn E. Brightman, certify that:

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

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

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

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

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

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

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

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

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

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

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

Dated: October 12, 2016	By:	/s/ Glenn E. Brightman
		Glenn E. Brightman
		Principal Financial Officer, Principal
		Accounting Officer and Treasurer
		(principal financial officer)